The worm gear drives market size is projected to grow from US$ 2,963.17 million in 2022 to US$ 3,810.13 million by 2030; it is expected to grow at a CAGR of 3.2% during 2022–2030.The growing demand for elevators and escalators is likely to remain key trends in the market.
Worm gear drives are widely utilized in power seats, steering systems, convertible tops, HVAC systems, and sunroofs, among other automobile parts. In steering systems, worm gear drives are used in rack- and-pinion designs. The worm gear drive converts the round motion of the steering wheel into the linear motion essential by the steering system. Worm gear drives are also used in power seat adjustments to ensure smooth and controlled movement. They offer the torque and precision required to modify the seat position, recline angle, and height as per drivers' specifications. Worm gear drives are utilized in vehicle HVAC systems to manage airflow and temperature. These gears support the alignment of the air blend doors and recirculation flaps, resulting in effective climate management within cars. The growing vehicle production and sales directly impact the requirement for steering systems, HVAC systems, and power seats, ultimately triggering the sales of worm gear drives.
The worm gear drives the market by operating type, which is segmented into cylindrical worm gears and single- and double-enveloping worm gears. A worm gear drive is a gear arrangement in which wherein a worm (a screw-shaped gear) engages with a worm wheel (which resembles a spur gear). Based on product type, the worm gear drives market is divided into housed units, gearsets, and high-speed worms. Gearset accounts for the largest share of the market as it is a key operational component of the worm gear. Based on the material type, the global worm gear drives market is divided into stainless steel, cast iron, aluminum, and others. The stainless-steel segment is projected to account for a significant market share owing to its structural benefits, such as high strength, low corrosion chances, and compactness.
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.
Worm gear drives manufacturers are focusing on robotics. The upward technological advancement and rising demand for high-end automation are anticipated to boost the application of robotics in the market. 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.
Key segments that contributed to the derivation of the worm gear drives market analysis are type, material type, and product type
The geographic scope of the worm gear drives market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific is leading the market. China is one of the prominent countries in the worm gear drives market in the Asia Pacific. The significant financial funding from the Chinese government and focus on product innovation create opportunities for suppliers in the worm gear drive market to cater to the evolving needs of China's advanced manufacturing industries, which is anticipated to boost the growth of the worm gear drives market in the Asia Pacific. Growing automotive sales and rising development in the manufacturing sector are acting as a major driver for the market.
The regional trends and factors influencing the Worm Gear Drives Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Worm Gear Drives Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 2,963.17 Million |
| Market Size by 2030 | US$ 3,810.13 Million |
| Global CAGR (2022 - 2030) | 3.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Operation Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Worm Gear Drives Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Worm Gear Drives Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The worm gear drives market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the worm gear drives market are listed below:
The “Worm Gear Drives Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
3.3% is the expected CAGR of the worm gear drives market.
US$ 3,921.63 million estimated value of the worm gear drives market by 2031.
Kohara Gear Industry Co.,Ltd., The Timchen Company, Tracey Gear & Precision Shaft, Delroyd Worm Gear, R A Rodriguez (UK) Ltd, Cleveland Gear Company, Inc., TWG, Inc, BJ-Gear A/S, Boston Gears and Nozag AG. are some of the leading players in the worm gear drives market.
Advancements in worm gear manufacturing is the future trend of the worm gear drives market
Asia Pacific dominated the worm gear drives market in 2023.