Automotive Gears Market: Industry Expert View on Future Growth and Market Trends
The North American automotive industry is a major component driving economic growth. According to the Centre for Automotive Research Organization, the automotive industry's total size in the global economy was around US$ 2.8 trillion in 2022, accounting for 3% of the global economic GDP. The automotive industry in North America generates more than US$ 500 billion in annual sales of vehicles. It employs more than 1.7 million people in the US, as per the National Automobile Dealers Association (NADA) report in 2022. As per the same source, the automotive ecosystem (including direct, indirect, and induced value added) annually generates more than US$ 1 trillion in the US, i.e., 4.9% of the US GDP.
Automotive gears help regulate the rotational speed and power by transferring the energy produced by the engine to the wheels safely and efficiently. Typically, gears have several teeth that are in contact with other gears. In various transmission systems, several arrangements of gear of varying sizes are involved to transmit power. Some of the major types of gear used in automotives are spur gear, bevel gear, helical gear, and hypoid gear. Automotive gears are meshed together and deliver appropriate power and torque that help control the vehicle’s speed. Rising vehicle production with the surge in disposable income are factors driving the automotive gears market growth in North America. As per the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, global automotive car production increased to 61.5 million by around 8.0% compared to the previous year. Also, overall car sales in the US market reached 1.75 million units in 2022, which increased by around 12% compared to the previous year. This yearly sale of cars in the US has created a massive demand for automotive gears for manufacturing cars. Increased production and sale of passenger and commercial vehicles across North America is a major driving factor for the growth of the North American automotive gears market. Korean and Japanese automakers Honda, Toyota, and Hyundai have acquired a significant share of North America’s automotive market. These original equipment manufacturers require automotive components such as gears, doors, seating, and braking systems. In North America, several OEMs require automotive gears to manufacture vehicles. The rising investment of global automakers in North America has created ample opportunity for the growth of the automotive gears market in this region. In 2021, as per the United States Trade Representative Organization, various auto manufacturers worldwide have planned investments of more than US$ 75 billion in the US. This is primarily attributed to the rising sales of vehicles with the surge in car pricing. The average price for new cars across the US reached US$ 54,872 as of November 2021.
Automotive gears help regulate the rotational speed and power by transferring the energy produced by the engine to the wheels safely and efficiently. Typically, gears have several teeth that are in contact with other gears. In various transmission systems, several arrangements of gear of varying sizes are involved to transmit power. Some of the major types of gear used in automotives are spur gear, bevel gear, helical gear, and hypoid gear. Automotive gears are meshed together and deliver appropriate power and torque that help control the vehicle’s speed. Rising vehicle production with the surge in disposable income are factors driving the automotive gears market growth in North America. As per the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, global automotive car production increased to 61.5 million by around 8.0% compared to the previous year. Also, overall car sales in the US market reached 1.75 million units in 2022, which increased by around 12% compared to the previous year. This yearly sale of cars in the US has created a massive demand for automotive gears for manufacturing cars. Increased production and sale of passenger and commercial vehicles across North America is a major driving factor for the growth of the North American automotive gears market. Korean and Japanese automakers Honda, Toyota, and Hyundai have acquired a significant share of North America’s automotive market. These original equipment manufacturers require automotive components such as gears, doors, seating, and braking systems. In North America, several OEMs require automotive gears to manufacture vehicles. The rising investment of global automakers in North America has created ample opportunity for the growth of the automotive gears market in this region. In 2021, as per the United States Trade Representative Organization, various auto manufacturers worldwide have planned investments of more than US$ 75 billion in the US. This is primarily attributed to the rising sales of vehicles with the surge in car pricing. The average price for new cars across the US reached US$ 54,872 as of November 2021.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
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