Expanding HorGrowing trends pertaining to limited emissions and fuel saving have imposed more efficient energy exploitation regulations in various verticals of mechanical engineering. Manufacturers are increasingly adopting lightweight materials to comply with stringent emission-related regulations. As geared power transmissions form the integral components in various mechanical systems, they are not excluded from the rapidly growing lightweight trend. The penetration of the lightweight trend in the spur gear market is likely to grow significantly in the near future zones in Healthcare and Food Sectors
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Spur gear is one of the simplest types of gears. It is the most often used gear in the market. Spur gears have straight teeth and are applied to change the force and speed of a rotating axle. They have a very simple structure, and hence, for substantial gear reductions, several spur gears are combined together to design complex machinery.
The demand for spur gear from various industries has soared significantly in the past few years, due to the growth in the industrial sector and rise in urbanization. China is now the largest cement producer in the global scenario, with India at the second position. Various multinational companies are looking towards the Asia Pacific region anticipating increased demand from the construction and the agriculture industry. The steady expansion in the construction industry will enhance the demand for its motor vehicles, in turn increasing the sales of spur gear.
Spur Gears are widely utilized in healthcare applications like surgeries and MRI equipment. Complex machines and equipment in every other sector, including construction, agriculture, healthcare and electronics, all require complex gear, thereby driving the spur gear market.
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Plastic Spur Gears to Showcase Robust Growth in Upcoming Years
Spur gear market is segmented on the basis of product type, material type, sales channel and region. The product types include external spur gear, internal spur gear, rack and pinion gears. Among all the spur gear product types, the external spur gears have been reported to account for a leading share in sales. On the basis of material types, the spur gear market is classified into, steel, nylon, aluminum, bronze, phenolic, cast iron, bakelite, plastics and other materials. The plastic spur gears segment is anticipated to showcase robust growth in the near future. By sales channel, spur gear market can be categorized into two types, OEM and aftermarket. However, the market for OEM is very dominant as compared to the aftermarket.
Developing Economies to Continue Dominance
The regional demand for spur gear varies across the globe. However, North America has been widely using the spur gears and other types of gears, and therefore, the region is anticipated to show considerable growth in the forthcoming years. The primary concern in the automotive industry of the U.S. is growing competition among established players and the new entrants. Regarding regions, the spur gear market is classified into seven regions: North America, Latin America, Europe, CIS and Russia, Japan, APEJ and MEA. Considerable growth in the automotive industry and the robust growth in automation in nearly every sector are the primary factors driving the spur gear market in the Asia Pacific region.
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The Chinese and the Indian manufacturing sector is exhibiting sturdy growth in the region. The manufacturers have inclined towards automation combined with the use of spur gear for increased efficiency and productivity. Some of the key market players in the spur gear market are Eaton Corporation Plc., Bharat Gears Limited, GKN Plc., Showa Corporation, American Axle & Manufacturing, Inc., Linamar Corporation, NSK Limited, Univance Corporation, and other prominent players.
Indian Automotive Outlook Subdued by COVID-19 Resurgence
The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2024.
The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.
Key Long-term Trends
Overall, the automotive industry is looking for a recovery year in 2024. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on automotive market in the long run. These include,
- Automotive digital retail
Automotive digital retail will make further inroads in 2024. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2024, especially in US and Western Europe
- Further gains in connected and autonomous cars
Connected and autonomous cars may have lost some of their momentum in 2024, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.
- Electric vehicle sales will continue unabated
The sales of electric vehicles have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.
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