Asia Pacific Worm Gear Drives Market Forecast to 2030
Asia Pacific Worm Gear Drives Market Forecast to 2030 – Regional Analysis – by Operation Type (Cylindrical Worm Gear and Single and Double Enveloping Worm Gear), Product Type (Housed Units, Gearsets, and High Speed Worms), and Material Type (Stainless Steel, Cast Iron, Aluminum, and Others)
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Description
Rise in Adoption of Robotics Boosts Asia Pacific Worm Gear Drives Market
Robotics is one of the areas that hold significant potential for the growth of worm gear drive vendors. As robots are becoming more prominent in industrial settings, the demand for high-performance gear systems is also expected to continue an upward trajectory in the coming years. Worm gear drives enable precise motion control, facilitating the accurate positioning and controlled movement of robotic devices. The combination of worm thread and worm wheel teeth enables fine adjustments and smooth operation, resulting in precise and repeatable movements. Worm gear drives provide large gear reduction ratios in a single stage , making them ideal for applications requiring low speed and high torque output. This allows robots in industrial material handling and assembly processes to execute jobs with precise control and large weight-handling capacities. Increasing investments by manufacturers across the world in the adoption of industrial robots is likely to generate lucrative opportunities for worm gear drives market growth. In October 2023, Volvo signed a deal with Fanuc for the industrial robot deployment. Under the terms of the agreement, Fanuc will supply industrial robots to Volvo’s global manufacturing facilities. In the first phase, Fanuc would supply more than 700 robots to Volvo’s planned electric vehicle (EV) manufacturing facility in Kosice, Slovakia, as well as sites in Ghent, Belgium, and Daqing, China. The announcement is a part of Volvo’s larger green plan, which includes producing solely electric vehicles by 2030 and becoming carbon neutral by 2040. This aim emphasizes the utilization of automation technology, such as Fanuc industrial robots, and the Slovakian factory would serve as Volvo’s first carbon-neutral production site. In addition to manufacturers’ investments in the deployment of industrial robotics, the flourishing trend of Industry 4.0 is another factor that propels the adoption of automation technologies and robotics, which is further expected to benefit the worm gear drive industry.
Asia Pacific Worm Gear Drives Market Overview
India, China, and Australia are among the key contributors to the worm gear drive market in Asia Pacific (APAC). The region’s commitment to technological advancements, coupled with growing investments in manufacturing and automotive sectors, is likely to drive the worm gear drive market to sustainable growth. As APAC continues to evolve as a key manufacturing landscape worldwide, the demand for efficient and reliable power transmission systems, e.g., worm gear drives, is set to surge in the coming years.
In India, the robust performance of the automotive sector and government emphasis on domestic manufacturing create a conducive environment for the growth of this market. The automotive industry accounts for a significant portion of the manufacturing GDP in the country. Additionally, the Production-Linked Incentive (PLI) Scheme and other government schemes further stimulate the manufacturing sector, potentially leading to increased adoption of advanced power transmission systems.
China, being a globally renowned manufacturing powerhouse, plays a pivotal role in shaping the industrial landscape of APAC. The ambitious “Made in China 2025” initiative, which focuses on technological advancement and self-reliance, contributes notably to the worm gear drives market. The substantial financial backing from the Chinese government and emphasis on indigenous innovation create opportunities for suppliers in the worm gear drive market to cater to the evolving needs of China’s advanced manufacturing industries.
Australia, with its strong automotive and manufacturing industry, contributes significantly to the growth of the worm gear drive market in APAC. The country’s automotive component industry has experienced substantial turnover, and the government’s initiatives such as the Modern Manufacturing Strategy (MMS) Scheme boost domestic manufacturing. The localization efforts by global OEMs in Australia also enhance the demand for precision components, including worm gear drives, within the automotive supply chain.
Asia Pacific Worm Gear Drives Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Worm Gear Drives Market Segmentation
The Asia Pacific worm gear drives market is categorized into operation type, product type, material type, and country.
Based on operation type, the Asia Pacific worm gear drives market is bifurcated into cylindrical worm gears and single and double enveloping worm gears. The cylindrical worm gears segment held a larger market share in 2022.
In terms of product type, the Asia Pacific worm gear drives market is categorized into housed units, gearsets, and high speed worms. The gearsets segment held the largest market share in 2022.
By material type, the Asia Pacific worm gear drives market is segmented into stainless steel, cast iron, aluminum, and others. The stainless steel segment held the largest market share in 2022.
By country, the Asia Pacific worm gear drives market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific worm gear drives market share in 2022.
Kohara Gear Industry Co Ltd, Tulsa Winch Inc, Nozag AG, The Timken Co, and Tracey Gear Inc are some of the leading companies operating in the Asia Pacific worm gear drives market.
