The latest information on the global geared motor and industrial gearbox market
Welcome to the "Global General Purpose Reducer Market is Expected to Return to Growth by 2025".
In 2023, global sales of geared motors and industrial gears are expected to reach $14.2 billion, down 07%。
In terms of regions, in 2023, the performance of the Asia-Pacific market is expected to be the weakest, and the sales revenue of general-purpose reducers in the Asia-Pacific market is expected to decline by 48%, compared to a solid growth rate of 3 in the Americas and EMEA8% and 15%。
Overall, global reducer product revenue is expected to register a CAGR of 24%, 2024 is the trough of growth, and the revenue of global reducer products is expected to decline further by 19%。We expect the market to gradually return to stable growth from 2025 onwards.
In terms of application industries, reducer products are widely used in various industries, but in the material handling equipment industry, the market prospect of reducer products is particularly broad. In 2022, 29% of the global general purpose gear unit market generated 29% of sales from conveyors, cranes, and hoists and winches applications, with a total market size of $4.1 billion. Over the next five years, 34% of the incremental revenue of the global general-purpose gearbox market is expected to come from these three types of material handling equipment.
Overall, demand from the warehouse and logistics sector is expected to grow faster than heavy industry over the next five years. For 2023-2028, our sales CAGR** for gear units in the unit and bulk conveyor segments are 4., respectively1% and 36%。
In terms of merchants, the world's top ten vendors will account for 62% of the global reducer product market revenue share in 2022, up from 60% in 2021. Among the top 10 companies, 6 are European, 3 are from Asia, and 1 is from the United States. SEW remains the world market leader in gear unit products. Relative "newcomers" to the industry are growing rapidly, performing well in specific regions or product types. For example, WEG has grown rapidly in the American geared motor market, and some Chinese manufacturers have started to break through from worm gear reducer products, and their sales in the EMEA market have also achieved good growth.