通用设备制造系列：2024年中国齿轮行业概览

Investment Rating - The report does not explicitly provide an investment rating for the gear industry in China. Core Insights - The gear industry in China has experienced rapid growth, with a compound annual growth rate (CAGR) of 7.5% from 2019 to 2023, and is projected to reach a market size of 449 billion yuan by 2028, representing a 66% increase compared to 2019 [3][10]. - The automotive sector, particularly the electric vehicle market, is expected to be a significant driver of growth, with projections indicating that sales of new energy vehicles will reach 15 million units by 2025 [5][10]. - The robot market is emerging as a second growth engine for the gear industry, with a forecasted CAGR of 17% from 2019 to 2028 [5][10]. Summary by Sections Market Overview - The gear market in China has been growing rapidly, with a CAGR of 7.5% from 2019 to 2023, and is expected to reach 449 billion yuan by 2028, with a CAGR of 4.9% from 2023 to 2028 [3][10]. - The market is driven by the growth of the new energy vehicle sector and the increasing demand for robotics [5][10]. Industry Characteristics - Gears are defined as mechanical components that transmit motion and power through continuous engagement of teeth, making them essential in various applications such as electric tools, aerospace, precision machinery, automotive, robotics, smart home devices, medical equipment, security, and rail transportation [3][6]. - The gear manufacturing cost structure includes raw materials like steel and blanks, which account for 48% of the total cost, followed by tools (18%) and other processing costs [7]. Future Trends - The demand for high-precision gears is increasing, with a notable rise in patent applications and technological advancements in gear processing methods [5][6]. - The shift towards high-precision gear manufacturing is evident, with domestic companies moving from being secondary suppliers to integrated suppliers, expanding their business scope [6][7]. Industry Drivers - The growth of the new energy vehicle market is a key driver, with sales expected to grow at a CAGR of 30% from 2023 to 2025, increasing the penetration rate from 36% to 47% [5][10]. - The robot market is also contributing significantly, with projections indicating that the robot gear market will reach 7.9 billion yuan by 2028 [5][10].