Market analysis of the gear industry in 2024: Vehicle gears account for nearly 60% of the market share

Development Status of Gear Industry

The global gear market size is expected to reach approximately RMB 1311.2 billion in 2023, and is projected to reach RMB 1707.7 billion by 2029, with a compound annual growth rate of 3.8% during this period. China is the world's largest producer and consumer of gears, occupying nearly 40% of the global gear market share. The output value of China's gear industry has increased from 220.5 billion yuan in 2016 to 314.3 billion yuan in 2021, with an average annual compound growth rate of 6.9%; In 2022, the output value of China's gear industry will reach 326.9 billion yuan, and the market size will reach 330 billion yuan.

According to market analysis data in the gear industry, vehicle gears account for nearly 60% of the global gear market, mainly used in components such as gearboxes and differentials in vehicles such as automobiles, motorcycles, and bicycles. Industrial gears account for approximately 30% of the global gear market, mainly used in transmission systems for heavy equipment such as wind turbines, mining machinery, metallurgical machinery, and cement machinery. Gear specific equipment includes gear machining machines, gear testing instruments, gear lubricants, etc., accounting for about 10% of the global gear market share.

The competition pattern in the global gear market is relatively scattered and has not formed an absolute monopoly or oligopoly. Toyota is the world's largest gear manufacturer, holding approximately 10% of the market share. Other major manufacturers include General Motors, Ford Motor, Daimler, as well as Eisen Automatic Transmission, Dana Holdings, David Brown, Eaton, Bosch, Honda, Magna, Caterpillar, and others.

Development Trends in the Gear Industry

The market analysis of the gear industry shows that with the global emphasis on energy conservation, emission reduction, and environmental protection, the gear industry is also developing towards lightweight and energy-saving. In the automotive industry, especially in new energy vehicles, there is an increasing demand for lightweight gears. By selecting lightweight alloy materials, optimizing gear design, and reducing gear size, the quality of gears can be reduced, thereby improving the fuel efficiency or battery life of vehicles.

With the development of information technology, the gear industry has also begun to move towards intelligence and digitization. The application of digital design, simulation, intelligent manufacturing and other technologies has made the design, production and testing process of gears more refined and efficient. For example, the use of CAD/CAM technology can achieve precise design and rapid manufacturing of gears, while digital machining equipment and intelligent robots can improve production efficiency and reduce labor costs. In the process of gear manufacturing, technologies such as big data and artificial intelligence have also been introduced to optimize production processes, improve production quality, and predict equipment failures through data analysis. Through IoT technology, every link on the production line can be monitored and data transmitted in real-time, providing more decision-making basis for gear production.

With the increasing diversification of market demand, traditional large-scale production models are gradually being replaced by flexible small-scale production models. Especially in the high-end manufacturing industry, the demand for customized products is gradually increasing, and the design and production of gears need to be personalized according to the specific needs of customers.