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.
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
Growth Drivers and Challenges Impacting the Growth of the Global Industrial and Automotive Power Transmission Products Market
- Increase in Adoption of Magnetic Gears
- Rapid Industrialization Across the Globe
- 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.
Top Featured Companies 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.
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