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According to the Research Team’ research, the Asia Pacific worm gear drives market was valued at US$ 1,213.77 million in 2022 and is expected to reach US$ 1,672.26 million by 2030, registering a CAGR of 4.1% from 2022 to 2030. Growing elevator and escalator installations due to increasing construction activities and rise in adoption of robotics are among the critical factors attributed to drive the Asia Pacific worm gear drives market growth.
Worm gear drives are commonly used in elevators and escalators owing to their fast braking or stopping abilities. Moreover, their compact size and ratio render them suitable for these applications, they can stop and hold a weight and prevent a reverse motion. These technical advantages help regulate the elevator’s speed and prevent its elevator from a free fall. Growing elevator and escalator installations due to increased construction activities in developed and developing nations is one of the factors that is driving the demand for worm gear drives. Approximately half of the 7.8 billion people worldwide currently reside in cities and urban regions, with an additional 2.5 billion predicted to move in the next 20 to 25 years. In crowded places where empty lands are scarce, high-rise structures-especially residential ones-have shown to be advantageous. There is an increase in the number of high-rise buildings owing to population growth. Builders construct taller structures that can accommodate more individuals on a lesser footprint. The rising number of high-rise buildings is propelling the installation of elevators and escalators.
In India, increased disposable income and rapid urbanization have led to a surge in the need for housing. The subsequent growth in residential construction in the country has resulted in the construction of luxurious and high-rise buildings in the last couple of decades. Data published in the International Journal of Research Publication and Reviews, 2022, highlights that Mumbai (India’s commercial hub) is home to the majority of the country’s tallest structures. More than 2,500 tall buildings and thousands of mid-rise buildings have already been completed in the city. Delhi and its adjacent areas are witnessing huge construction efforts with ~1,500 previously built high rises. Thus, the increased trend of high-rise buildings in India has driven the elevator business, ultimately benefiting the worm gear drives market.
On the contrastingly, presence of alternative products hampers the growth of Asia Pacific worm gear drives market.
Based on operation type, the Asia Pacific worm gear drives market is bifurcated cylindrical worm gears and single and double enveloping worm gears. The cylindrical worm gears segment held 71.2% market share in 2022, amassing US$ 863.76 million. It is projected to garner US$ 1,208.11 million by 2030 to register 4.3% CAGR during 2022-2030.
In terms of product type, the Asia Pacific worm gear drives market is categorized into housed units, gearsets, and high speed worms. The gearsets segment held 45.8% share of Asia Pacific worm gear drives market in 2022, amassing US$ 555.79 million. It is projected to garner US$ 783.89 million by 2030 to expand at 4.4% CAGR from 2022 to 2030.
By material type, the Asia Pacific worm gear drives market is segmented into stainless steel, cast iron, aluminum, and others. The stainless steel segment held 31.0% share of Asia Pacific worm gear drives market in 2022, amassing US$ 376.69 million. It is estimated to garner US$ 491.28 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Based on country, the Asia Pacific worm gear drives market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.8% share of Asia Pacific worm gear drives market in 2022. It was assessed at US$ 361.58 million in 2022 and is likely to hit US$ 538.30 million by 2030, registering a CAGR of 5.1% during 2022-2030.
Key players operating in the Asia Pacific worm gear drives market are Kohara Gear Industry Co Ltd, Tulsa Winch Inc, Nozag AG, The Timken Co, and Tracey Gear Inc., among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific worm gear drives market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific worm gear drives market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The the Reporting Teams Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Worm Gear Drives Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Asia Pacific Worm Gear Drives Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increased Automotive Sales Globally
5.1.2 Growing Elevator and Escalator Installations Due to Increasing Construction Activities
5.2 Market Restraints
5.2.1 Presence of Alternative Products
5.3 Market Opportunities
5.3.1 Rise in Adoption of Robotics
5.4 Future Trends
5.4.1 Advancements in Worm Gear Manufacturing
5.5 Impact of Drivers and Restraints:
6. Worm Gear Drives Market – Asia Pacific Market Analysis
6.1 Worm Gear Drives Market Revenue (US$ Million), 2020-2030
6.2 Worm Gear Drives Market Forecast Analysis
7. Asia Pacific Worm Gear Drives Market Analysis – by Operation Type
7.1 Cylindrical Worm Gear
7.1.1 Overview
7.1.2 Cylindrical Worm Gear: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
7.2 Single and Double Enveloping Worm Gear
7.2.1 Overview
7.2.2 Single and Double Enveloping Worm Gear: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Worm Gear Drives Market Analysis – by Product Type
8.1 Housed Units
8.1.1 Overview
8.1.2 Housed Units: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
8.2 Gearsets
8.2.1 Overview
8.2.2 Gearsets: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
8.3 High Speed Worms
8.3.1 Overview
8.3.2 High Speed Worms: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Worm Gear Drives Market Analysis – by Material Type
9.1 Stainless Steel
9.1.1 Overview
9.1.2 Stainless Steel: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
9.2 Cast Iron
9.2.1 Overview
9.2.2 Cast Iron: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
9.3 Aluminum
9.3.1 Overview
9.3.2 Aluminum: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Worm Gear Drives Market – Country Analysis
10.1 Asia Pacific Market Overview
10.1.1 Asia Pacific: Worm Gear Drives Market – Revenue and Forecast Analysis – by Country
10.1.1.1 Asia Pacific: Worm Gear Drives Market – Revenue and Forecast Analysis – by Country
