The global Automotive Speed Reducers market is anticipated to grow at a 5.1 % CAGR during the forecast period (2022-2028). The speed reducer is used to power a wide range of automotive, industrial, and home appliances that require a safe and efficient reduction in motor speed. Speed reducers reduce the speed of a motor to provide the torque sensor that a machine requires to function properly. Due to safety concerns, as well as demands for sustainability and performance excellence in brake systems, the automotive industry is pushing themselves to develop high-quality speed reducers, which is driving the speed reducer market. Furthermore, the smooth performance of automotive speed reducers has made them more efficient to drive the vehicle and has been attributed as a major driving factor in market expansion.
The COVID-19 pandemic-caused slowdown has had an impact on global automotive sales. This has had a knock-on effect on vehicle components and material sales. Automotive speed reducers are widely used in the automotive industry. Due to the government’s stringent rules and regulations and shelter-at-home guidelines have limited automobile production activities. Furthermore, government globally are focusing their efforts on reducing greenhouse gas emissions from the automobile industry. Thus, electric vehicle component manufacturers are increasing their investment in the production of electric vehicle components, which is expected to accelerate the global electric vehicle speed reducer during the forecast period.
Some major players in the market include American Axle & Manufacturing, Inc., GKN Ltd., Magna International Inc., Meritor, Inc., DANA Inc., ZF Friedrichshafen AG, Shaanxi Hande Axle Co., Ltd, Press Kogyo, Hyundai Dymos, Shandong Heavy Industry Group, and others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in July 2019, German automotive component and transmission supplier ZF showcased a unique, new 2-speed electric drivetrain for passenger cars, in an effort to shake up the global electromobility segment. The reveal of the new gearbox was part of the company’s solutions for ‘Next Generation Mobility’ at its ongoing Global Technology Day 2019.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- By Sales Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- American Axle & Manufacturing, Inc., GKN Ltd., Magna International Inc., Meritor, Inc., DANA Inc., ZF Friedrichshafen AG, Shaanxi Hande Axle Co., Ltd , Press Kogyo, Hyundai Dymos, Shandong Heavy Industry Group, and others.
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global Automotive Speed Reducers Market Report by Segment
By Type
- Single Stage
- Double Stage
By Application
- Passenger vehicle
- Commercial vehicle
By Sales Channel
- OEM
- Aftermarket
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