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Wednesday, 22 May 2024
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North America Automotive Gears Market is expected to reach US$ 10,378.52 million by 2030

North America Automotive Gears Market is growing at a CAGR of 4.0% to reach US$ 10,378.52 million by 2030 from US$ 7,593.71 million in 2022 by Product Type, Material Type, and Application.

By The Insight Partners

Rising Demand for Lightweight Gearing Systems in Electric Vehicles is Boosting Automotive Gears Market

According to our latest market study on "North America Automotive Gears Market Forecast to 2030 – Global Analysis – by Product Type, Material Type, and Application," the market was valued at US$ 7,593.71 million in 2022, and it is expected to reach US$ 10,378.52 million by 2030; it is anticipated to register a CAGR of 4.0% from 2022 to 2030.

Electric vehicles consist of lightweight gears for the transmission. The rising adoption of lightweight electric vehicles among North American countries has created significant opportunities for the automotive gears market growth. Electric vehicle manufacturers use single-ratio gearbox made with lightweight materials. A single-ratio gearbox changes the speed and torque for different driving conditions in electric vehicle manufacturing. The increase in investments by the key players in expanding electric vehicle manufacturing capacities created a massive demand for lightweight automotive gears. For instance, in June 2023, Ford Motors planned to invest more than US$ 9.2 billion through the United States government program to support green technologies. Ford Motor planned this investment for construction of electric vehicle production plant and its battery manufacturing plant in the US. Also, according to the Natural Resources Defense Council, in 2022, leading automotive companies planned to invest more than US$ 210 billion in manufacturing electric vehicles and their components in the United States. Such investment may bolster the North America automotive gears market growth.

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPRE00030058

Furthermore, key automotive gears market players are continuously investing in developing lightweight gearing and transmission systems.

  • In July 2023, Inmotive, Inc., a Canada-based in-gear and multi-speed powertrain technology provider, launched a two-speed electric vehicle transmission system. The company designed and launched a lightweight, energy-efficient two-speed transmission system for the manufacturer of electric vehicles.
  • In May 2023, ZF launched a powerline eight-speed automatic transmission system, and the company announced an investment of US$ 200 million for manufacturing this system for its commercial vehicles.

The rising development of lightweight gears and ample investments in the electric vehicle sector are driving the automotive gears market share in North America. 

The US accounted for a significant share of automotive manufacturing in 2020, with growing sales and production of vehicles in the country. The light commercial vehicle adjusted annualized sales in July 2023 was ~15.90 million units, increased from 13.47 million units compared to 2022. The US is the second largest automotive market globally for selling and producing vehicles and their components. Foreign manufacturers of automobiles in the US produce more than 5 million vehicles yearly. The automotive industry includes original equipment manufacturers and auto components producers. Such massive sales of vehicles contribute to the overall growth of automotive gears market share in the US.

Symmco Inc, JTEKT Corp, American Axle & Manufacturing Inc, ThyssenKrupp AG, Dana Inc, Gear Motions Inc, GKN Automotive Ltd, AmTech International Inc, Univance Corp, and The Adams Co. are among the key North America automotive gears market players profiled during this study on the market. In addition, several other important market players were studied and analyzed during this study to get a holistic view of the North America automotive gears market and its ecosystem.

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