Industrial and Automotive Power Transmission Products Market Size

Industrial and Automotive Power Transmission Products Market size was valued at USD 213.92 billion in 2023 and is set to exceed USD 721.24 billion by 2036, expanding at over 9.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of industrial and automotive power transmission products is evaluated at USD 230.69 billion.

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 industrial and automotive 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 industrial and automotive power transmission products market growth significantly in the coming years.