The Global Bevel Gears Market was worth US$ 2318.58 million in 2022 and is anticipated to reach a valuation of US$ 2919.38 million by 2028 and is predicted to register a CAGR of 2.8% during 2023-2028.
Market Overview:
Bevel gears have wide applications in mechanical settings. These gears are shaped conically with the tooth-bearing faces and are intersected between two shafts. These are mounted on the shafts with a 90-degree angle and can be designed specially to the required angles. The major advantage of the bevel gears is the transfer of energy from linear to vertical power in the machines.
Market Drivers:
A growing focus on launching innovative products in the automotive industry is a major factor inket growth. Bevel gears are important in decreasing or increasing the force between the drive and any accomplished wheels. The automotive industry is massively growing across the globe. Therefore, the demand for bevel gears is increasing with the growing number of automotive industries, especially in developed and developing countries. According to a recent survey, around 80 million motor vehicles are manufactured globally, which is estimated to have potential growth in the number year-on-year.
In addition, the rising focus on producing energy-efficient power systems is driving the market share. Bevel gears are highly efficient in transmitting power and torque with various angles and shaft rotations. Transferring rotational energy to improve overall performance has promoted the demand for bevel gears in various applications such as wind turbines, hydroelectric plants, and solar power systems.
Penetration of the IoT in every industrial application is anticipated to leverage the growth rate of the bevel gears market. The shortage of skilled professionals is enhancing the adoption rate of robots in the industry. According to the International Federation of Robotics survey, nearly 158,000 units of service robots for professional use were sold in 2022. Also, around 553,052 industrial robots have been installed and are expected to grow by 5% during the forecast period. Therefore, the demand to install automation techniques in the industries greatly influences market growth.
Market Restraints:
However, the high cost of installing and maintaining the latest technological products is slightly degrading the market share. The availability of alternate devices to reduce the traditional usage of bevel gears in combustion engines is also expected to hinder the market growth. Rapid technological changes are giving a way to adopt efficient and effective solutions, especially in the automotive industry. The complexity of producing conically shaped bevel gears due to a lack of skilled labour limits the market size.
Market Opportunities:
Increasing support from government authorities through investments in the automotive industry will likely show potential growth opportunities for the bevel gears market. Technological advancements in manufacturing lightweight and high-performance gearboxes are greatly influence the demand for bevel gears. Emerging applications of bevel gears in robotics seem to showcase a potential growth rate for the market.
Market Challenges:
Lack of proper knowledge over the maintenance of the bevel gears is a major challenge for the key players. With the rapidly changing technology, the demand for traditional systems is decreasing slowly, imposing certain limitations on the market growth.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
2.8% |
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Segments Covered |
By Type, Application, Material, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Eaton Corporation, Emerson Electric Co., GKN Plc, Gleason Corporation, KHK Gears, Klingelnberg AG, Neugart GmbH, Oerlikon Graziano SpA, Rexnord Corporation, SEW-Eurodrive GmbH & Co. KG, and Others. |
Market Segmentation:
The straight bevel gears segment is leading with the dominant share of the market. These gears have wide applications in the automotive industry as they are one of the simplest bevel gear types. Increasing the prevalence of adopting simple gears more often in various industries is leveraging the growth rate of the bevel gears market.
The automotive segment is gaining traction over the market share with the rising demand for applications of turbines and generators. The aerospace segment is expected to hit the highest CAGR by the end of 2028. Increasing Bevel gears play a crucial role in helicopter transmissions, which have many applications in the main and tail rotor gearbox.
The aluminum segment is gaining traction over the market share, whereas copper is projected to have the highest CAGR in the coming years. Increasing Aluminium produces high durability for the gears and ensures the light weight of the final product. Therefore, the rising prominence of lightweight vehicles, where many industries are opting for aluminum materials as the best option, is elevating the growth rate of this segment. The increasing prevalence of improving corrosion-resistant products in various applications to offer high strength to the gears is enhancing the demand for copper material to manufacture bevel gears.
Market Regional Analysis:
North America is gearing up with the largest bevel gears market share due to rising investments in the automotive industry and aerospace. Growing disposable income in urban areas is majorly prompting the market's growth rate as there is increasing demand for hybrid vehicles. With the rapid adoption of automation and industrialization across the region, the demand for bevel gears is growing at a higher rate. Major countries like the US and Canada are contributing the highest market share. Growing applications of bevel gears in varied industries like printing presses, power plants, cooling towers, marine applications, and others are greatly influencing the market growth in both the US and Canada.
Following North America, Europe's bevel gears market holds a prominent share. The rising popularity of electric vehicles in major countries such as Germany, Italy, Spain, and other developed countries is fuelling the market value. Along with this, the rapid adoption of advanced technology is highly influencing the market share in Europe. Increasing demand for unmanned aerial vehicles in emerging nations is likely to fuel the growth rate of the bevel gears market in Europe. Unmanned aerial vehicles have become a niche product in European security and defense, accelerating the demand for bevel gears to manufacture high-quality products.
Asia Pacific bevel gears market is esteemed to hit the highest CAGR during the forecast period 2023-2028. The growing demand to manufacture products using automation procedures escalates demand for bevel gears. India and China are among the leading countries, with the dominant share of the bevel gears market. Research and development activities on launching efficient and cost-effective bevel gears using the latest technologies are greatly inclined to project the highest growth rate for the market shortly.
Latin America, the Middle East, and Africa are expected to show potential growth opportunities for the bevel gears market in the coming years. A growing economy is one of the major factors for the market to grow in these regions.
The COVID-19 pandemic negatively impacted the growth of the bevel gears market in 2020. Government authorities followed stringent protocols such as lockdown restrictions and closures of all shops, restaurants, offices, and others to curb the spread of coronavirus. Supply chain disruptions due to travel restrictions have created a huge loss for the automotive industries and declined the demand for bevel gears. With the reduced risk of COVID-19 in almost every country, all the restrictions were lifted by the end of 2020, pushing the market share. The manufacturing process in automotive industries is ramping up the production rate that is esteemed to fuel the market growth rate.
Market Key Players:
Frequently Asked Questions
The Global Bevel Gears Market is expected to grow with a CAGR of 2.8% between 2023-2028.
The Global Bevel Gears Market size is expected to reach a revised size of US$ 2919.38 million by 2028.
Gleason Corporation, KHK Gears, and Klingelnberg AG are the three Bevel Gears Market key players.
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