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Gears, Drives and Speed Changers - Global Market Trajectory & Analytics

  • ID: 338745
  • Report
  • February 2022
  • Region: Global
  • 766 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • ABB Ltd.
  • Bosch Rexroth AG
  • David Brown Santasalo
  • FLSmidth MAAG Gear AG
  • Rexnord Corp.
  • Siemens AG

Global Gears, Drives and Speed Changers Market to Reach US$176.6 Billion by the Year 2026


Gears, drives, and speed changers are important manufacturing parts and components, critical to production of a range of machinery and equipment. While gears and gearboxes help in increasing or decreasing speed, transmitting power or changing the direction or position of a rotating axis, gear drives are mechanical devices used to alter the speed, torque and direction of rotating shafts. Speed changers, on the other hand, are gear assemblies that are made using gears as an integral basis, and include speed enhancers and speed reducers. Increasing automotive production due to recovering world economy from the pandemic and faster demand growth and manufacturing output in developing countries constitute the primary factors driving growth for the market for gear technology. Shift towards more energy-efficient units like the seven and eight speed automatic transmissions also drives market growth. Fast growing prominence of solar and wind energy also contribute to increased sales of gears globally. Increase in demand for finished products also increases manufacturer investments on a range of production machinery, thus driving demand for machinery parts production of which also warrants gears, drives, and speed changers. Manufacturers are increasingly focusing on product innovations and enhancements that can meet technology challenges to deliver better performance, yet at a reasonable cost. Newer techniques such as traction drives, hydraulic systems and electric gears, have made a remarkable foray into the industry.

Amid the COVID-19 crisis, the global market for Gears, Drives and Speed Changers estimated at US$133.1 Billion in the year 2020, is projected to reach a revised size of US$176.6 Billion by 2026, growing at a CAGR of 4.9% over the analysis period. Automotive, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$136.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Industrial segment is readjusted to a revised 5.1% CAGR for the next 7-year period. This segment currently accounts for a 16.8% share of the global Gears, Drives and Speed Changers market. Automotive market is the largest revenue contributor for the combined market of gears, drives and speed changers. Production of automobiles too will grow at a steady pace with excellent increases in developing markets offsetting significant declines in developed markets. Steady increase in automotive production as a result of increase in demand in these developing markets will fuel demand especially for OEM gears and gear drives.



The U.S. Market is Estimated at $26.2 Billion in 2021, While China is Forecast to Reach $36.1 Billion by 2026


The Gears, Drives and Speed Changers market in the U.S. is estimated at US$26.2 Billion in the year 2021. The country currently accounts for a 19.1% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$36.1 Billion in the year 2026 trailing a CAGR of 5.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR while Rest of European market (as defined in the study) will reach US$9.3 Billion by the end of the analysis period. With many large companies from developed markets such as US and Europe increasingly setting up their manufacturing base in low cost destinations such as China and India and carrying out their production operations from there, or outsourcing their manufacturing operations to regional manufacturers in low cost destinations such as China and India, the sales contribution of Asia-Pacific in the global market has been on the rise. Export demand for low cost gears, drives and speed changers from Asian countries to developed market has also been on the rise thus driving growth in the regional market. Lower per capita vehicle ownership is another major factor driving automobile demand and production in these nations, thus fueling market prospects for these components.

Industrial Segment to Reach $30.1 Billion by 2026


A growing number of industries are adopting automation to circumvent the problem of growing labor costs and also for increasing production efficiencies and reducing costs of production. Labor costs have been rising steadily across the world owing to continuous economic growth. All these factors constitute the key driving forces behind growth for the industrial gearboxes market. In the global Industrial (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$17 Billion in the year 2020 will reach a projected size of US$23.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.5 Billion by the year 2026, while Latin America will expand at a 5.3% CAGR through the analysis period.

Select Competitors (Total 339 Featured) -

  • ABB Ltd.
  • Bharat Gears Ltd.
  • Bonfiglioli Riduttori S.P.A.
  • BorgWarner, Inc.
  • Bosch Rexroth AG
  • Cone Drive
  • Danfoss Group
  • David Brown Santasalo
  • Eaton Corporation Plc
  • Emerson Electric Co.
  • FLSmidth MAAG Gear AG
  • Horsburgh & Scott
  • Kanzaki Kokyukoki Manufacturing Co. Ltd.
  • NSK Ltd.
  • Rexnord Corp.
  • Schneider Electric
  • SEW Eurodrive
  • Siemens AG
  • Sumitomo Drive Technologies
  • Twin Disc, Inc.
  • ZF Friedrichshafen AG
Frequently Asked Questions about the Global Market for Gears, Drives and Speed Changers

What is the estimated value of the Global Market for Gears, Drives and Speed Changers?

The Global Market for Gears, Drives and Speed Changers was estimated to be valued at $133.1 Billion in 2020.

What is the growth rate of the Global Market for Gears, Drives and Speed Changers?

