Market Overview
The size of the global automotive pinion gear market was around USD 13.4 billion in 2023. and it is anticipated to reach USD 17.6 billion by 2030, advancing at a CAGR of 4.0% over the forecast period (2024–2030).
This is because if very few people trust public authorities, those authorities will have much difficulty in implementing policies that require citizen support. The roads on the way to the market may in general be crowded with cars, but this can be said the other way around too.
At the moment trend one would be the development of pinion gear material and design technologies for manufacturing as well as other factors. As we speak, the automobile parts sector, employing these units, especially for investment and manufacturing these parts, ensnares the CATIA software in its net. Using computer-aided analysis (CAE) to validate the pinion gear clevis joint and casing for their other parts, rigidity, and safety is very crucial.
Car pinion gear is one of the most significant elements of the transmission system and hence changing the gearbox design and its parts diminishes carbon reaction to the environment, increases the efficiency of fuel usage, and improves operational possibilities of the motor vehicle.
As a result of massive population growth, significant social mobility changes for the lower middle-class families moving to the upper-middle-class, high-speed economic growth globally, and high disposable income, the aspiration for automobile ownership is on the rise.
Key Insights
- In 2023, the helical gearboxes held a substantial industry share of 70% and are estimated to advance at a fast CAGR of 4.3% over the projection period.
- The acceptance of helical variants is credited to their capability to transfer high power while decreasing noise, making them favored by auto manufacturers.
- They are progressively utilized in SUVs, four-wheel-drive vehicles, and army vehicles, propelling up demand in these segments.
- SUVs are favored for their off-road capabilities, and automotive pinion gears advanced steering control, deceleration, and acceleration, contributing to better safety.
- In 2023, the passenger vehicles category had a significant industry share of 75%, propelled by the integration of premium features such as ADAS and cruise control, leading to augmented popularity and sales.
- Financial development in emerging nations has augmented people's buying power, resulting in advanced car sales and further fuelling the passenger vehicles category.
- Commercial vehicles are the fastest-growing category, with a CAGR of 4.5% during 2024–2030, driven by stringent pollution norms leading to the replacement of old vehicles with newer ones.
- Cast iron is the largest and fastest-growing category, with a 30% market share in 2023, due to its excellent corrosion resistance, thermal stability, cost-effectiveness, and ease of availability.
- Steering systems hold the largest market share of 45% in 2023, with pinion gears essential for steering systems in four-wheelers, driving the demand for pinion gears.
- The differential pinion gear is used in rear-wheel-drive vehicles and those that need better cornering, improving performance all through.
- Asia dominated the global in 2023 and is anticipated to record a CAGR of 4.6% during the period 2024–2030.
- The region's positive growth is attributed to the dynamic shift of automobile manufacturers, the increasing demand for passenger cars and light commercial vehicles, and huge investments made in the area of RD to come up with vehicles that perform better and have a reduced carbon footprint as well as rapid urbanization that increases car sales.
Source: PS Intelligence
