“Global Gear Technology Market By Technology (Bevel Gear Technology, Cylindrical Gear Technology, Precision Technology, Drive Technology) and Region- Global Market Size, Status and Forecast to 2026″, published by Verified Market Research.
Global Gear Technology Market size is projected to grow from USD 127.81 Billion in 2018 to USD 200.10 Billion by 2026, at a CAGR of 5.9% from 2019 to 2026. The market is growing on account of the increasing automotive industry along with the high demand for machine tools in the manufacturing industry.
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Browse in-depth TOC on “Global Gear Technology Market”
35 – Tables
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Based on technology, the market is bifurcated into bevel gear technology, cylindrical gear technology, precision technology, and drive technology. The market for cylindrical gear technology segments in the Gear Technology Market accounted for the largest market share and is expected to grow with the highest CAGR over the forecast period. Cylindrical gear technology is used to obtain cylindrical gears with good qualities and high load capacity. The machines for the production of cylindrical gear are designed to work together as a family, enabling pre-machining and finishing of even the most complex gears.
The factor driving the Gear Technology Market are rising automotive production, ongoing economic growth of developing countries, increased need for manufacturing output. A shift in energy-efficient units such as seven and eight-speed automatic transmissions and fast-growing markets like wind and solar energy also funds the growth to global gear sales. Gears play an important role in minimizing production times to ensure competitiveness.
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The North America region is projected to account for the largest share in the Global Gear Technology market during the forecast period.
A shift toward automation and demand for high productive machines are major trends to impact the growth of the gear technology market in this region. The United States is one of the largest markets for vehicle sales and production. According to the recent reports, the United States exported 1.8 million new light vehicles and 131,200 medium and heavy trucks around the world. The increasing rate of adoption of renewable energy is increasing the sales opportunities of gearboxes and gear used in wind turbines.
Klingelnberg, Gleason, Kapp Niles, Reishauer, Liebherr, Bourn & Koch, Inc., Mazak Corporation are the key players operating in the Global Gear Technology market. Acquisitions and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Global Gear Technology Market.
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