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INDUSTRIAL AUTOMATION & EQUIPMENT

Industrial and Automotive Power Transmission Products Market Segmentation by Product Category {Bearings, Belting & Belt Drives (Timing Belt, V Belt, & Serpentine Belt), Gear Drives (Helical Gear, Worm Gear, Bevel Gear, & Others), Couplings (Jaw Coupling, Tire Coupling, Disc Coupling, Gear Coupling, & Others), Pulley, Chain & Chain Drives, Hoses ; Application , and Automotive {Passenger Vehicle, and Commercial Vehicle); End-User – Global Demand Analysis & Opportunity Outlook 2028

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Extensive insights into the Growth of Industrial and Automotive Power Transmission Products Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • In March 2021, Flender and Schaeffler came under the partnership to launch a new eco-friendly packaging system. Both the companies combined and developed “Smart Box,” a reusable transport box of large bearings. Smart Box offers an innovative solution for climate and environmental protection. The box ensures reduced storage space and improved handling.

  • In March 2021, Eaton vehicle group announced its new aftermarket product for ELocker differential for Toyota Tacoma midsize pickup trucks with manual transmissions. In addition, the company also launched eleven other Elocker differentials in the past year

  • In December 2020, Continental designed and developed sensor based inspection service for conveyor belt systems. This system helps in the detection of idler defects via camera and acoustic signals permits predictive maintenance and identification of weal points before damage occurs. This solution has been successfully tested in initial field trials and it is expected to be operational in 2021. This would help the company to expand its portfolio across the globe.

Global Industrial and Automotive Power Transmission Products Market Highlights 2019-2028

The global industrial and automotive power transmission products market attained revenue of USD 195,311.3 Million in 2021 and is estimated to garner USD 342,704.8 Million in 2028 by growing at a CAGR of 9.9% over the forecast period i.e., 2020-2028. The rapidly growing adoption of magnetic gears in the mechanical power transmission products industry is due to the usage of a permanent magnet to transmit torque between an input and output shaft without mechanical contact. Therefore, these gears are highly reliable and require minimal maintenance and allowing for efficiencies of up to 99% or more. Unlike mechanical gear transmission, there is no noise, vibration, and friction with magnetic gears, thus eliminating the need for lubrication. These factors propel the demand for magnetic gears, which positively impacts the growth of the automotive and industrial power transmission products market. The growing industrialization has led to an increase in the scale of production, technological advancements and setup of advanced machinery in various sectors such as manufacturing, automotive, electronics among others. For instance, in 2018, manufacturing value added per capita in developing economies such as Asia and Oceania has increased by three and a half times since 1998. Due to the rapid industrialization coupled with technological advancements, there has been an increase in adoption of mechanical power transmission products in various end-use verticals including industrial and automotive sectors. This is projected to propel the market growth significantly in the coming years.

Industrial and Automotive Power Transmission Products Graph

Global Industrial and Automotive Power Transmission Products Market Segmentation Regional Synopsis

Regionally, the global market is segmented into five major regions comprising North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among the markets in these regions, the Asia Pacific industrial and automotive power transmission products market is estimated to hold leading market share throughout the forecast period by attaining a revenue of USD 68,997.5 Million in 2021 and USD 138,623.3 Million in 2028. China in the Asia Pacific region is expected to garner a revenue of USD 18,406.2 Million in 2021 while the number for India is projected to be USD 14,980.1 Million for the same year. North America market is projected to hold second leading stance by garnering a revenue of USD 45,692.7 Million in 2021 and USD 76,979.5 Million in 2028 owing to the rapid increase of vehicle production and increasing application of power transmission products in the industrial sector. In North American region, the United States is projected to generate significant growth opportunities for the market growth by attaining a revenue of USD 38,234.6 Million in 2021 while Canada is projected to reap USD 7,458.1 Million in revenue during the same year. The increasing application of power transmission products in the industrial sector such as for water treatment, wood, pulp, & paper sector, food & beverage sector, mining & aggregate sector, and others has increased the level of replacements of power transmission products, which is further expected to drive the market's growth in North America over the forecast period. According to World Bank, in 2017, industry including construction added 18.33% to the GDP, and in 2018, it increased to 18.63%. The production of vehicles in North America is gradually increasing. In 2010 total vehicles produced were 98,11,282, which rose to 1,27,96,604 in the year 2019. With the growing technological advancements, the automobile belts' material is improving as the demand and applications are increasing. Automobile belts are used to drive multiple outlying devices such as air pumps, power steering pumps, alternators, water pumps, and air conditioning compressors. These belts are cheaper and provide minimized noise. The average life span of automobile belts varies from 50,000 – 60,000 miles. The Asia Pacific is expected to be one of the leading markets on account of the emergence of growing advancements in technology in the automotive industry has resulted in the integration of advanced features, which is expected to increase the production and sales of vehicles in this region. This is further expected to drive the growth of the market in the future. On the back of increased demand from various end-use industries across the developing countries such as India, China, among others in this region, is expected to expand the market’s growth. The booming investments in industrialization to enhance work productivity has increased the adoption of power transmission products in the market. Additionally, this region has witnessed significant development in the industries, which is further driving the market’s growth over the forecast period. Furthermore, the market in Europe accounted for around USD 40,523 Million in 2021 and is estimated to witness growth in upcoming years.CLICK TO DOWNLOAD SAMPLE REPORT

Industrial and Automotive Power Transmission Products By Region Graph

Growth Drivers and Challenges Impacting the Growth of the Global Industrial and Automotive Power Transmission Products Market

