North America Worm Gear Drives Market
No. of Pages: 71 | Report Code: BMIRE00030531 | Category: Manufacturing and Construction
No. of Pages: 71 | Report Code: BMIRE00030531 | Category: Manufacturing and Construction
The North America worm gear drives market was valued at US$ 601.23 million in 2022 and is expected to reach US$ 695.35 million by 2030; it is estimated to register a CAGR of 1.8% from 2022 to 2030. Increased Automotive Sales Globally Fuels North America Worm Gear Drives Market
Worm gear drives are widely used in steering systems, power seats, convertible tops, sunroofs, and HVAC systems, among other automobile parts. In steering systems, worm gear drives are used in rack-and-pinion designs. The worm gear drive converts the circular motion of the steering wheel into the linear motion required by the steering system. The self-locking feature of the worm gear drives is beneficial for the steering systems, as it helps keep the system stable and in the appropriate position. Worm gear drives are also used in power seat adjustments to ensure smooth and controlled movement. They offer the torque and precision required to modify the seat position, recline angle, and height as per drivers' specifications. Worm gear drives are utilized in vehicle HVAC systems to manage airflow and temperature. These gears aid in the adjustment of the air blend doors and recirculation flaps, resulting in efficient climate management within cars. Increased vehicle production and sales directly impact the demand for steering systems, HVAC systems, and power seats, ultimately triggering the sales of worm gear drives. As per the data published by the International Organization of Motor Vehicle Manufacturers in 2023, 57 million passenger cars were sold in 2022 globally, an increase of 1 million units from 2021. Countries such as the US, Germany, China, and India are a few of the top automotive industry markets. According to the American Automotive Association, the automobile manufacturing sector accounted for 11% of the US GDP in 2022. The US has the world's eighth-largest automotive manufacturing industry, which generates US$ 1 trillion annually for the US economy. The manufacturing of motor parts and vehicles represents 3% of the US GDP, according to the Alliance for Auto Innovation Report in 2022. The US car and automobile manufacturing sector was valued at US$ 104.1 billion in 2023. In 2021, nearly 9.2 million vehicles were produced in the country, recording an upsurge of 4.5% compared to 2020. Rising vehicle production has created a massive demand for automobile products and services. Also, according to the Society for Indian Automotive Manufacturers (SIAM) Report, India's Motor Vehicle Production reached 5.45 million units in 2022, compared to 4.4 million units produced in 2021.
Such an increase in vehicle production around the globe is driving the growth of the automotive telematics market. The following chart shows the automotive production by major countries and regions in 2022 as per the European Automotive Manufacturers Association Organization Report.
Increased vehicle demand has impacted global vehicle production positively. Increased production of vehicles increased the demand for worm gear drives in the automotive industry, ultimately driving the market.North America Worm Gear Drives Market Overview
The North American worm gear drive market exhibits a diverse and dynamic landscape, influenced by the contributions of the US, Canada, and Mexico. The US, with its robust manufacturing sector, is a key enabler of the worm gear drives market growth. Trade volumes, a key indicator of economic health, rebounded in 2021 and 2022 after facing a setback in 2019 and 2020 due to modifications in trade policies amid the COVID-19 pandemic. Resurgence in trade values aligns with the rebound in US manufactured goods exports, reaching an all-time high of US$ 1,596.79 billion in 2022. Both durable and nondurable goods exports achieved record levels, standing at US$ 970.97 billion and US$ 625.82 billion, respectively.
With a strong legacy of high-quality automobile manufacturing, Canada hosts major OEMs such as Stellantis, Ford, GM, Honda, and Toyota, creating a thriving automotive sector. The demand for worm gear drives is driven by the manufacturing ecosystem, including a network of nearly 700 parts suppliers. With Mexico's role as a key exporter of automobiles to global markets, the quality and efficiency of manufacturing processes become paramount, fueling the market for advanced power transmission systems.
North America Worm Gear Drives Market Revenue and Forecast to 2030 (US$ Million)
Strategic insights for the North America Worm Gear Drives provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the North America Worm Gear Drives refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Get more information on this report North America Worm Gear Drives Strategic Insights
Get more information on this report North America Worm Gear Drives Report Scope
Report Attribute
Details
Market size in 2022
US$ 601.23 Million
Market Size by 2030
US$ 695.35 Million
Global CAGR (2022 - 2030)
1.8%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Operation Type
By Product Type
Regions and Countries Covered
North America
Market leaders and key company profiles
Get more information on this report North America Worm Gear Drives Regional Insights
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North America Worm Gear Drives Market Segmentation
The North America worm gear drives market is categorized into operation type, product type, material type, and country.
Based on operation type, the North America worm gear drives market is bifurcated into cylindrical worm gears and single and double enveloping worm gears. The cylindrical worm gears segment held a larger market share in 2022.
In terms of product type, the North America worm gear drives market is categorized into housed units, gearsets, and high speed worms. The gearsets segment held the largest market share in 2022.
By material type, the North America worm gear drives market is segmented into stainless steel, cast iron, aluminum, and others. The stainless steel segment held the largest market share in 2022.
By country, the North America worm gear drives market is segmented into the US, Canada, and Mexico. The US dominated the North America worm gear drives market share in 2022.
Kohara Gear Industry Co Ltd, Boston Gear LLC, Delroyd Worm Gear LLC, Tulsa Winch Inc, Cleveland Gear Co Inc, and The Timken Co are some of the leading companies operating in the North America worm gear drives market.
1. Kohara Gear Industry Co Ltd.
2. Boston Gear LLC.
3. Delroyd Worm Gear LLC.
4. Tulsa Winch Inc.
5. Cleveland Gear Co Inc.
6. The Timken Co.
The North America Worm Gear Drives Market is valued at US$ 601.23 Million in 2022, it is projected to reach US$ 695.35 Million by 2030.
As per our report North America Worm Gear Drives Market, the market size is valued at US$ 601.23 Million in 2022, projecting it to reach US$ 695.35 Million by 2030. This translates to a CAGR of approximately 1.8% during the forecast period.
The North America Worm Gear Drives 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 Worm Gear Drives Market report:
The North America Worm Gear Drives Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Worm Gear Drives Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Worm Gear Drives Market value chain can benefit from the information contained in a comprehensive market report.
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