Automotive transmission gears are mechanical parts that transfer the torque and rotational motion from the engine to the wheels for propelling the vehicle. Automotive transmission gears are essential components used in manual, automatic, and continuous variable transmissions. They help in changing the gear ratio and provide smooth transmission of power to the wheels. The global automotive transmission gear market is growing due to the increasing vehicle production across the world.

The global automotive transmission gears market is estimated to be valued at US$ 32909.19 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increasing vehicle production is one of the key drivers of the automotive transmission gears market. According to international organization of motor vehicle manufacturers (OICA), global vehicle production rose from around 78.6 million units in 2016 to around 87.2 million units in 2019 at a CAGR of around 2.8%. This growth in vehicle production is fueling the demand for automotive transmission gears. In addition, aging fleet and frequent replacement of old gears are also contributing to the growth of this market.

The increasing electrification of vehicle powertrains is expected to provide opportunities for integration of transmission gears in electric vehicles over the forecast period. Electric vehicles require fewer gears compared to conventional internal combustion engine vehicles. However, integration of transmission gears in electric vehicles is expected to drive innovations and new product development in the automotive transmission gears market.

SWOT Analysis

Strength: The automotive transmission gears market is witnessing strong demand from OEMs and aftermarket players globally. Stable demand from the automotive industry and increasing adoption of vehicles with automatic transmission are fueling market growth. Manufacturers are focused on developing innovative gear manufacturing technologies to improve gear performance and enhance fuel efficiency.

Weakness: Frequent technological advancements in transmission systems requiring investments in R&D and new manufacturing equipment increase operational costs for manufacturers. Fluctuations in raw material prices also affect the profit margins of players.

Opportunity: Rising demand for electric vehicles provides opportunities for transmission gear manufacturers to develop efficient and durable gears suitable for electric powertrains. Growth in commercial vehicle sales in emerging nations boosts demand. Adoption of lightweight gears using advanced materials to improve fuel efficiency would open new growth avenues.

Threats: Slowdown in the automotive industry due to economic uncertainties poses risks to gear demand. Stringent vehicle emission norms in several countries necessitate efficient transmissions, raising product compliance costs. Trade wars and political instability in key markets threaten supply chain and profitability.

Key Takeaways

The Global Automotive Transmission Gears Market Share is expected to witness high growth over the forecast period driven by rising vehicle production and sales globally. The global automotive transmission gears market is estimated to be valued at US$ 32909.19 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.

The Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period owing to large automotive manufacturing bases in China, India, and Japan. Growing demand for vehicles from expanding middle-class populations and availability of low-cost labor are fueling regional market growth.

Key players operating in the automotive transmission gears market are Novartis AG, Gilead Sciences, Inc., Castle Creek Biosciences, Inc., Lineage Cell Therapeutics, Inc., Transgene SA, Cellectis, ImmunityBio, Inc., Sorrento Therapeutics, bluebird bio, Inc., Arcellx, Sana Biotechnology, Inc., Biodesix, Inc, and Laurus Labs. Technological advancements to develop advanced lightweight gears using composite materials and niche application areas like EV powertrains present new revenue opportunities for these companies. Partnerships with OEMs help gain a foothold in lucrative regional markets and maintain leadership. However, trade tensions and fluctuating raw material costs pose challenges.

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