U.S. gear demand gets growing
Posted in Industry News on April 12th, 2010 by admin
The domestic market for gears and gear assemblies is forecast to increase 3.9% per year to $30.1 billion in 2013 according to a new study from The Freedonia Group Inc., a Cleveland-based industry research firm. This will be a considerable improvement from the less than 1% annual growth posted during 2003 to 2008. According to analysts, gains will be supported primarily by rebounding levels of motor vehicle production. In 2008, more than three-quarters of all gear sales were motor vehicle related, despite unusually low levels of production.
Gear manufacturers will also benefit from gains derived from product improvements and upgrades, such as transmissions with higher numbers of speeds. Increased sales opportunities will also come from the relatively small but rapidly expanding wind turbine market, in which large, high-value gearboxes are required. Output in the aerospace equipment and machinery industries is also expected to advance modestly from its level a decade earlier, which will restrain gear demand in those markets to some degree. These and other trends are presented in the new Gears study.
