Gear Manufacturing Market by Product (Worm Gear, Bevel Gear, and Others), End User (Oil and Gas industry, Power Industry, Automotive, and Others), and Region 2024-2032

Gear Manufacturing Market by Product (Worm Gear, Bevel Gear, and Others), End User (Oil and Gas industry, Power Industry, Automotive, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A7832
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Market Overview:

The global gear manufacturing market size reached US$ 80.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 131.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.5% during 2024-2032. The bolstering growth of the automotive industry, the increasing demand for industrial high-performance gears, the extensive production application in medium and heavy-duty vehicles, and the shifting preference for renewable energy resources represent some of the key factors driving the market.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 80.0 Billion
Market Forecast in 2032
US$ 131.4 Billion
Market Growth Rate 2024-2032 5.5%


A gear is a wheel with inserted teeth that transfers motion and power between machine components. It is crucial in various industrial applications to transmit torque and speed, enable smooth power transmission, and achieve the desired speed and precise movement. The gear manufacturing process involves designing and engineering, which includes gear specifications, such as tooth profile, module, pitch diameter, and gear ratio. After the design is finalized, gears can be produced through numerous methods, including hobbing, shaping, milling, and grinding. Finally, they undergo various finishing processes, such as heat treatment, to enhance their strength and durability. This is followed by gear inspection, including gear rolling tests, backlash measurements, and tooth contact pattern analysis to ensure dimensional accuracy and proper tooth profile.

Global Gear Manufacturing Market

Gear Manufacturing Market Trends:

Gears are essential components in transmissions, drivelines, and differentials in a wide range of vehicles, including passenger cars, commercial vehicles, and off-road vehicles. As a result, the bolstering growth of the automotive sector and the increasing production of automobiles are prime factors driving the market growth. Besides this, gears are extensively used in a variety of consumer electronic products, including cameras, printers, gaming consoles, and home appliances, which, in turn, are aiding in market expansion. Moreover, the expanding industrial automation and the adoption of robotics in the manufacturing and logistics sectors are fueling the need for high-precision gears for efficient and reliable machinery operation. Concurrent with this, the rising demand for gearboxes for material handling equipment and heavy-duty machinery, such as cranes, excavators, and loaders used across the construction and mining industries, is contributing to the market growth. In addition to this, the growing product utilization across the thriving aerospace and defense sectors in aircraft engines, helicopters, military vehicles, and other critical applications is creating a positive outlook for the market. In line with this, the surging product utilization across wind turbines and solar tracking systems and the growing demand for precision gears in medical equipment, including imaging devices, surgical instruments, and robotic systems, are propelling the market forward. Furthermore, ongoing technological advancements, such as the development of high-performance materials, innovative gear designs, and improved manufacturing processes, are presenting remunerative growth opportunities for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global gear manufacturing market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on product and end user.

Product Insights:

  • Worm Gear
  • Bevel Gear
  • Others
     

The report has provided a detailed breakup and analysis of the gear manufacturing market based on the product. This includes worm gear, bevel gear, and others.

End User Insights:

  • Oil and Gas industry
  • Power Industry
  • Automotive
  • Others
     

A detailed breakup and analysis of the gear manufacturing market based on the end user has also been provided in the report. This includes the oil and gas industry, power industry, automotive, and others. According to the report, automotive accounted for the largest market share.

Regional Insights:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for gear manufacturing. Some of the factors driving the Asia Pacific gear manufacturing market included the expanding industrial automation, the rising demand for passenger and commercial vehicles, and the growing adoption of renewable energy sources.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global gear manufacturing market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Bonfiglioli S.P.A, David Brown Santasalo, Emerson Electric Co, Rotork Plc, SEW-EURODRIVE GmbH and Co KG, Siemens AG, Sumitomo Heavy Industries Ltd., Walterscheid Powertrain Group (Comer Industries), WEG S.A. (WEG Participações e Serviços S.A.), ZF Friedrichshafen AG (Zeppelin-Stiftung), etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Products Covered Worm Gear, Bevel Gear, Others
End Users Covered Oil and Gas industry, Power Industry, Automotive,  Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Bonfiglioli S.P.A, David Brown Santasalo, Emerson Electric Co, Rotork Plc, SEW-EURODRIVE GmbH and Co KG, Siemens AG, Sumitomo Heavy Industries Ltd., Walterscheid Powertrain Group (Comer Industries), WEG S.A. (WEG Participações e Serviços S.A.), ZF Friedrichshafen AG (Zeppelin-Stiftung), etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the gear manufacturing market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global gear manufacturing market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the gear manufacturing industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global gear manufacturing market was valued at US$ 80.0 Billion in 2023.

We expect the global gear manufacturing market to exhibit a CAGR of 5.5% during 2024-2032.

The rising industrial automation, along with the increasing adoption of high-precision gears for efficient and reliable machinery operation across the manufacturing and logistics sectors, is primarily driving the global gear manufacturing market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for gear manufacturing.

Based on the end user, the global gear manufacturing market can be bifurcated into oil and gas industry, power industry, automotive, and others. Currently, automotive holds the majority of the total market share.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.

Some of the major players in the global gear manufacturing market include Bonfiglioli S.P.A, David Brown Santasalo, Emerson Electric Co, Rotork Plc, SEW-EURODRIVE GmbH and Co KG, Siemens AG, Sumitomo Heavy Industries Ltd., Walterscheid Powertrain Group (Comer Industries), WEG S.A. (WEG Participações e Serviços S.A.), ZF Friedrichshafen AG (Zeppelin-Stiftung), etc.

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Gear Manufacturing Market by Product (Worm Gear, Bevel Gear, and Others), End User (Oil and Gas industry, Power Industry, Automotive, and Others), and Region 2024-2032
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