ACCESS Newswire
21 Jan 2021, 20:35 GMT+10
Surging popularity of electric vehicles is anticipated to prompt automotive manufacturers to invest in advanced gear solutions to ensure smooth functioning of the vehicle.
ROCKVILLE, MD / ACCESSWIRE / January 21, 2021 / The global gear market is forecast to make significant gains, registering an annual growth rate of nearly 6% by 2021-end. Notwithstanding the recessionary impact ushered in by the pandemic crisis, growth projections appear largely optimistic over the next decade, according to a report published by award winning market research company Fact.MR.
The market has made unprecedented strides in the past, attributed to a flourishing automotive sector. Amongst all regions, China has remained a highly promising market for automotives, with projections indicating total production reaching 27 billion units by 2017. Hence, Fact.MR projects gear sales to reach US$ 54 Bn by 2021. Furthermore, opportunities abound across the electric vehicles segment as the world transitions towards more environmentally sustainable transportation alternatives.
Manufacturers have introduced a slew of innovations and technological breakthroughs, leading to a significant revolution in gear technology in recent years. For instance, in 2010, Sandvik Coromant invented the InvoMilling manufacturing technique while Liebherr Gear Technology has introduced a new hobbing machine for work upto 180 mm. Such innovations have taken the gear market by storm and are expected to provide further traction in the future.
'In spite of the COVID-19 pandemic blip, gear manufacturers are optimistic about a positive expansion path, as manufacturing activities gradually rebound, generating new revenue ecosystems,' says the Fact.MR analyst.
Request a report sample with 170 pages to gain comprehensive insights at https://www.factmr.com/connectus/sample?flag=S&rep_id=332
Key Takeaways from Fact.MR's Gear Market Study
Gear Market- Prominent Drivers
Gear Market- Key Restraints
Discover more about the global gear market with 108 figures and 146 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/332/gear-demand-market
Competitive Landscape
Prominent players profiled by Fact.MR include Valeo SA, ZF Freidrichshafen AG, Toyota Motor Corporation, American Axle & Manufacturing Company, Fiat Chrysler Automobiles Ltd., Hyundai Motor Company, Magna International Inc., Siemens AG, Sumitomo Heavy Industries Ltd., General Motors Company, XINAPSE Systems Limited, Aisin Seiki Co Ltd., Eaton Corporation Plc., Robert Bosch GmbH and Dana Holding Corporation among others.
In December 2020, Valeo SA reoriented its series of 48V motors to be mounted across electric bikes. The Valeo Smart e-Bike System is the world's first solution to integrate both an electric motor and an adaptive automatic transmission in the pedal assembly. The technology helps gears change automatically with the system's algorithms instantly adapting to the amount of electrical assistance required by the cyclist.
In January 2021, American Axle Manufacturing (AAM) inked a technology development agreement with Inovance Automotive Ltd. for the development of next-generation electric drive technology. The companies will focus on advancing 3-in-1 electric drive systems, leveraging the partners' complimentary expertise in electric-propulsion technology.
More Insights on Fact.MR's Gear Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global gear market. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of product type (worm gear, bevel gear, spur gear, helical gear, screw gear, internal gear, face gear, zerol gear, hypoid gear and other gears), end-user (automotive, process industry, energy, A&D, electrical appliances, construction and mining) and material type (metallic and non-metallic) across six key regions.
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About Fact.MR
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SOURCE: Fact.MR
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