Increased production and sale of passenger and commercial vehicles across North America is a major driving factor for the growth of the North American automotive gears market. Korean and Japanese automakers Honda, Toyota, and Hyundai have acquired a significant share of North America’s automotive market. These original equipment manufacturers require automotive components such as gears, doors, seating, and braking systems. In North America, several OEMs require automotive gears to manufacture vehicles. The rising investment of global automakers in North America has created ample opportunity for the growth of the automotive gears market in this region. In 2021, as per the United States Trade Representative Organization, various auto manufacturers worldwide have planned investments of more than US$ 75 billion in the US. This is primarily attributed to the rising sales of vehicles with the surge in car pricing. The average price for new cars across the US reached US$ 54,872 as of November 2021. This has created a massive demand for auto components, including gears, switches, and seating.
Automatic transmission system consist of planetary gearing system. Several major original equipment manufacturers in North America are developing vehicles with automatic transmission systems, owing to increasing automotive gears market growth. For instance, in May 2022, Magna Mobility Technology started producing a hybrid dual-clutch seven-speed, transverse transmission system for BMW Group. Magna is the hybrid transmission system supplier for the BMW Group. The company designed a hybrid gearbox that reduces CO2 emissions from an internal combustion engine. In 2022, more than 23 new car models were launched by leading manufacturers in the US. Among these, most of the vehicles have automatic transmission systems. This automatic transmission system requires a set of planetary gears.
The rising development and adoption of automatic and hybrid transmission systems among automotive manufacturers is driving the automotive gears market.
Also, the shift from manual to automatic transmission systems for comfortable driving is fueling the automotive gears market growth.
Based on Application, the North America automotive gears market share is segmented into transmission system, steering system, differential system, and others
The steering systems of light commercial vehicles have rack and pinion gears. When the steering wheel is rotated, it turns the rod using the rack and pinion gears. This type of steering system is used in most cars, small pickups, trucks, and SUVs.
The rising demand for fuel-efficient automobiles and advancements in autonomous car steering systems are likely to benefit the automotive gears market share during the forecast period. Growing consumer preference for driving comfort with increasing adoption of power steering and a surge in the sale of premium luxury vehicles drives the demand for more effective automotive gears in steering system manufacturing. In 2022, Tesla, a luxury car manufacturer in the US, recorded sales of ~484,400 units. BMW, another luxury car brand in the US, recorded sales of more than 327,900 vehicles. These original vehicle manufacturers incorporate advanced power steering systems into their vehicles, which creates ample opportunity for the automotive gears market players in North America.
A few major primary and secondary sources referred to for preparing the report on the automotive gears market are company websites, annual reports, financial reports, national government documents, and statistical databases. The North America automotive gears market players in report includes 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.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 7,593.71 Million |
| Market Size by 2030 | US$ 10,378.52 Million |
| CAGR (2022 - 2030) | 4.0% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Product Type
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|
Regions and Countries Covered
|
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| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
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The North America Automotive Gears Market is valued at US$ 7,593.71 Million in 2022, it is projected to reach US$ 10,378.52 Million by 2030.
As per our report North America Automotive Gears Market, the market size is valued at US$ 7,593.71 Million in 2022, projecting it to reach US$ 10,378.52 Million by 2030. This translates to a CAGR of approximately 4.0% during the forecast period.
The North America Automotive Gears Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Automotive Gears Market report:
The North America Automotive Gears Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Automotive Gears Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Automotive Gears Market value chain can benefit from the information contained in a comprehensive market report.
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