Automotive transmission gears are critical components used in vehicle powertrains to transmit power from the engine to the wheels for propulsion. They include spur gears, bevel gears, helical gears, worm gears and planetary gears. These precision engineered gears allow vehicles to operate in forward and reverse speeds while maintaining optimal torque and speed ratios. The automotive transmission gear market has benefited from rising vehicle production driven by growing global automobility.

The global automotive transmission gears market is estimated to be valued at US$ 28567 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the key drivers for the automotive transmission gears market is the increasing automotive production across major economies like China, USA, Germany, Japan and India. Growing disposable incomes and rising consumer spending on personal vehicles have increased vehicle sales over the years. According to OICA, global passenger car production reached over 74 million units in 2021, growing by 3.3% compared to 2020. Higher vehicle production necessitates increased demand for transmission components like gears to equip the growing vehicle parc. Furthermore, the rising preference for vehicles with automatic transmissions which have complex gearing systems compared to manual transmissions is also boosting demand for transmission gears in the market.

SWOT Analysis
Strength: The automotive transmission gears market is expected to witness steady growth due to increasing automobile production globally. Three key advancements in gear manufacturing including surface treatment technologies, new material development and tooling automation have improved the efficiency and performance of transmission gears.
Weakness: Frequent technology upgrade in the automotive industry poses significant R&D costs for gear manufacturers. Moreover, fluctuating raw material prices especially of steel and aluminum adversely impact the profit margins of market players.
Opportunity: Growth in the electric vehicles segment provides new opportunities for manufacturers to develop advanced transmission systems suitable for electric powertrains. In addition, the Asian markets for automobiles are growing at a rapid pace creating demand for high quality transmission gears.
Threats: Stringent environmental norms regarding vehicular emissions threaten the use of conventional fuel-powered vehicles, eventually impacting demand. Furthermore, sharing business models are gaining traction reducing individual car ownership.

Key Takeaways

The Global Automotive Transmission Gears Market Size is expected to witness high growth over the forecast period supported by strong automotive production across major economies.

Regional Analysis: The Asia Pacific region currently dominates the market and is expected to maintain its leading position throughout 2030. China, India and Japan collectively account for over 60% of the global automobile manufacturing and are major consumers of transmission gears.

Key players operating in the region include Novartis AG, Gilead Sciences, Inc., Castle Creek Biosciences, Inc., Lineage Cell Therapeutics, Inc., and Transgene SA who cater to the increasing demand through extensive manufacturing facilities. In addition, regionalization of supply chains by global OEMs benefits domestic transmission gear manufacturers.

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