Global Automotive Transmission Gears Market Report, by Gear Type (Planetary, Spur Gear, Helical Gear, and Others), by Transmission Type (Manual, Automatic, Automated Manual, Transmission (AMT), Dual Clutch Transmission, and Hybrid), by Gear Material (Ferrous Metal, Composite Material, and Others), by Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric vehicles), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The growth in passengers, as well as production of vehicles, has resulted in increased demand for automotive gear. The automotive transmission gears market is primarily driven by the increasing demand for improved acceleration and a low carbon footprint in automotive vehicles. The limited product shelf life in conventional gear systems also can be attributed to the growth of the automotive gears market.
The lightweight and highly durable aluminum and composite gears are estimated to gain popularity with their market, registering a significant growth during the forecast period. Parallel shaft gears and skew shaft gears together are expected to account for a large market share in the overall automotive gears market over the forecast period.
The automotive transmission gear system is revolutionizing the automotive sector as it provides an alternative solution to reduce carbon emission and improve fuel efficiency, to meet government emission control regulatory standards. In order to attain a competitive edge, automotive OEMs (Original Equipment Manufacturer) and transmission gear suppliers are innovating the transmission gear technology which in turn, is making vehicles faster and easier to drive.
Global Automotive Transmission Gears Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all industries including, infrastructure, retail, manufacturing, and others. To combat COVID-19 pandemic, most of the countries have implemented lockdowns and are now easing it phase-wise and industry wise. COVID-19 pandemic has shutdown the production of various products in the global automotive gear industry, mainly owing to the prolonged lockdown in major global countries such India, China, and others. Amid COVID-19 crises, the prominent automotive gears manufacturers such as American Axle & Manufacturing Holdings, Inc., Bharat Gears, and Dynamitic Technologies Limited, among others, have faced an unexpected disruption in vehicle production and economic uncertainties. Most of the automotive transmission gear, manufacturers are taking all requisite and sustainability measures to manage their liquidity, which includes fund management, cost reduction, and focus on collections. Furthermore, these businesses entities are looking for all available options such as long-term funding and alternative capital availability to efficiently manage cash liquidity in the current situation.
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