Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Automotive Gear Market 270219

Global Automotive Gear Market estimated to grow at 6.4% CAGR due to growing demand for
low-carbon-footprint technologies
An automotive gear not only helps an automobile to start smoothly, but it also allows the outer
wheel to rotate faster than the inner wheel for safer turns. Market Research Future (MRFR) has
published a research report about the global automotive gear market that estimates boost for
this market at 6.4% CAGR (Compound Annual Growth Rate) during the forecast period between
2016 and 2023.
Observing the market structure, this report evaluates the future growth potential of the
market. It inspects the strategies of the key players in the market and reflects the competitive
developments like joint ventures, mergers & acquisitions, new product developments, research
and developments (R&D) in the market.
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The key factor driving the global automotive gear market growth is the growing demand for
low-carbon-footprint technologies. Other factors contributing to the market growth include the
changing lifestyle of consumers, focus on high-quality products, rising disposable income in
developing countries, and growing vehicle-ownerships in developing countries. However, the
cost of an advanced gear system being higher than the conventional gear system can hamper
the market growth.
The global automotive gear market has been segmented on the basis of material, product type,
vehicle type, and lastly, region. The material-based segmentation segments this market into
metallic and plastic. By product type, the market has been segmented into bevel products,
helical products, planetary products, non-metallic products, and others. Based on vehicle type,
the market has been segmented into passenger vehicle and commercial vehicle. The passenger
vehicle is used by an individual for traveling and commuting.
The regional segmentation of the global automotive gear market can segment the market into
the regional markets known as North America, Europe, Asia Pacific, and rest of the world
(RoW). During the forecast period, the Asia Pacific market is expected to grow due to the
growth in the automotive sector. Other factors leading to market growth include economic
growth, ongoing industrialization, and lastly, increasing production of motor vehicles & other
manufacturing output. Maximum growth is expected in China and India. Japan is another
significant country-specific market in this region, followed by the remaining Asia Pacific
countries.
North America is referred to as the second largest regional market due to the high disposable
income of end users, established automotive industry, large customer base, and the presence
of many key market players in this region. Pivotal country-specific markets in this region are the
USA and Canada.