The growth rate of the Global Market for Gears, Drives and Speed Changers is 4.8%, with an estimated value of $176.6 Billion by 2026.

What is the forecasted size of the Global Market for Gears, Drives and Speed Changers?

The Global Market for Gears, Drives and Speed Changers is estimated to be worth $176.6 Billion by 2026.

Who are the key companies in the Global Market for Gears, Drives and Speed Changers?

Key companies in the Global Market for Gears, Drives and Speed Changers include ABB Ltd., Bharat Gears Ltd., Bonfiglioli Riduttori S.P.A., BorgWarner, Inc., Bosch Rexroth AG, Cone Drive, Danfoss Group, David Brown Santasalo and Emerson Electric Co..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ABB Ltd.
  • Bosch Rexroth AG
  • David Brown Santasalo
  • FLSmidth MAAG Gear AG
  • Rexnord Corp.
  • Siemens AG

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
  • Progress on Vaccinations: Why Should Businesses Care?
  • With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish about an Economic Comeback Despite a Continuing Pandemic
  • A Strong Yet Exceedingly Patchy & Uncertain Recovery Shaped by New Variants Comes Into Play: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Easing Unemployment Levels in 2021 Although Moderate Will Infuse Hope for Industries Reliant on Consumer Discretionary Incomes: Global Number of Unemployed People (In Million) for Years 2019, 2020, 2021, and 2022
  • Industrial Activity Remains Subdued in 2020 with Strong Hopes of Long Term Recovery
  • Global PMI Index Points for the Years 2018, 2019 & 2020
  • An Introductory Prelude
  • Automotive Industry - A Bellwether of Market Prospects
  • Developing Countries Continue to be Growth Engines
  • Global Production Capacity of the Automobile Industry (In Million Units) by Region for the Years 2017 and 2022
  • Global Machine Tools Market (2020E): Percentage Breakdown of Dollar Sales by Region
  • Market Outlook
  • Improving US Economy Augurs Well for the Market
  • Cyclical Upturn Encourages Positive Manufacturing Outlook in Asia-Pacific
  • Off-Shoring of Manufacturing Activity Boosts Demand in Developing Countries
  • Competitive Scenario
  • Recent Market Activity
  • Select Global Brands
  • Gears, Drives and Speed Changers - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • An Outlook for Global Gear Technology Market
  • Pandemic-Induced Changes in Manufacturing Industries Create New Demand Patterns for Gear Products
  • Growth in Automobiles Production to Spur Market Demand
  • World Automobile Production in Million Units: 2008-2022
  • How the Automotive Industry was Impacted by the Pandemic & What’s the New Normal?
  • Car Production YoY % Growth in 2020 Across Major Regional Markets
  • Global Automotive Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
  • Gears - Vital Component of Automotive Systems
  • Key Trends in Automotive Gearbox Market
  • Growing Popularity of Steer-by-Wire Technology Drives Future Demand for Power Steering Gears
  • Rising Average Vehicle Life Drive Demand for Aftermarket Gears and Drives
  • Average Age of Light Vehicles (Car & Light Commercial Vehicles) in the US for Years 2010, 2018 and 2022E
  • Average Age of Cars in the EU (2022E): Breakdown by Select Country
  • Industrial Gearboxes Market - An Overview
  • Asia-Pacific Leads the Industrial Gearboxes and Gear Motors Market
  • Internal Drive Trains in Mountain Bikes and E-Bikes: Advantages and Disadvantages
  • Aerospace Sector Augurs Well for Long Term Growth
  • Global Aircraft Fleet (in Units) by Geographic Region/Country for the Years 2017 and 2035P
  • Aircraft Power Transmission Equipment Market (2022E): Percentage Share Breakdown of Shipments by End-Use Application - Civil Aircrafts and Military Aircrafts
  • Pandemic Causes Panic in the Aerospace Sector
  • COVID-19 Pandemic Dents Airline Revenues: Commercial Airline Revenue Growth (in %) for 2010-2020E
  • Anticipated Surge in Air Traffic to Drive Growth in Aircraft Landing Gear Market
  • Landing Gears Market for Commercial Aircrafts to Witness Surge Due to Expected increase in Passenger Numbers
  • Heavy Industrial Equipment/Machinery Manufacturing Industry Promises Bright Prospects
  • Need for High Quality Gears for Uninterrupted Production Process to Drive Gears Demand
  • Recovery in Oil and Gas Sector to Support Demand for Gear and Drives
  • Global Oil Reserves: Percentage Breakdown of Volume Reserves by Geographic Region
  • The Present Scenario
  • Global CAPEX for Upstream Oil and Gas: 2019-2021
  • Global Brent Crude Oil Price Trends in US$/barrel: Oct 2019 -May 2021
  • Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2021
  • Steady Growth in Global Power Generation Activity to Spur Demand
  • Projected Global Demand for Electricity (MWh): 2015, 2020, 2025, 2030 & 2035
  • Global Primary Energy Consumption (Billion toe): Growth Trajectory for the Period 1990-2040
  • Global Energy Consumption (Billion toe) by Country/Region (1995, 2017 and 2040): Breakdown for USA, China, India, Russia, Brazil, EU, Middle East and Rest of World
  • Global Energy Mix: 1990 Vs 2020
  • Growing Focus on Exploiting Wind Energy Spurs Growth in Wind Turbine Gear Market
  • Increase in Offshore Wind Installations Presents New Opportunities for Industrial Gearbox: Global Offshore Wind Net Capacity Additions (In GW) for The Years 2018-2022
  • Global Investment Outlook (In US$ Billion) in Offshore Wind Energy by Select Country between 2019 and 2040
  • Global Renewable Energy Breakdown by Type: 2010 Vs 2030
  • Gears Used in Nuclear Power Plants to Witness Growth
  • Robust Demand for Construction Equipment to Offer Growth Opportunities
  • Global Construction Equipment Market: Annual Sales (in US$ Billion) for the Years 2010, 2014, 2018E & 2022P
  • Growing Demand for Mining Equipment Boosts Growth in Gear & Gearbox Market
  • Global Mining Equipment Market: Annual Revenue (in US$ Billion) for the Years 2016, 2018 & 2020E
  • Mechanization of Agriculture Spurs Growth
  • Growing Impact of Technology
  • Powder Metallurgy Makes Headway in Automotive Transmission Parts Production
  • CAD Furthers Gear Design
  • A Segmental Overview
  • Gears
  • Types of Gears
  • Global Gears Market (2021E): Percentage Breakdown of Demand by End-Use Segment
  • The Evolution of Industrial Gears
  • Plant Automation and Electromechanical Machinery Driving Gears Demand
  • Gear Assemblies Find Increasing Demand
  • Automatic Transmission Systems Gain Prominence - Drive Demand for Planetary Gears in Automotive Market
  • Commercial Aircraft Landing Gears Gain Rapid Acceptance
  • CVT: A Long Term Threat to Gear Market?
  • Wide Scale Applicability Ensures Secure Future
  • Drives
  • Mechanical Drives Continues to Lose Share to Electric and Hydraulic Drives
  • Advantages Offered by Electric Drive Technology Propel its Adoption in Hoists, Cranes and Elevators
  • Technological Innovations Power Replacement Market for Electric Drives
  • Global AC Drives Market Overview
  • World Market for AC Drives by Type (2021E): Percentage Share Breakdown for Less than 40kw AC Drives, 40-200kw AC Drives, and More than 200kw AC Drives
  • Direct Torque Control: New Technological Development in AC Drives
  • World Market for AC Drives by Region (2021E): Percentage Breakdown of Value Sales for Asia-Pacific, Europe, and North & South America
  • Hydraulic Drives Too Grow in Popularity
  • Variable Frequency Drives Continue to Witness Growth
  • Speed Changers
  • World Market for Speed Reducers & Changers (2021E): Percentage Breakdown* of Revenues by Type

