Global Gear Manufacturing Market to Reach US$ 131.4 Billion by 2032, Driven by Expanding Automotive Industry

September 25, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “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,” the global gear manufacturing market size reached US$ 80.0 Billion in 2023. Gear manufacturing is the process of producing gears, which are mechanical components with teeth that mesh with the teeth of other gears to transmit motion and power. Gears play a crucial role in a wide range of machinery and mechanical systems, including automobiles, industrial equipment, aircraft, and more. The primary objective of gear manufacturing is to create precision-engineered gears that provide smooth and efficient transmission of rotational motion. The key steps involved in gear manufacturing include design, material selection, cutting and shaping, heat treatment, finishing, quality control, and assembly. Gear manufacturing requires precision and attention to detail to ensure the gears operate smoothly and efficiently. The choice of manufacturing method and materials depends on the intended application and the desired quality of the gears. High-precision gears are crucial in industries like automotive and aerospace, where reliability and efficiency are paramount, while more standard gears may suffice in less critical applications. The field of gear manufacturing has seen advancements in automation and computer-controlled machining, leading to greater accuracy and efficiency in the production process.

Global Gear Manufacturing Market Trends:

The expanding automotive sector represents one of the key factors driving the growth of the market across the globe. The production of vehicles, from passenger cars to commercial trucks, relies heavily on gears for transmission and power transfer which is fueling the market growth. The market is also driven by the increasing adoption of industrial automation and robotics in manufacturing processes which requires precision-engineered gears to ensure smooth and efficient motion control. Gears are critical in aerospace applications, including aircraft engines and control systems which is boosting the growth of the market. The defense sector also relies on gears for military vehicles, weaponry, and equipment which is further driving the market growth. Gears play a vital role in the energy sector, especially in wind turbines, hydroelectric generators, and other power generation equipment, which is contributing to renewable energy growth. Gears are integral in construction machinery, cranes, and earthmoving equipment, which are essential for infrastructure development and construction projects, thus propelling the market growth. The rising use of gears in various manufacturing machinery, including CNC machines and industrial robots, to ensure precise and synchronized movement is also contributing to the growth of the market. The growth of emerging technologies like electric vehicles (EVs) and additive manufacturing (3D printing) requires specialized gears, which is driving innovation and market expansion. There is a growing focus on energy-efficient systems, where precisely engineered gears can optimize mechanical efficiency and reduce energy consumption. Investments in infrastructure projects worldwide, including transportation, energy, and manufacturing facilities, are stimulating the demand for gear. Ongoing research and development (R&D) activities in gear design, materials, and manufacturing technologies lead to innovations that enhance gear performance and durability which is creating a positive outlook for the market across the globe. Looking forward, the market value is projected to reach US$ 131.4 Billion by 2032, expanding at a CAGR of 5.5% during 2024-2032.

Market Summary:

  • Based on the product, the market has been divided into worm gear, bevel gear, and others.
  • On the basis of the end user, the market has been classified into the oil and gas industry, power industry, automotive, and others. Currently, automotive is dominating the market across the globe.
  • Based on the region, the market has been divided into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Presently, Asia Pacific holds the largest market share across the globe.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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.

Report Scope:

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.
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Global Gear Manufacturing Market to Reach US$ 131.4 Billion by 2032, Driven by Expanding Automotive Industry
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