Power Transmission Gearbox Market Share

North American Market Forecast

The power transmission gearbox market in North America is projected to be the largest with a share of about 35% by the end of 2036. The growth of the market can be attributed majorly to the expanding automotive industry. The automobile sector in North America is significant. Vehicle production, especially trucks and large dusty vehicles is heavily reliant on power gearbox gearboxes. Furthermore, rapid preference changes of consumers towards SUVs, recreational vehicle and pickup trucks have led to increased demand for gearboxes. In December 2022, the United States Motor Vehicle Production had been estimated to be around 10 million units. This is an increase over the prior figure of nearly 9 million units for December 2021. Furthermore, trucks account for approximately twenty per cent of U.S. sales in 2022, slightly more than cars. surprisingly, pickups from the brands Ford F-Series, Chevy Silverado, and Ram Pickup constitute three of this year's top five best-selling vehicles.

APAC Market Statistics

The Asia Pacific power transmission gearbox market is estimated to be the second largest, registering a share of about 28% by the end of 2036. The growth of the market can be attributed majorly to the increasing expansion of industries and higher adoption of robots. Asia-Pacific represents the world's fastest-growing economic powerhouse. Since the turn of the century, significant economic growth has lifted approximately 1 billion people out of subject poverty. Industry employment has expanded dramatically in the ASEAN-4 countries (excluding the Philippines), as well as in the PRC and India; it has also increased in most of Central and West Asia. In addition, there is a strong manufacturing base of automobiles in the countries such as China, that is further creating opportunities for the power transmission gearbox market growth in the region.