Automotive Pinion Gear Demand Expanding at a 4.5% CAGR to Top 17.2 Billion by 2033: Fact.MR Analysis
The global automotive pinion gear market is expected to reach US$ 17.2 billion by 2033, expanding at a CAGR of 4.5% from 2023 to 2033.
Automotive pinion gears are used to transmit motion in vehicles. The steering system, transmission system, and vehicle are the primary components in which pinion gears are deployed. The main function of a pinion gear is to translate rotation into linear motion within the assembly. Steel, magnesium, manganese, aluminum, zinc, chromium, nickel, and cobalt alloys are used for producing automotive pinion gears.
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It is predicted that the growth of the automotive sector will drive the sales of automotive pinion gears over the coming years. Increasing purchasing power and high spending on both commercial and passenger automobiles, especially in developing countries, is pushing the demand for automotive pinion gears. Falling prices of automotive pinion gears and unique product designs are also contributing to market expansion.
- In September 2022, Shimano launched the Bantam automatic pinion gear that provides improved gear meshing. Its solid body unites the B-side plate, level wind guard, and frame into a one-piece structure for enhanced strength. The micro module gear comes with an entirely new gear set with smaller teeth, adding to the spool and handle’s already incredibly smooth spinning. This gives the gear train more efficient contact sites between the pinion and drive gears.
Key Takeaways from Market Study
- The global automotive pinion gear market is valued at US$ 11.08 billion in 2023.
- Demand for automotive pinion gears is projected to increase at a CAGR of 4.5% from 2023 to 2033.
- The global market is estimated to reach US$ 17.2 billion by the end of 2033.
- Demand for bevel gears is expected to progress at a CAGR of 4.4% through 2033.
- Demand for automotive pinion gears in China is anticipated to rise at a CAGR of 4.4%.
Key Market Imperative
Fact.MR has provided details regarding key manufacturers of automotive pinion gears in its recently published report. This industry is highly fragmented and none of these companies hold a significant market share.
- In 2021, Swiss gear technology company Humbel, one of the pioneers in producing gearboxes and transmissions, designed prototypes for specific components such as internal ring gears for e-axels and e-gears in electric vehicles.
- In March 2019, Dana Incorporated revealed that it had successfully acquired the Drive Systems division of Oerlikon Group. Dana’s existing technology portfolio, particularly covering high-precision helical gears for the light- and commercial-vehicle sectors has grown as a result of this acquisition.
- ZF announced the integration of MICO, a global leader in precision-engineered hydraulic and electrohydraulic braking systems, with ZF’s portfolio of its off-highway offerings at MINExpo in September 2021. The company has also introduced the Redulus4F Industrial Gearbox Series and Advanced Serviceability Solutions based on the ProVID Condition Monitoring System, which offers quick and effective failure detection.
- B&R Machine and Gear Corporation
- Bharat Gears Ltd.
- BMT International S.A.
- Eaton Corporation PLC
- Gear Motions
- Mahindra Gears & Transmissions Pvt. Ltd.
- Precipart Corporation
- Renold PLC
- Samgong Gear Ind. Co. Ltd
- Market Competition
Competitive pricing is a key strategy for manufacturers of automobile pinion gears in their pursuit of a sizable market share. Also, manufacturers’ primary focus areas are technological advancements and strategic partnerships. The characteristics of market participants have been profiled, including corporate background, financial overview, business strategy, and recent changes. The automotive pinion gear market is primarily being driven by rising demand for four-wheel drive vehicles, automatic transmission systems, and increasing vehicle production.
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In-Depth Assessment on Key Segments
- By Type:
- Bevel Gears
- Helical Gears
- By Vehicle:
- Passenger Vehicles
- Commercial Vehicles
- By Application:
- Steering Systems
- Transmissions
- Differentials
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Covered in the Automotive Pinion Gear Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Automotive Pinion Gear sales grow until 2033?
- Which are the factors hampering the Automotive Pinion Gear demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Automotive Pinion Gear Market during the forecast period?
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