The gears, Drives and speed changers market size is likely to hold a valuation of USD 152 billion in 2023. FMI predicts the market to surpass USD 254 billion by 2033 at a CAGR of 5.3% during the forecast period. The demand for gears, Drives and speed changers is driven by the increasing demand from various industries, including automotive, aerospace, and manufacturing.
The growth of these industries is leading to an increased demand for gears, Drives and speed changes to improve the efficiency and performance of their machines.
The use of gears, Drives and speed changers enables better control of torque and speed, leading to high precision and reduced maintenance costs.
The rise of automation and Industry 4.0 is also contributing to the growth of this market, as it necessitates the use of highly efficient machines that require advanced gears, Drives and speed changers. There is rising automobile production due to the global economy's economic recovery and notable demand growth and industrial output in emerging nations.
Market expansion is also fueled by a shift toward energy-efficient components like the seven and eight-speed automatic gearboxes. Increased sales of gear worldwide are also attributed to the prominently expanding significance of solar and wind energy.
Growth in consumer demand for completed goods also encourages manufacturers to invest in a variety of manufacturing equipment, which fuels demand for equipment components like gears, Drives and speed changers. Manufacturers are increasingly emphasizing product improvements and innovations that may address technological obstacles to improve performance while maintaining an affordable price.
Novel technologies have made a dramatic entrance into the market, including traction Drives hydraulic systems, and electric gears.
Challenges for Companies /Manufacturers in the Gears, Drives and Speed Changers Market
Companies in this industry face several challenges, despite the growing demand for gears, Drives and speed changers. One of the key challenges is the high level of competition, with numerous manufacturers and suppliers vying for market share.
This leads to price pressure, which affects the profit margins of companies. In addition, the complexity of gear systems and the need for customization can make it challenging to design and manufacture gears, Drives and speed changers that meet the requirements of different industries. Another challenge is the need to constantly innovate and improve products to stay ahead of the competition.
Opportunities in the Gears, Drives and Speed Changers Industry:
Latest Trends in the Gears, Drives and Speed Changers Market:
| Attributes | Details |
|---|---|
| Gears, Drives and Speed Changers Market Size (2023) | USD 152 billion |
| Gears, Drives and Speed Changers Market Projected Size (2033) | USD 254 billion |
| Value CAGR (2023 to 2033) | 5.3% |
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From 2018 to 2022, the global gears, Drives and speed changers market experienced a CAGR of 6.9%, reaching a market size of USD 152 billion in 2023. The market experienced steady growth due to several factors. The automotive industry was a key driver, as increased demand for passenger and commercial vehicles led to a surge in demand for gears and related components.
The rise of automation in manufacturing also played a significant role, with many companies investing in gear technology to optimize their production processes. In addition, the growth of the renewable energy sector spurred demand for gears and speed changers in wind turbines and other renewable energy systems.
Looking ahead, the global gears, Drives and speed changers industry is expected to rise at a CAGR of 5.3% from 2023 to 2033. During the forecast period, the market size is projected to reach USD 254 billion. A key factor driving this growth is the increasing demand for electric vehicles and the associated need for high-quality gears and drives.
The rise of Industry 4.0 and smart factories is also fueling growth, as several companies invest in advanced gear technology to support great automation and connectivity in their manufacturing processes.
Another key driver is the expansion of the aerospace industry, which is boosting demand for high-precision gears and speed changers for use in aircraft engines and other critical components. With these and other factors at play, the gears, Drives and speed changers market is set for continued growth in the coming years.
Principal Consultant
| Region | The United States |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 47.1 billion |
| CAGR % 2023 to End of Forecast (2033) | 5.2% |
With a market size of USD 47.1 billion by 2033 and a CAGR of 5.2%, the United States gears, Drives and speed changers industry is expected to see steady growth. A significant element propelling this expansion is the rising need for automation in the manufacturing industry.
The United States includes some of the big manufacturing firms globally, and with their increasing adoption of automation tech, demand for gears, Drives and speed changers is predicted to surge.
| Region | The United Kingdom |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 9 billion |
| CAGR % 2023 to End of Forecast (2033) | 4.9% |
The United Kingdom's gears, Drives and speed changers industry is expected to reach USD 9 billion by 2033 with a CAGR of 4.9% during the forecast period. One of the main factors driving this growth is the rising demand for electric vehicles in the country. As the United Kingdom government pushes for many electric vehicles on the road, the demand for gears, Drives and speed changers is expected to rise.
The United Kingdom is home to several notable aerospace companies, and as the industry continues to grow, the demand for gears, Drives and speed changers is expected to increase as well.
| Region | China |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 58.5 billion |
| CAGR % 2023 to End of Forecast (2033) | 5.2% |
China’s gears, Drives and speed changers industry is expected to see significant growth with a market size of USD 58.5 billion in 2033 and a CAGR of 5.2%. One of the key factors driving this growth is the government's push toward advanced manufacturing technologies, which include automation and robotics. As manufacturing companies in China adopt automation technology, the demand for gears, Drives and speed changers is predicted to increase.
