Research Nester published a report titled “Industrial and Automotive Power Transmission Products Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the global industrial and automotive power transmission products market in terms of market segmentation by product category, application, and end-user.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
There has been an increasing use of mechanical power transmission products in the automotive and transportation industry. Further, the rapid technological advancement in vehicles globally, and the growth in disposable income of consumers in developing economies, are the major factors for the growth of the power transmission products in the market. Increasing demand for energy-efficient mechanical power transmission products and clean energy sources for the improvement of vehicle efficiency and smooth functioning as consumers seek greater comfort and luxury while driving the vehicles drive the growth of the industrial power transmission market. The global market accounted for USD 219,744.7 Million in 2019 and is estimated to grow at a CAGR of 9.9% during the forecast period, i.e., 2020-2028.
The global industrial and automotive power transmission products market is segmented by end-user into OEM and aftermarket. Among these segments, the aftermarket segment in the global industrial and automotive power transmission products market is estimated to grow with the highest CAGR of around 10.2% while OEM segment is estimated to be the leading revenue generating segment during the forecast period. Geographically, the global industrial and automotive power transmission products market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, out of which, the market in Asia Pacific held the leading market value of around USD 82548.7 Million in 2019 and is further estimated to hold this position throughout the forecast period. The growth in this region can be attributed to the increased demand from various end-use industries across the emerging countries such as India & China and thriving investments in industrialization to enhance work efficiency in the region.
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Growing Necessity for Efficiency
According to the analysis of the World Bank, in 2018, industrialization as a percentage of GDP increased by 25.6% globally over the previous year.
The growing industrialization has essentially raised the necessity for optimum performance and trouble-free operations of the equipment in various end-use industries. This factor has invariably raised the demand for mechanical power transmission products. Power transmission products provide various advantages, including reduced noise and vibration levels, amplified output, lowered replacement and repair costs, and low energy consumption. Thus, their benefits of cutting down the energy losses with the help of effective transmission of energy and reducing the carbon footprint is anticipated to increase sophisticated transmission components deployment in the coming years.
However, the high costs of production and maintenance associated with industrial and automotive power transmission products is anticipated to operate as key restraint to the growth of global industrial and automotive power transmission products market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global industrial and automotive power transmission products market which includes company profiling of ABB (SWX: ABBN), B & R Machine and Gear Corporation, ZF Friedrichshafen, Schaeffler AG, Aisin Seiki (TYO: 7259), Eaton Corporation PLC (NYSE: ETN), Nordex, Inc., AB SKF (STO: SKF-B), BorgWarner Inc. (NYSE: BWA), Continental AG (ETR: CON), Andantex USA Inc., and Tsubakimoto Chain Co (TYO: 6371). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global industrial and automotive power transmission products market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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