The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s report, the global mechanical power transmission equipment market will increase from $64.92 billion in 2022 to $70.24 billion in 2023, with an 8.2% CAGR. It’s anticipated to reach $92.39 billion in 2027, growing at a 7.1% CAGR.

Asia-Pacific held the largest mechanical power transmission equipment market share.

Mechanical Power Transmission Equipment Market Driver

Government actions following the Paris Agreement will boost electric vehicle demand, impacting mechanical power transmission equipment. China targets 20% electric vehicles by 2025, Norway aims for 100%, and California’s 35% “green” vehicle goal is endorsed by 9 US states. Growing green vehicle production, supported by government initiatives, encourages public EV adoption, driving mechanical power transmission equipment market growth as a key supplier to automakers.

View More On The Mechanical Power Transmission Equipment Market Report 2023 – https://www.thebusinessresearchcompany.com/report/mechanical-power-transmission-equipment-global-market-report

Key Mechanical Power Transmission Equipment Market Segments
The global mechanical power transmission equipment market is segmented –

1) By Type: Plain Bearings, Joints, Clutches, Couplings, Pulleys, Chains And Sprockets, Other Mechanical Power Transmission Equipment

2) By End-User Industry: Automotive, Aerospace & Defense, Power Industry, Other End-User Industries

3) By Sales Channel: OEM, Aftermarket

Mechanical Power Transmission Equipment Market Prominent Players
Major companies in the mechanical power transmission equipment market include SKF Group, Schaeffler Technologies AG & Co KG, Mitsubishi Heavy Industries Ltd., The Timken Company, Eaton Corporation plc, Tsubakimoto Chain Co, Altra Industrial Motion Corp, Regal Beloit Corporation, Atkore International Group Inc., and Renold Plc.

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Prominent Mechanical Power Transmission Equipment Market Trend
Magnetic gears gain traction in power transmission; contactless, achieving over 99% efficiency, no transmission oil needed. Reliable, low-maintenance, auto-slipping safeguards against torque overload.

The Mechanical Power Transmission Equipment Global Market Report 2023  provides comprehensive insights on the mechanical power transmission equipment market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the mechanical power transmission equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Engine, Turbine, And Power Transmission Equipment Global Market Report 2023
Power Generators Global Market Report 2023
Power Generation, Transmission And Control Equipment Global Market Report 2023

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