China is home to the world's large automotive market, and as the demand for electric vehicles in the country grows, the demand for gears, Drives and speed changers is anticipated to rise as well.
| Region | Japan |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 44.8 billion |
| CAGR % 2023 to End of Forecast (2033) | 5.2% |
Japan’s gears, Drives and speed changers industry is expected to surpass USD 44.8 billion by 2033 with a CAGR of 5.2% during the forecast period. A key factor propelling this expansion is the nation's robust production sector. Nippon is famed for its top-notch production. With the urging interest in mechanization in the land of the rising sun, the need for cogwheels, propellers, and velocity modifiers is anticipated to grow too.
Japan holds a significant position in the production of industrial automatons. With the surge in the acceptance of robotic technology, the requirement for gears, Drives and speed changers is anticipated to escalate.
| Region | South Korea |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 11.1 billion |
| CAGR % 2023 to End of Forecast (2033) | 4.9% |
South Korea’s gears, Drives and speed changers industry is expected to reach USD 11.1 billion by 2033 with a CAGR of 4.9% during the forecast period. One of the primary elements bolstering this expansion is the nation's robust car manufacturing sector.
South Korea houses numerous significant car makers. With the increasing popularity of electric cars in the region, the need for gears, Drives and speed changers is predicted to surge too. Furthermore, the nation's emphasis on novelty and technology is anticipated to propel the demand for robotics, which consequently is likely to boost the demand for gears, Drives and speed changers.
| Top Types | Spur gear |
|---|---|
| CAGR % 2023 to End of Forecast (2033) | 5.1% |
| Market Share in 2023 | 35% |
| Dominating Factor | High efficiency |
The spur gear segment is expected to dominate the gears, Drives and speed changers industry, with a projected CAGR of 5.1% from 2023 to 2033. This growth can be attributed to the high demand for spur gears from the automotive and aerospace sectors. In 2023, the spur gear segment is expected to hold a market share of 35%, making it the notable segment in the industry.
The factors contributing to the growth of the segment include the high efficiency and reliability of spur gears, as well as their ability to transmit power and motion between parallel shafts with minimal noise and vibration.
| Top End-Use | Automotive |
|---|---|
| CAGR % 2023 to End of Forecast (2033) | 4.7% |
| Market Share in 2023 | 42% |
| Dominating Factor | Increasing demand |
The automotive end-use segment is projected to be the large segment of the gears, Drives and speed changers industry in 2023, with a market share of 42%. From 2023 to 2033, this segment is forecasted to expand at a CAGR of 4.7% due to rising demand for electric and hybrid cars. Transmission components that can transfer power from an electric motor to the wheels are in high demand due to the growing market for fuel-efficient automobiles.
The expanding demand for passenger and commercial cars, the increased priority placed on safety and comfort, and the trend toward lightweight and small automotive components are further key causes.
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The gears, Drives and speed changers industry is highly competitive, with several key players dominating the market. These players are continually investing in research and development to stay ahead of the competition and maintain their market position.
The gears, Drives and speed changers industry offers several investment opportunities for new entrants in the market. These opportunities include investing in new technologies, developing innovative products, and expanding into new geographic markets. Key players in the industry are continually looking for strategic partnerships and acquisitions to expand their product portfolio and increase their market share.
Key Players in the Gears, Drives and Speed Changers Industry include
Siemens AG is a global technology powerhouse that offers innovative solutions for electrification, automation, and digitization. The company's focus on innovation and its strong brand reputation has helped it to maintain a leading position in the Gears, Drives and Speed Changers market.
Sumitomo Heavy Industries, Ltd. is a diversified engineering company. It operates in various industries, including power transmission and control, environmental facilities, and industrial machinery. The company's extensive product portfolio and its emphasis on product innovation have helped it to capture a significant share of the market.
SEW Eurodrive is a leading manufacturer of geared motors, frequency inverters, and other driving technology products. The company has a strong focus on customer satisfaction, and its commitment to quality has helped it to maintain a loyal customer base.
ABB Ltd. is a global leader in power and automation technologies. The company's extensive product portfolio and its focus on innovation have helped it to maintain a leading position in the Gears, Drives and Speed Changers market.
Bauer Gear Motor is a leading manufacturer of geared motors, motor starters, and frequency inverters. The company's extensive product portfolio and its emphasis on customer satisfaction have helped it to maintain a leading position in the market.
Key Developments in the Gears, Drives and Speed Changers Market:
The global gears, drives and speed changers industry is expected to hit a value of USD 152 billion by 2023.
The gears, Drives and speed changers demand is set to expand by 5.3% during the assessment period.
The automotive industry is projected to hold the dominant share of the market.
The market is predicted to exceed USD 254 billion by 2033.
China holds dominance in the gears, Drives and speed changers industry.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Spur gears 5.2. Bevel gears 5.3. Worm gears 5.4. Helical gears 5.5. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use 6.1. Automotive 6.2. Industrial 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. ABB Ltd 15.2. AMETEK, Inc 15.3. Altra Industrial Motion Corporation 15.4. Amtek Auto Ltd. 15.5. American Axle & Manufacturing, Inc 15.6. ABM Greiffenberger Antriebstechnik GmbH 15.7. AMT Schmid GmbH & Co. KG 15.8. Auburn Gear LLC 15.9. Allison Transmission, Inc 15.10. Auma Riester GmbH & Co. KG 16. Assumptions & Acronyms Used 17. Research Methodology
Industrial Automation
August 2023
REP-GB-6972
333 pages
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Gears, Drives and Speed Changers Market