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • An Overview
  • Motor Vehicle Market to Play Key Role
  • Industrial Gears
  • Aircraft Landing Gear Redesigned for Boeing 737 MAX 10

CANADA

  • Opportunities for Gears, Drives and Speed Changers in Automotive Industry

JAPAN

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • AC Drives Market - A Review

CHINA

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
  • Automation of Manufacturing Sector to Drive Growth
  • Material Handling Equipment Market to Register Strong Growth
  • China Remains a Lucrative Automobile OEM Gears and Drives Market
  • A Peek into the Chinese Gear Market
  • Automobile Gear Market on a Fast Track Growth
  • Precision Speed Reducer Demand Driven by Strong Industrial Robot Market

EUROPE

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview
  • Gears, Gear Motors and Drives Market to Flourish

FRANCE

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

AUSTRALIA

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • Automotive Market Overview
  • Indian Transmission Systems and Gears Market in Top Gear
  • Activity Rife in the Gear Industry
  • Indian Industrial Gears Market
  • Challenges

SOUTH KOREA


REST OF ASIA-PACIFIC

LATIN AMERICA

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA

BRAZIL

  • Brazil - A Lucrative Automotive Market

MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

AFRICA

  • Gears, Drives and Speed Changers Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 339
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • ABB Ltd.
  • Bharat Gears Ltd.
  • Bonfiglioli Riduttori S.P.A.
  • BorgWarner, Inc.
  • Bosch Rexroth AG
  • Cone Drive
  • Danfoss Group
  • David Brown Santasalo
  • Eaton Corporation Plc
  • Emerson Electric Co.
  • FLSmidth MAAG Gear AG
  • Horsburgh & Scott
  • Kanzaki Kokyukoki Manufacturing Co. Ltd.
  • NSK Ltd.
  • Rexnord Corp.
  • Schneider Electric
  • SEW Eurodrive
  • Siemens AG
  • Sumitomo Drive Technologies
  • Twin Disc, Inc.
  • ZF Friedrichshafen AG
Note: Product cover images may vary from those shown