Gear Hobbing Machines Market to increase by USD 127.39 million during 2022-2027 | Growth in the automotive industry to drive the growth - Technavio
NEW YORK, Nov. 27, 2023
NEW YORK, Nov. 27, 2023 /PRNewswire/ -- The gear hobbing machines market size is expected to grow by USD 127.39 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 3.2% during the forecast period. The market is segmented by Application (Automotive industry, Aerospace industry, Industrial machinery, and Others), Product (Vertical hobbing machines and Horizontal hobbing machines), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
The growth in the automotive industry drives market growth. The gear hobbing machines market as they are highly dependent on automobile and automotive component production is a major factor for the automotive industry growth. Emerging economies, such as China and India witnessed an increasing focus by OEMs on penetrating the passenger car market. This is because these economies have lesser penetration of motorization than the developed economies of North America and Europe. Subsequently, the suppliers of gear hobbing machines are emphasizing increasing their production to meet the growing demand for passenger cars within these countries. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample
- The report recognizes the following as some of the key players in the gear hobbing machines market: AEROMECH TECHNOLOGIES Pvt. Ltd., Bourn and Koch Inc., Brighton Equipment Corp., Chongqing Machine Tool Co. Ltd., DMG MORI Co. Ltd., DVS TECHNOLOGY GROUP, EMAG GmbH and Co. KG, Gleason Corp., Helios Gear Products, KLINGELNBERG GmbH, Liebherr International Deutschland GmbH, LMT Tools GmbH and Co., Mitsubishi Heavy Industries Ltd., Monnier and Zahner AG, Premier Gear and Machining Inc., Reishauer AG, Swegon Group AB, UCAM Pvt. Ltd., WTO Werkzeug-Einrichtung GmbH, and Star SU LLC
- Gear Hobbing Machines Market is fragmented in nature.
- Market to observe 2.4% YOY growth in 2023.
- 3D printing of gears is an emerging market trend.
- Its emergence, also known as additive manufacturing has revolutionized the manufacturing industry.
- The main advantage of 3D printing is that it optimizes the use of material.
- Thus, it reduces wastage of material, and although there is a high upfront cost associated with 3D printers, the use of this technology.
- This can gradually lead to a substantial reduction of incremental unit costs for the manufacturer.
- The improvements in grinding technology challenge the market growth.
- It helps to improve ear quality and perfect symmetries.
- Furthermore, the increased material removal, longer tool life, and innovations in machine-delivering enhanced stability are some of the main advantages.
- Additionally, various manufacturers are kipping the traditional gear manufacturing processes.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report
- The automotive industry segment is significant during the forecast period. The growth of the global gear hobbing machines market is majorly impacted by the automotive sector. This includes any fluctuation in demand and technical improvements in the automobile sector. The growing demand for precision gear manufacturing equipment to support electric vehicle (EV) drivetrain components has led to the shift toward EVs. Furthermore, there is an increasing focus by developed countries on automation and cost-efficiency in gear manufacturing processes.
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Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Product
Market Segmentation by Geography
Drivers, Challenges, & Trends
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