10.1.1.2 Australia: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 Australia: Worm Gear Drives Market Breakdown, by Operation Type
10.1.1.2.2 Australia: Worm Gear Drives Market Breakdown, by Product Type
10.1.1.2.3 Australia: Worm Gear Drives Market Breakdown, by Material Type
10.1.1.3 China: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 China: Worm Gear Drives Market Breakdown, by Operation Type
10.1.1.3.2 China: Worm Gear Drives Market Breakdown, by Product Type
10.1.1.3.3 China: Worm Gear Drives Market Breakdown, by Material Type
10.1.1.4 India: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 India: Worm Gear Drives Market Breakdown, by Operation Type
10.1.1.4.2 India: Worm Gear Drives Market Breakdown, by Product Type
10.1.1.4.3 India: Worm Gear Drives Market Breakdown, by Material Type
10.1.1.5 Japan: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.5.1 Japan: Worm Gear Drives Market Breakdown, by Operation Type
10.1.1.5.2 Japan: Worm Gear Drives Market Breakdown, by Product Type
10.1.1.5.3 Japan: Worm Gear Drives Market Breakdown, by Material Type
10.1.1.6 South Korea: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.6.1 South Korea: Worm Gear Drives Market Breakdown, by Operation Type
10.1.1.6.2 South Korea: Worm Gear Drives Market Breakdown, by Product Type
10.1.1.6.3 South Korea: Worm Gear Drives Market Breakdown, by Material Type
10.1.1.7 Rest of Asia Pacific: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.7.1 Rest of Asia Pacific: Worm Gear Drives Market Breakdown, by Operation Type
10.1.1.7.2 Rest of Asia Pacific: Worm Gear Drives Market Breakdown, by Product Type
10.1.1.7.3 Rest of Asia Pacific: Worm Gear Drives Market Breakdown, by Material Type
11. Competitive Landscape
11.1 Heat Map Analysis
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
13. Company Profiles
13.1 Kohara Gear Industry Co Ltd
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Tulsa Winch Inc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Nozag AG
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 The Timken Co
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Tracey Gear Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
14. Appendix
14.1 About The the Reporting Teams
Table 1. Worm Gear Drives Market Segmentation
Table 2. Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Table 3. Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million) – by Operation Type
Table 4. Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million) – by Product Type
Table 5. Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million) – by Material Type
Table 6. Asia Pacific: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Country
Table 7. Australia: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Operation Type
Table 8. Australia: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Product Type
Table 9. Australia: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Material Type
Table 10. China: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Operation Type
Table 11. China: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Product Type
Table 12. China: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Material Type
Table 13. India: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Operation Type
Table 14. India: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Product Type
Table 15. India: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Material Type
Table 16. Japan: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Operation Type
Table 17. Japan: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Product Type
Table 18. Japan: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Material Type
Table 19. South Korea: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Operation Type
Table 20. South Korea: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Product Type
Table 21. South Korea: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Material Type
Table 22. Rest of Asia Pacific: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Operation Type
Table 23. Rest of Asia Pacific: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Product Type
Table 24. Rest of Asia Pacific: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million) – by Material Type
Figure 1. Worm Gear Drives Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Worm Gear Drives Market – Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Worm Gear Drives Market Revenue (US$ Million), 2020-2030
Figure 6. Worm Gear Drives Market Share (%) – by Operation Type (2022 and 2030)
Figure 7. Cylindrical Worm Gear: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 8. Single and Double Enveloping Worm Gear: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 9. Worm Gear Drives Market Share (%) – by Product Type (2022 and 2030)
Figure 10. Housed Units: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 11. Gearsets: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 12. High Speed Worms: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 13. Worm Gear Drives Market Share (%) – by Material Type (2022 and 2030)
Figure 14. Stainless Steel: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. Cast Iron: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 16. Aluminum: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Others: Worm Gear Drives Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Asia Pacific Worm Gear Drives Market, by Key Countries – Revenue (2022) (US$ Million)
Figure 19. Asia Pacific Worm Gear Drives Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 20. Australia: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million)
Figure 21. China: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million)
Figure 22. India: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million)
Figure 23. Japan: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million)
Figure 24. South Korea: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million)
Figure 25. Rest of Asia Pacific: Worm Gear Drives Market – Revenue and Forecast to 2030(US$ Million)
Figure 26. Heat Map Analysis, by Key Players
Figure 27. Company Positioning & Concentration
The List of Companies – Asia Pacific Worm Gear Drives Market
1. Kohara Gear Industry Co Ltd.
2. Tulsa Winch Inc.
3. Nozag AG.
4. The Timken Co.
5. Tracey Gear Inc.
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