Gear Demand Market Estimated to Reach a US$ 320,000 Million Value by 2026
the global gear demand market is expected to represent a value of nearly US$ 320,000 Mn by the end of 2026.
[EUPRwire, Tue Jun 11 2019] As the requirement for high-quality and uninterrupted production process arises, manufacturers in various industries are looking for premium quality gears. Premium quality gears with robust wear performance and enhanced surface quality continue to gain significant demand in the medical, automotive, aerospace, agriculture, paper and pulp, mining industry. Power transmission features of the gear incorporates speed, direction of rotation and torque to the production process. Range of gears witness significant demand in range of consumer goods such as screwdrivers, windup alarms and washing machines. These factors will continue to propel growth of the global Gear Demand Market during the forecast period.
According to Fact.MR, the global gear demand market is expected to represent a value of nearly US$ 320,000 Mn by the end of 2026.
Incorporation of gears in the production process has improved efficiency, simplified tuning and slashed down the motor-drive expenses in the transportation industry. Automotive equipped with gears enable the end users to adjust the direction of rotation of the rear wheels. Manufacturers in the automotive industry are further focusing on designing technologically advanced gear motor and gear boxes that helps in minimizing the costs related with energy and further enables the industries to fulfill their tasks effectively. Bound to these factors, sales of the gear demand will continue to remain high in the global market.
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Emerging gear technology has further contributed towards the global gear demand market during the forecast period. With the growing need for automotive gears and heat treatment furnaces, demand for range of gears is likely to increase in the global market positively. Cutting-edge technology incorporated in range of gears enables the manufacturers to offer quality process. Leading technological features such as self-monitoring, advanced protection and monitoring functions will continue to boost sales of the technologically advanced gears. Integration of gears equipped with advanced technological features has led to enhance reliability and performance of the gears adopted for the manufacturing process. As manufacturers are increasingly focusing on the introducing innovative features in range of gears for high-quality manufacturing process in a wide swath of industries, growth of the global gear demand market will continue to witness an impressive growth in the global market.
Sales to Remain High for Bevel Gear Products
With the growing need for transmitting power, demand for the bevel gears continue to remain high globally. In terms of revenue, the bevel gear product type segment is expected to generate significant revenues, accounting for over US$ 18,000 Mn by the end of 2026. On the other hand, the helical gear product type segment is expected to witness the fastest growth in the global gear demand market during the forecast period.
On the basis of end users, the automotive segment is expected to represent a robust revenue growth, recording a value of over US$ 44,000 Mn by 2017-end. However, the process industry end users segment is expected to register the highest CAGR through 2026.
Based on material type, the metallic segment is expected to represent significant revenue growth, accounting for a value of nearly US$ 88,000 Mn by 2026-end. In contrary to this, the non-metallic material type segment is expected to register a healthy CAGR throughout the forecast period.
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Leading market players operating in the global gear demand market include ZF Friedrichshafen AG, Valeo SA, Toyota Motor Corporation, Sumitomo Heavy Industries, Ltd., Siemens AG, Magna International Inc., Hyundai Motor Company, General Motors Company, Fiat Chrysler Automobiles N.V., Eaton Corporation Plc, Dana Holding Corporation, Robert Bosch GMBH, American Axle & Manufacturing, Inc., Aisin Seiki Co., Ltd and XINAPSE SYSTEMS LIMITED.
5 Forecast Highlights on Global Gear Demand
Asia Pacific Excluding Japan (APEJ) is expected to witness highest gear demand during the forecast period 2017-2026. Several industries in countries such as India and China are extending their facilities to meet consumer demand. Hence, the growth in various industries is expected to drive gear demand in APEJ region.
North America and Europe are also expected to witness growth during the forecast period 2017-2026. Technological advancements and increasing competition are the factors resulting in the growth of gear demand in these regions. Moreover, companies are also developing new gears that can result in low maintenance cost.
Bevel gear is expected to emerge as one of the top-selling products during the forecast period 2017-2026. Bevel gear is estimated to reach nearly US$ 51,900 million revenue by the end of 2026. Meanwhile, helical gear is also likely to witness significant growth during the forecast period 2017-2026.
The automotive sector is expected to be the largest user of gears during the forecast period 2017-2026. The automotive sector is estimated to account for nearly two-third of the revenue share by the end of 2017. The rise in automobile production and sales is driving the growth of the automotive sector, thereby resulting in the increase in gear demand.
Metallic gear is expected to gain maximum revenue share. Metallic gear is estimated to create an incremental opportunity of more than US$ 10,000 million between 2017 and 2026. Metal gears usually operate well with better speed and load, hence the demand for metal gear is increasing.
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