Automotive Speed Reducer Market Segmented By Helical Gear Speed Reducers, Worm Gear Speed Reducers Product Type in Passenger vehicle, Commercial vehicle
Industry: Automotive
Format: PPT*, PDF, EXCEL
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Report Type: Ongoing
Report ID: PMRREP32526
According to latest research, automotive speed reducer market is set to witness steady growth during 2021-2031. Demand for speed reducer will witness steady recovery in short term, with optimistic growth outlook in the long run. Surge demand from automotive industry will create opportunities in near future.
The speed reducer is used to operate a variety of automotive, industrial, and domestic equipment that require a safe and efficient reduction in motor speed. Speed reducers reduce the speed of a motor in order to give the torque sensor that a machine need to function effectively.
As a result, automakers are continually looking for new ways to gain a competitive advantage by introducing new products to the worldwide market. The automotive industry is under pressure to create high-quality speed reducers due to safety concerns, as well as demands for sustainability and performance excellence in brake systems, which is driving the speed reducer market.
Over the forecast period, the growth of the speed reducer market is expected to be fuelled by an increase in automobile production carried out through automotive industry. In addition, the smooth performance associated with automotive speed reducer have made them more efficient to drive the vehicle and has been attributed as the major driving factor of the market expansion.
The COVID-19-induced slowdown has had an effect on automotive sales all over the world. This has had a knock-on impact on sales of vehicle components and materials. Automotive speed reducer is used extensively in automotive industry. Although lockdown and shelter-at-home guidelines have meant restricted automobile production activities, however sales are likely to improve over the course of the assessment period.
High-efficiency speed reducers can save a lot of energy while also lowering component costs. Furthermore, using high-efficiency reducers, such as gear reducers, can greatly reduce motor power consumption. As a result, demand for electric vehicle speed reducers is projected to rise over the world.
Furthermore, governments all around the world are concentrating their efforts on lowering greenhouse gas emissions from the automobile industry. As a result, electric vehicle component makers are increasing their investment in the production of electric vehicle components, which is expected to accelerate the electric vehicle speed reducer all over the world.
Asia Pacific is estimated to be one of the prominent market globally. The China and Japan market is set to account for substantial share in global market during the assessment period 2021-2031.
China has the highest number of vehicle production and sales in the world. Hence, the country likely to lead the speed reducer market. Also, high preference for electric vehicle owing to their environment friendliness is likely to boost the demand of speed reducer in Chinese market.
The COVID-19 crisis has had a significant impact on many EU countries, resulting in a drop in economic activity. However, in the automotive industry, Europe is home to a number of automotive speed reducer manufacturers, making the region a major producer of automotive components and parts.
In Europe, the automotive sector is growing at a rapid pace. In the country, there is a large demand for passenger and commercial vehicles for smaller interchange routes.
The availability of a huge consumer base and a strong desire for automobiles as a form of transportation are significant elements propelling the country's automotive industry forward at a steady pace. Increase in number of passenger vehicle and commercial vehicle is driving demand for automotive speed reducer across Europe.
Some of the leading manufacturers and suppliers of automotive speed reducer includes
Automotive speed reducers are supplied by several leading manufacturers and suppliers under long-term contracts with end-users. Furthermore, manufacturers are focusing on developing manufacturing facilities in Asia Pacific countries such as India, China, Thailand, and Taiwan in order to meet the region's growing demand.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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