Interact Analysis Examines Geared Motors and Industrial Gears Market
The global geared motors and industrial gears (geared products) market was expected to generate $14.2 billion in revenues in 2023, a slight decrease of 0.7 percent from 2022. However, over the next five years we anticipate the market will resume a steady growth trajectory following a further dip in 2024.
Geared products are widely used across various industries, with the conveyors sector being the largest among them and forecasting promising growth. Over the next five years, we expect sales to both the unit conveyors and bulk conveyors sectors to register a higher-than-average CAGR.
The geared products market is consolidating, with leading suppliers gaining market share, but there are also fast-growing challengers within specific regional markets or product types.
Contractions are expected in 2023 and 2024
In 2023, the Asia Pacific market for geared products was expected to see a contraction in sales revenue of 4.8 percent, while the Americas and EMEA markets were projected to achieve reasonable growth of 3.8 percent and 1.5 percent respectively.
The decline in APAC market revenues in 2023 was largely due to the contraction observed in the China market. The continued property slump in China had a significant impact on the steel and aggregates sectors, and the post-Covid boom in li-ion battery manufacturing facilities has been cooling down. In 2024, the decline is expected to narrow given indications that China’s economy bottomed out in 2023.