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 var...