Growth Drivers

  • Increase in Adoption of Magnetic Gears
  • Rapid Industrialization Across the Globe

Challenges

  • Technical Challenges
  • High Production and Maintenance Costs

Global Industrial and Automotive Power Transmission Products Market Segmentation Synopsis

The global industrial and automotive power transmission products market is segmented by application into industrial and automotive, and by end-user, the market is segmented into OEM and aftermarket. Under application type, the industrial segment accounted for highest share throughout 2019-2028, and is further estimated to hold this position and attain 61.49% of the market share in 2021.  The industrial segment attained revenue of USD 120,098.8 Million in 2021 and is estimated to garner USD 215,212.4 Million in 2028. Starting from conveyor belts to transportation vehicle cargo, the majority of the industrial processes run on power transmission products. Over the years, with the development in technologies, engineers have modified existing types of machinery with better components such as gear drives, valves, belts, couplings, and others power industrial power transmission. As a result, it is expected to witness significant growth over the forecast period. Among the end-users, the OEM segment is estimated to garner highest market revenue by the end of 2028 owing to the fact that products delivered by OEM segment are superior and limited at competitive pricing according to consumer preference. The OEM segment attained revenue of USD 150,877.4 Million in 2021 and is estimated to garner USD 263,160.1 Million in 2028. Furthermore, different regions have different level of penetration of market segments. For instance, in North America, the market size for industrial segment and OEM segment were USD 27,953.7 Million and USD 34858.4 Million in 2021, respectively. Additionally, in APAC, the market size for industrial segment and OEM segment were USD 43,767.4 Million and USD 53,986.7 Million in 2021, respectively.

Industrial and Automotive Power Transmission Products Application

Industrial and Automotive Power Transmission Products End User

Key Players Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global industrial and automotive power transmission products market that are included in our report are ABB, B & R Machine and Gear Corporation, ZF Friedrichshafen, Schaeffler AG, Aisin Seiki, Eaton Corporation PLC, Nordex, Inc., AB SKF, BorgWarner Inc., Continental AG, and others.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

  1. Market Definition
    1. Market Definition
    2. Market Segmentation
    3. Product overview
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research process
    2. Primary research
    3. Secondary research
    4. Market size estimation
  4. Analyst Review
  5. Executive Summary- Global Industrial and Automotive Power Transmission Products Market
  6. Analysis of Market Dynamics
    1. Growth drivers
    2. Market trends
  7. Major Roadblocks for the Market Growth
  8. Regulatory & standards landscape
  9. Pricing Analysis
  10. Vehicle Production & Sales Analysis (Million)
  11. Impact of COVID-19 on the Industrial and Automotive Power Transmission Products Market
    1. Impact on the overall industry
    2. Impact on the manufacturers
    3. Impact on the key market players
    4. Impact on the price trend
    5. Impact on supply chain
    6. Impact on entry barriers
    7. Market impact analysis in 2020 (quarter wise) w.r.t covid-19 pandemic (USD Million)
  12. Key Market Opportunities
    1. Based on the product category
    2. Based on the application
    3. Based on the end user
    4. Based on the geography
    5. Exploration of business avenues
  13. Global Industrial and Automotive Power Transmission Products Market Outlook
  14. Global Industrial and Automotive Power Transmission Products Market Segmentation Analysis 2019-2028
    1. By product category
    2. By application
    3. By end user
  15. Global Industrial and Automotive Power Transmission Products Market, By Region, 2019-2028
    1. North America, 2019-2028F (USD Million)
    2. Latin America, 2019-2028F (USD Million)
    3. Europe, 2019-2028F (USD Million)
    4. Asia Pacific, 2019-2028F (USD Million)
    5. Middle East & Africa, 2019-2028F (USD Million)
  16. North America Industrial and Automotive Power Transmission Products Market Outlook
    1. Market by value (USD million)
    2. By product category
    3. By application
      1. By product category
    4. By end user
    5. By country
      1. By product category
      2. By application
      3. By end-user
  17. Latin America Industrial and Automotive Power Transmission Products Market Outlook
    1. Market by value (USD million)
    2. By product category
    3. By application
      1. By product category
    4. By end user
    5. By country
      1. By product category
      2. By application
      3. By end-user
  18. Europe Industrial and Automotive Power Transmission Products Market Outlook
    1. Market by value (USD million)
    2. By product category
    3. By application
      1. By product category
    4. By end user
    5. By country
      1. By product category
      2. By application
    6. By end-user
  19. Asia Pacific Industrial and Automotive Power Transmission Products Market Outlook
    1. Market by value (USD million)
    2. By product category
    3. By application
      1. By product category
    4. By end user
    5. By country
      1. By product category
      2. By application
    6. By end-user
  20. Middle East and Africa Industrial and Automotive Power Transmission Products Market Outlook
    1. Market by value (USD million)
    2. By product category
    3. By application
      1. By product category
    4. By end user
    5. By country
      1. By product category
      2. By application
    6. By end-user
  21. Competitive Analysis
  22. Competitive Structure for Industrial and Automotive Power Transmission Products
    1. ABB Motors and Mechanical
    2. B & R Machine and Gear Corporation
    3. ZF Friedrichshafen
    4. Schaeffler Technologies AG & Co. KG
    5. Aisin Seiki
    6. Eaton Corporation PLC
    7. Andantex USA Inc
    8. Andantex USA Inc
    9. Ricardo PLC
    10. Other prominent players

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