Home > Pressrelease > Precision Gearbox Machinery Market to cross $8 Bn by 2028
Precision Gearbox Machinery Market to cross $8 Bn by 2028
- Published Date: March 8, 2022
Precision Gearbox Machinery Market size is set to exceed USD 8 billion by 2028, according to a new research report by Global Market Insights Inc.
The usage of high-quality gears in palletizing systems, pick-and-place applications, handling, and transport systems is boosting the precision gearbox machinery demand. The ongoing COVID-19 pandemic had a moderate impact on the precision gearbox machinery market development. Leading manufacturers have decreased their R&D investments in the first half of 2020 to minimize additional expenses and ensure smooth business continuity. The industry gained traction in the second half of 2020 owing to surge in demand for high-quality transmission systems in the automotive industry. According to the International Energy Agency (IEA), in Europe, new electric car registrations were 1.4 million in 2020, representing a sales share of 10%.
Several leading automotive manufacturers in North America and Europe including Chevrolet, Tesla, Inc., Bayerische Motoren Werke AG, Groupe Renault, and Volkswagen focused on introducing new vehicles, thereby spurring the market demand.
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The rising availability of advanced gear turning machines
Companies including DANOBAT S. Coop, DMG MORI AKTIENGESELLSCHAFT, EMAG GmbH & Co. KG, and Starrag Group Holding AG are focusing on offering advanced gear turning machines to different end-use verticals. The integration of diverse operations, such as turning, gear cutting, and deburring, is extremely beneficial in gear manufacturing. The industry participants offer machinery that combines turning & gear cutting technology to manage high tolerances and create fewer scrap components. The gear profiling center used by precision gearbox machinery requires minimum manufacturing floor area, allowing to better utilize the remaining space.
Browse key industry insights spread across 255 pages with 206 market data tables and 26 figures & charts from the report, “Precision Gearbox Machinery Market Size By Manufacturing Process (Hobbing, Grinding, Turning, Honing), By Product (Planetary, Right Angle, Parallel), By Application (Machine Tools, Material Handling, Packaging, Robotics, Automobile, Off-Road Vehicles, Wind Towers, Agriculture, Railways, Marine), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Increasing demand for parallel precision gearboxes in the automotive sector
The precision gearbox machinery market witnessing prominent growth as parallel gearboxes provide high dependability and a reduced Mean Time To Repair (MTTR). They are preferred due to their low component count and easy maintenance. Advancements in automobile technology and electronics have resulted in efficient & accurate automatic gearboxes in modern automobiles. The demand for high-end vehicles with automatic torque converter precision gearboxes is rising. New car models typically have 7 to 10 gears that enable engines to run efficiently at high speeds and reduce fuel usage.
The expanding usage of material handling equipment in the e-commerce sector
E-commerce companies are adopting digital technologies in their facilities by using advanced material handling equipment, such as Automated Guided Vehicles (AGV). Precision gearboxes offer compactness, durability, high dependability, long life, and installation flexibility. This will encourage automotive manufacturers to introduce new vehicles with advanced transmission systems using precision gearbox machinery.
Increasing introduction of advanced automobiles in Europe
Various automobile companies in Germany including Audi AG, BMW AG, Mercedes, Porsche AG, and Volkswagen are focusing on R&D activities to introduce new vehicles. They are designing premium & electric vehicles based on advanced transmission systems, stimulating the precision gearbox machinery market expansion. For instance, in September 2021, Mercedes-Benz launched various electric cars including a G-Class SUV model and its first AMG-branded high-performance EV, a sedan. It incorporates two-speed gears for on & off-road driving to improve the driving experience. Such initiatives encourage OEMs to develop innovative technologies for producing precision gearboxes that will be utilized in the upcoming automobile models.
Strategic mergers and acquisitions form key strategies amongst market players
Prominent precision gearbox machinery market players include DANOBAT S. Coop, DMG MORI AKTIENGESELLSCHAFT, DVS Technology Group, EMAG GmbH & Co. KG, Gleason Corporation, Lagun Engineering, Liebherr-International Deutschland GmbH, Matrix Precision Co., Ltd., Nidec Corporation, Reishauer AG, Samputensili Cutting Tools S.r.l., J.G. WEISSER SÖHNE GmbH & Co. KG, and Starrag Group Holding AG. The industry leaders are focusing on undertaking strategic mergers and acquisitions to efficiently supply products globally.