Automotive Gears Market

The automotive gears market is projected to grow from USD 42.7 billion in 2024 to USD 50.8 billion by 2030, at a CAGR of 3.0%. The growth of this market can be attributed to the rising production of passenger cars, light commercial vehicles, rise in demand for SUVs, rise in production of c-segment and above vehicles, increase in comfort and convenience features like Sunroofs, ORVMs and power windows and the use of low-carbon footprint technologies.

Major OEMs of LSV are from the USA and Japan. The top 5 OEMs of the automotive gears market are American Axle & Manufacturing Holding, Inc. (US), GKN Powder Metallurgy (US), Bharat Gears Ltd. (India), JTEKT Corporation (Japan), and Robert Bosch GmbH (Germany). Key players in the automotive gears market are investing in new technologies such as lightweight materials for gears, low carbon footprint technologies, and the adoption of polymer gears in automotive applications.

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American Axle and Manufacturing Holdings, Inc. is engaged in the designing, engineering, and manufacturing automotive components. The company operates in 2 segments - drive line and metal forming. It offers automotive gears under the metal forming segment. The company provides products for internal combustion engines and electric & hybrid vehicles. The company has a strong focus on new product development and R&D activities. For instance 2023, the company spent USD 155.4 million on R&D activities, which was 2.5% of the total revenue. The company has developed new products and technologies or modified existing products and technologies for current and future markets. This helped it to grow revenues and profits. The company has undertaken strategies to identify emerging technological trends in driveline and metal forming domains and customer requirements to develop and maintain competitive products and services. Its major customers include General Motors (LIS), Stellantis N V. (Netherlands), and Ford Motor Company (US). Further, the company has been focusing on its manufacturing capabilities. The company has 80 facilities in 18 countries.

GKN Powder Metallurgy is one of the business segments under the Dowlais Group. The Dowlas includes GKN Automotive, GKN Powder Metallurgy, and GKN Hydrogen business. This demerger was completed on 20th April 2023. The company offers drivetrain solutions for the automotive industry. The company provides differential gears and e-drive gears under drivetrain solutions. GKN focuses on product development and makes significant investments in R&D. Its biggest strength is its drivetrain business, primarily focusing on the Americas, Europe, and Asia Pacific countries, such as China, India, and Japan. GKN has an operational presence in over nine countries. GKN Powder Metallurgy has been focusing on expanding its R&D facilities in recent years. In December 2021, it opened its new advanced research center in the UK to develop next-generation eDrive systems to power future electrified vehicles and increase engineering capability in the UK.

Bharat Gears Limited produces automotive gears, components, and heat treatment furnaces. The company, India's most significant gear manufacturer, exports its products to Europe, the US, Mexico, and Asia. The company has a strong focus on production capabilities. The company manufactures over 1 million spiral ring gears and pinion sets, about 7.5 million transmission gears, and around 1 million differential gears annually. The company has three manufacturing units in India. The company provides automotive gears to some on-highway as well as off-highway OEMs such as Ashok Leyland (India), JCB (UK), John Deere (US Mahindra and Mahindra (India), Tata Motors (India), Toyota Kirloskar Auto Parts (India), Yanmar India (India), SML ISUZU Ltd. (India) and Sonalika International (India).

JTEKT Corporation operates in 4 business divisions including steering, industrial and bearings, machine tools, and manufacturing systems. Besides the core business segments of steering, drive, industrial, and bearings, the company established a new business development segment in September 2022. The company has also introduced a new gears and capacitors division in this segment. The company is setting forth to apply its competencies and capabilities to produce items that are the bricks of technological development. The company provides a diverse range of high-strength, high-precision gears, such as bevel gears, cylindrical gears, and worm gears. These gears are tailored to meet various customer needs. JTEKT’s global reach and strong customer relationships, especially within the Toyota Group, enhance its competitiveness in the gear market. The company is proactively conducting R&D at the JTEKT Gear Innovation Center on gear production to make even more accurate gears. The company has a strong focus on R&D investment. For instance, in 2023, the company has invested around 2.9% of its total revenue. The company has participated in operating activities abroad and is linked to more than 151 nations in business.

Robert Bosch GmbH (Bosch) is a global supplier of technology and services. The company conducts its business operations through four segments: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. The Mobility Solutions segment IS further classified into Powertrain Solutions, Chassis Systems Control, Electrical Drives, Cross-Domain Computing Solutions, Automotive Electronics, Mobility Aftermarket, Automotive Steering, Connected Mobility Solutions, and eBike Systems. The company is intensely focused on new product development and production expansion strategy. For instance, in 2023, the company expanded its steering gear production capacity at the Maklár plant. The company has invested around USD 150 million to expand this plant. The company aims to expand its gear technology beyond the automotive sector. It has been investing in developing gears for industrial products. The company has a robust global footprint focuses on developing partnerships with global OEMs for automotive gear sales.

Related Reports:

Automotive Gears Market by Type (Planetary, Bevel, Rack & Pinion, Hypoid, Worm, Helical, Spur, Non-metallic), Application (Transmission, Differential, Steering, Others), Vehicle Type, Propulsion (ICE, Hybrid), Material, & Region - Global Forecast to 2030

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