According to the report, the metal gear component market is projected to reach US$ 308.6 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. The increase in global warming is prompting most gear manufacturers to develop efficient gear mechanisms for vehicles, machinery, and heavy material handling equipment to improve the efficiency of the equipment, which, in turn, is anticipated to boost the metal gear component market across the globe. Technological progression and development in terms of material science is anticipated to enhance the quality of gear products. Therefore, gears manufactured are expected to possess high strength, temperature-resistance, and enhanced corrosion and abrasion resistance. Such gears when adopted in machinery are expected to provide high efficiency and low carbon emission.
Advancements in terms of electric vehicle technology are expected to boost the production of electric vehicles (EVs) across the globe. Furthermore, an increase in the demand for electronics, home appliances, and various consumer goods across the globe is anticipated to boost their production. All these factors are expected to drive the metal gear component market across the globe.
Expansion of Metal Gear Component Market
Based on material, the metal gear component market has been segmented into steel, brass, aluminum, iron, and powdered metals. Steel is likely to be a highly lucrative segment during the forecast period, primarily due to a worldwide adoption of steel to manufacture metal gears, as steel provides high resistance to temperature, corrosion, and abrasion.
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Moreover, it is available at cheaper prices. In terms of industry, the automotive industry is anticipated to dominate the global metal gear component market. The increase in per capita income coupled with various automakers slashing vehicle prices to overcome economic losses, owing to global automotive slowdown in 2018 and 2019, can be attributed to a rise in the demand for high performance, and fuel-efficient vehicles. This, in turn, is leading the automotive industry segment to account for a significant share of the global metal gear component market.
Regional Analysis of Metal Gear Component Market
In terms of region, the global metal gear component market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global metal gear component market in 2019. It is anticipated to hold a leading share during the forecast period due to the rise in production and sale of various consumer goods, increase in import and export of commodities owing to flexible government policies, and increased production of vehicles in China, India, Indonesia, and Japan.
Furthermore, increased demand for electric vehicles across Asia Pacific is anticipated to boost the automotive industry and consequently, propel the metal gear component market in the region.
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Metal Gear Component Market Players
A few prominent players operating in the global metal gear component market include American Axle & Manufacturing, Inc., Amtek International, B & R Machine and Gear Corporation, Bharat Gears Ltd., Circle Gears & Machine Corporation, Cone Drive Operations Inc., Dupont, Dynamatic Technologies Ltd., Eaton, Franz Morat Group, Gear Motions, GKN PLC, IMS Gear GmbH, Kohara Gear Industry Co., Ltd., RENOLD, Robert Bosch GmbH, RSB, SAMGONG GEAR IND. CO., LTD., Showa Corporation, Taiwan United Gear Co., Ltd, Univance Corporation, Universal Auto Gears LLP, Varroc Group, and ZF.
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