Synchronizer Ring Market Size, Share, Industry Analysis, Trends, Growth Report, 2030

Synchronizer Ring Industry Prospective:

The global synchronizer ring market size was worth around USD 2103.61 million in 2022 and is predicted to grow to around USD 3145.81 million by 2030 with a compound annual growth rate (CAGR) of roughly 5.16% between 2023 and 2030.

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Synchronizer Ring Market: Overview

A synchronizer ring is a crucial tool in the automobile industry. It has high applications in manual transmissions especially witnessed in the last few decades. The synchronizer ring allows seamless transition between gears in an automobile including passenger and commercial vehicles. With time, manual transmissions and the performance attribute of synchronizer rings have evolved with time. For instance, the growing demand for fuel-efficient vehicles has led to the redesigning of modern-age manual transmissions with attributes such as smaller and lighter vehicles that contain more gear sets. This in turn has impacted the overall engineering solutions required to build efficient and high-performance synchronizer rings. Their main purpose is the simplification of the gear change process to avoid or prevent double declutching. The device is placed between the synchronizer hub and the driving gear. With the help of friction, it assists in equalizing main shaft speeds and the desired drive gear. Traditionally these automobile equipment were made of brass however with the emergence of challenging and complex transmission technologies, materials used for the production of synchronizer rings have changed as well.

Key Insights:

• As per the analysis shared by our research analyst, the global synchronizer ring market is estimated to grow annually at a CAGR of around 5.16% over the forecast period (2023-2030)
• In terms of revenue, the global synchronizer ring market size was valued at around USD 2103.61 million in 2022 and is projected to reach USD 3145.81 million, by 2030.
• The synchronizer ring market is projected to grow at a significant rate due to the increasing demand for manual transmission cars in emerging countries
• Based on application segmentation, passenger vehicles was predicted to show maximum market share in the year 2022
• Based on type segmentation, steel synchronizer ring was the leading type in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Synchronizer Ring Market: Growth Drivers

Increasing demand for manual transmission cars in emerging countries to drive market growth

The global synchronizer ring market is expected to grow owing to the increasing demand for manual transmission cars in emerging countries. The variants are typically less expensive than automatic vehicles and have a substantial consumer base in emerging or developed economies especially among people who focus on the cost-efficiency of an investment. Manual transmission vehicles have lower manufacturing costs and depending on the model and other features they can be more fuel-efficient as compared to automatic cars. As per a 2021 report, around 66% of surveyed Americans stated that they owned a manual car at some point in their life. In countries with a large population of low to middle-income groups, the consumption rate of manual transmission cars is higher resulting in greater demand for synchronizing rings.

Rising revenue in the used car segment to fuel higher results

With the increasing prices of new vehicles, the market segment for used cars is fast growing. As of 2021, the Indian used car industry was valued at USD 24 million driven by a growing number of service providers and market penetration. This growth trend directly contributes to the demand for synchronized rings as many people have been selling manual transmission cars for automated versions. This has led to a higher circulation of used but functional manual vehicles in the automobile sector.

Increased revenue from vehicle maintenance and aftermarket sales to push market revenue

The global synchronizer ring market growth is expected to be subject to higher revenue driven by the rising sale of synchronizer rings during vehicle maintenance activities and from the aftermarket sales. Manual transmission vehicles require repair work after consistent use and in cases where gears do not function as per expectations, the device may have to be replaced leading to greater demand.

Synchronizer Ring Market: Restraints

Rising shift toward automatic cars may restrict market growth

The demand for automatic cars has surged in recent times. Factors such as rising on-road traffic, increasing disposable income, access to automobile finances, and operation benefits offered by automatic cars are the major growth propellers for gearless cars. In addition to this, the emergence of electric vehicles (EVs) in the commercial automobile market has further fragmented the global consumer base leading to restricted demand for manual cars and subsequently impacting the consumption rate of synchronizer rings.

Synchronizer Ring Market: Opportunities

Increasing use of advanced material for synchronizer ring manufacturing to deliver higher results

The synchronizer ring industry growth trend is expected to benefit from the increasing experimentation in terms of new materials being used to produce synchronizer rings for improved performance. Manufacturers are working on enhancing the overall product durability and superior performance even in harsh conditions. For instance, some of the most recent material developments include work on using high-strength steels and carbon-fiber-reinforced composites. The former type can help ensure the production of light-weight material without compromising on the final performance while composite materials are known to improve fuel efficiency along with other advantages.

Growing applications in commercial vehicle segment could be an excellent expansion opportunity

Commercial vehicles deploy several methods of operation including manual transmission and automated systems. The growing investments in public transport technology are expected to assist in creating a higher demand for synchronizer rings for units that function on manual transmission technology.

Synchronizer Ring Market: Challenges

Changing prices and availability of raw materials may pose crucial challenges

The synchronizer rings industry size will be challenged by the changing prices or raw materials used in the production of these automobile devices. In addition to this, raw material availability is another crucial aspect for the industry players to overcome. With increasing cross-border tensions and changing international trade relations, the supply chain for raw materials could be affected.

Synchronizer Ring Market: Segmentation

The global synchronizer ring market is segmented based on application, type, and region.

Based on application, the global market segments are commercial vehicles and passenger vehicles. In 2022, the highest growth was observed in the passenger vehicles segment owing to the increased sales of manual transmission passenger cars. Higher affordability and an existing mature market for cars with gear systems were the leading reasons for segmental growth. As per research, around 80% of cars in Asia and Europe have manual transmissions.

Based on type, the synchronizer ring industry is segmented into copper base alloy ring, steel synchronizer ring, and brass synchronizer ring. In 2022, the steel synchronizer ring segment was the leading revenue generator due to the high performance offered by steel-based rings. These attributes include higher resistance to wear & tear and longer durability. Traditionally, brass was the leading material used for ring production however with changing times, material preference has evolved. Stainless steel is known to have a lifespan of 50 years.

Synchronizer Ring Market: Report Scope

Synchronizer Ring Market: Regional Analysis

Asia-Pacific to witness the highest growth rate during the assessment period

The global synchronizer ring market is expected to witness the highest growth rate in Asia-Pacific during the forecast period. The primary regional market driver is the presence of an extensive and thriving automobile sector led by the increasing demand and sale of all forms of passenger vehicles including the ones powered by manual transmission. The increasing disposable income of the regional population along with higher demand for cost-effective vehicles have created a huge market for the sale of synchronizer rings.

In addition to this, the growing revenue generated from the used car segment along with increased sales in aftermarket sales has created exceptional growth opportunities for companies operating in Asian territories. In recent times, there has been a steady growth in the addition of new players experimenting with higher-performance synchronizer rings as the end-consumer expectations are changing. Europe is projected to grow at a considerable CAGR. The growing sale of manual cars and the presence of key automobile industry players will assist regional growth in Europe.

Synchronizer Ring Market: Competitive Analysis

The global synchronizer ring market is led by players like:

• ZF Friedrichshafen AG
• BorgWarner Inc.
• NSK Ltd.
• Allison Transmission Holdings Inc.
• Eaton Corporation
• Koyo Bearings (JTEKT Corporation)
• Schaeffler Group (LuK)
• Tremec Corporation
• Aisin Seiki Co. Ltd.
• Getrag
• Magna International Inc.
• Valeo SA

The global synchronizer ring market is segmented as follows:

By Application

• Commercial Vehicles
• Passenger Vehicles

By Type

• Copper Base Alloy Ring
  • Steel Synchronizer Ring
• Brass Synchronizer Ring

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa