Geared Motor Market Size, Share, Opportunities, And Trends By Type (Right Angle Geared Motor, Inline Geared Motor, Parallel Shaft Geared Motor), By Application (Manufacturing, Food & Beverage, Automotive, Healthcare, Others), By End-Users (Conveyor Drives, Material Handling Equipment, Robotics, Medical Tools, Others), And By Geography - Forecasts From 2023 To 2028

The global geared motor market is expected to grow at a 4.08% CAGR in the forecasted period to reach a market size worth US$7,510.455 million by 2028 from US$5,677.321 million in 2021.

Geared motors, which blend an electric motor with a gear reducer, are engineered to deliver higher torque and lower speed compared to motors without gears. Varieties of geared motors, such as right-angle, incline, and parallel shaft geared motors, find applications in industries like food & beverages, automotive, and medical & healthcare. They are utilized in tasks such as material handling, robotics, conveyor drives, and medical tool operation to ensure precise control, efficient power transmission, and increased torque.

Increase in production of motor vehicles

The remarkable impact of the automotive sector and advancements in vehicle manufacturing play a pivotal role in driving the global geared motor market forward. The expansion of motor vehicle production is poised to be a key catalyst for the growth of the global geared motor market. In the mass production of automobiles, geared motors play a crucial role in optimizing efficiency. These motors are employed to reduce speed while enhancing torque, which is essential for conveyor systems moving car parts along the assembly line. According to the International Organization of Motor Vehicle Manufacturers, Global automotive production in 2021, as per OICA, indicates a substantial focus on passenger cars with 57054.30 thousand units. Light commercial vehicles follow with 18,593.85 thousand units, heavy commercial account for 4,298.78 thousand units, and the production of heavy buses and coaches, though relatively low compared to other categories accounts for only 199.06 thousand units, respectively

Rise in petroleum consumption

In 2022, according to the U.S. Energy Information Administration, the United States witnessed an average daily petroleum consumption of approximately 20.28 million barrels, with a portion of this total, approximately 1.17 million barrels per day, being attributed to biofuels. Within the biofuels, ethanol fuel accounted for 1.002 million barrels per day, while biodiesel, renewable diesel, and other biofuels combined for 0.164 million barrels per day. It's important to note that the overall consumption of petroleum in the U.S. for 2022 increased by around 2% in comparison to the preceding year, 2021, and showed a more substantial 12% surge when compared to the levels seen in 2020. Hence, such growing end-user industries are anticipated to provide a boost to geared motors in the projected period.

Asia Pacific is projected to be the largest market

With the increased demand for a clean energy source, industry participants are likely to inject money into China, India, Australia, and Japan. Additionally, the strict requirement for carbon-free emissions will hasten the production of gear motors. Regional growth will be encouraged by gradual increases in the production of automobiles and electricity. For instance, Over the past 20 years, China has significantly grown its power production, which will reach 7,600 terawatt-hours (TWh) in 2020. Moreover, increasing mining activity is good news for the economy. For instance, India allowed 100% Foreign Direct Investment (FDI) in the mining industry and the exploration of metal and non-metal ores in March 2021. The current trends are probably going to have a beneficial impact on the prognosis for the world.

China is anticipated to be the fastest-growing country in the Asia-Pacific region

The extensive industrialization and building taking place in China are driving the geared motor market in the area. Due to the region's large population base and consistent economic expansion, the food, beverage, and automobile industries are both expanding, which is boosting the demand for gear motors. Additionally, the booming metal and mining sector in China, which is a result of the country's increased production of steel, aluminum, and zinc, is projected to result in a significant demand for gear motors with respectable power output. Furthermore, the region's strong motor and gearbox manufacturing presence is likely to strengthen the product's supply chain. Moreover, the growing production of electric vehicles is the most notable factor for the growth of the geared motor market in China More plans exist for the government to establish new EV manufacturing facilities. For instance, the number of electric vehicles on the road tripled to over 16.5 million in 2021.

Electric vehicle product innovation in China

Honda announced intentions to build an electric vehicle assembly plant in Wuhan, Hubei, alongside its Chinese joint venture partner Dongfeng in January 2022. The production facility is slated to begin operations in 2024 with a capacity of 120,000 electric vehicles per year.

Additionally, as per the March 2021 news release by geared motor manufacturer and global player Bonfiglioli S.p.A, the company announced the acquisition of Sampingranaggi to help the verticalization of its production in Italy and China and expanding its market in the robotic application by developing high precision and efficiency gear units’ development. Furthermore, due to the fast industrialization, economic expansion, expanding automotive industry, and advancements in the medical & healthcare industries in China. For instance, the "1000-county Project" was a five-year plan unveiled by Chinese health authorities in November 2021. The main objective was to increase healthcare resources to better fulfil the medical requirements of people in less developed areas.

Key players strategies

Major companies like Siemens, Globe Scott Motors Pvt Ltd., and others play a significant role in the global geared motor the increase in automotive production will drive the demand for geared motors. The growth in automotive production will accelerate the demand for geared motors. According to the International Organization of Motor Vehicle Manufacturers (OICA), global passenger vehicle production is projected to grow by over 26% from 2021 to 2022. Additionally, the medical and healthcare sectors utilize geared motors in applications like surgical robotics and patient care equipment, such as hospital beds and adjustable chairs. Geared motors offer precise control over robotic arm movements, enabling surgeons to navigate confined spaces and perform minimally invasive procedures with greater precision, ultimately leading to improved patient outcomes.

Market Key Developments

• In September 2022, Premium Transmission introduced the "MI Inline Vertical Agitator Geared Motor," a highly efficient product designed to meet the evolving needs of the manufacturing sector
• In 2022, Smith+Nephew, a global medical technology company, introduced its next-generation handheld robotics platform, the CORI Surgical System, for commercial use in Japan.

Geared Motor Market Scope:

Segmentation:

• By Type
  • Right Angle Geared  Motor
  • Inline Geared Motor
  • Parallel Shaft Geared Motor
• By Application
  • Manufacturing
  • Food and Beverage
  • Automotive
  • Healthcare
  • Others
• By End-Users
  • Conveyor Drives
  • Material Handling Equipment
  • Robotic
  • Medical Tools
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • United Kingdom
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others