The global industrial & automotive power transmission products market is anticipated to grow with a CAGR of 9.9% during the forecast period, i.e., 2020-2028. The market is further projected to garner a revenue of around USD 342700 Million by the end of 2028.
Factors such as the increasing adoption of magnetic gears for mechanical transmission in different end user industries, along with the growing industrialization worldwide, and the emerging trends of industry 4.0, are some of the major factors anticipated to drive the market growth.
The global industrial & automotive power transmission products market is segmented by numerous segments, which include segmentation by product category, application, end user, and by region. Based on application, the market is segmented into industrial and automotive.
Amongst these segments, the industrial segment is anticipated to gain a market share of close to 62% in the year 2021. Further, the segment is anticipated to reach about USD 215200 Million by the end of 2028. The market is also segmented by end user into OEM and aftermarket. Out of these segments, the OEM segment is expected to hold the largest market share and further garner a market revenue of close to USD 263160 Million by the end of 2028.
On the basis of region, the global industrial & automotive power transmission products market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Amongst these regions, the market in Asia Pacific is expected to garner the largest market revenue of around USD 138600 Million by the end of 2028. The market in North America, on the other hand, is anticipated to hold the second-leading market share, and further touch about USD 77000 Million by 2028.