North America Gear Market Size and Share
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 48.89 Billion |
| Market Size (2030) | USD 60.21 Billion |
| CAGR (2025 - 2030) | 4.25% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Gear Market Analysis by Mordor Intelligence
The North America Gear Market size is estimated at USD 48.89 billion in 2025, and is expected to reach USD 60.21 billion by 2030, at a CAGR of 4.25% during the forecast period (2025-2030).
- Over the medium term, the booming indusrtrialization and associated projects in North America are driving demand for gear-driven heavy machinery. As the construction sector expands, the need for robust machinery with high-performance gear systems intensifies, bolstering the overall growth of the gear market.
- On the other hand, the increasing costs of raw materials used in gear production are a significant concern. Fluctuations in prices for metals and other essential materials can impact manufacturing costs, leading to restraint for the growth of market.
- Nevertheless, innovations in gear technology are yielding more efficient and durable systems, boosting performance across diverse applications. This comes as a unique opportunity for the gear market to grow in future.
- The United States is likely one of the largest consumer of gears in Nortth American region owing to increased industrialisation, hence country is likely to continue its dominance during the forecast period.
North America Gear Market Trends and Insights
The Oilfield Equipment Segment to Witness Growth
- The North American gear market sees a substantial contribution from the oilfield equipment segment, which spans a diverse array of applications throughout the oil and gas value chain. Within this segment, the upstream or exploration and production (E&P) sector stands out as a primary consumer. Gears are integral to equipment like drilling rigs, mud pumps, drawworks, and wellhead systems. Demand for these gears in the upstream sector hinges on global oil and gas prices, technological strides in exploration methods (such as seismic imaging and horizontal drilling), and a heightened emphasis on deepwater and ultra-deepwater exploration.
- Crude oil production has surged recently, driven by escalating demand from the expanding economies of the United States, Canada, and Mexico. Furthermore, in response to sanctions on Russia, oil production has ramped up to satisfy this burgeoning demand.
- Data from the Energy Institute's Statistical Review of World Energy highlights a 6.6% surge in North America's crude oil production from 2022 to 2023. Over the past decade, the average annual growth rate has exceeded 4.8%, underscoring a robust upward trajectory in crude oil production. This uptick in production subsequently amplifies the demand for equipment, which in turn bolsters the industry's gear demand.
- Moreover, Canada's oil and gas well drilling sector is poised for significant expansion. The Canadian Association of Energy Contractors (CAOEC), which represents drilling and service rig firms throughout Western Canada, forecasts 6,604 wells to be drilled in Western Canada by 2025. This projection signifies a 7.3% increase from 2024 and heralds the busiest period for the Western Canadian oilpatch since the 2014/15 commodity price crash, an event that precipitated years of industry contraction.
- This bullish trend is set to fortify the oil and gas sector, invigorating the oilfield equipment market and subsequently amplifying the regional gear market.
- For instance, in February 2025, Trans Canada Gold Corp unveiled its partnership with Croverro, the Joint Venture operator, to drill a 7-leg Sparky multi-lateral well. The 5-23 well, poised to be drilled in the summer/third quarter of 2025 (pending Alberta Energy Regulator's nod), is strategically located next to the Company's 12-14 Multilateral Well near Lloydminster, Alberta. Tapping into an estimated 3000 m of the Sparky formation, the well's drilling, completion, and equipping expenses are anticipated to hit CAD 1.9 million.
- With these developments, the oilfield equipment segment is poised for growth in the coming years, propelling the overall gear market expansion.
United States to Dominate the Market
- The robust industrial infrastructure and energy sector in the United States drive the demand for gears. Given the country's high per capita electricity consumption, there's a pronounced need for industrial gearboxes.
- In the U.S., as electricity demand surges, so does the need for industrial gearboxes, propelling the gear market. This uptick in electricity consumption is fueled by several factors: the rising adoption of electric vehicles, the electrification of industries and buildings, and the expansion of data centers.
- Data from the U.S. Energy Information Administration (EIA) highlights that in 2023, the U.S. electricity consumption hit a peak of 4,000 terawatt-hours. Looking ahead, projections suggest a rise to 5,178 terawatt-hours by 2050, marking a 29.45% increase from 2022 levels.
- Gears play a pivotal role in the mining and mineral processing industry. The US Geological Survey reported that in 2023, the US mining industry's capacity utilization hit an estimated 93%, the highest since 2013 and up from the previous year.
- In January 2023, General Motors Co. and Lithium Americas Corp. unveiled plans to jointly invest in Nevada's Thacker Pass mine, the largest lithium source in the U.S. and the third largest globally.
- The manufacturing sector, a cornerstone of the U.S. economy, represents 20% of capital investments, 60% of exports, and 70% of business R&D. Data from the United States Bureau of Economic Analysis shows that in 2023, manufacturing added a substantial USD 2.3 trillion to the U.S. GDP, accounting for 10.2% of the total.
- According to the Federal Reserve, the average Industrial Production Index (IPI) in 2023 was 102.82, a slight dip from the previous year's 103.62. The IPI, established by the Federal Reserve, gauges the performance of the U.S. industrial production sectors - manufacturing, electric, mining, and gas - against a base year, with values over 100 indicating positive performance. Such industrial growth across the U.S. is bolstering the country's gears market.
- Therefore, as mentioned above, United States is expected to dominate the market during the forecast period.
Competitive Landscape
The N0rth America Gear market is semi-consolidated. Some of the major companies in the market (in no particular order) include Gear Motions, Inc, American Gear, Inc., The Timken Company, Houston Gear USA, Inc., True Gear & Spline LTD, and among others.
North America Gear Industry Leaders
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True Gear & Spline LTD
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Houston Gear USA, Inc.
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The Timken Company
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American Gear, Inc.
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Gear Motions, Inc
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- August 2024: Timken Company, a global leader in engineered bearings and industrial motion technology, has reached an agreement to acquire CGI Inc. Based in Nevada, CGI specializes in precision drive systems and caters to diverse automation markets, with a notable emphasis on medical robotics.
- March 2024: Horsburgh & Scott Company, an international manufacturer, has set up a 32,000-square-foot facility in Slidell. This facility will focus on the repair, service, and assembly of industrial gears and gearboxes, primarily for the defense sector. The company's move to establish this new gearbox facility in the Gulf Coast region stems from a recent defense contract win and a surge in demand for its industrial gearing products and services. After a thorough search, Slidell was chosen as the prime location for the new manufacturing, assembly, and repair facility, situated on Town Center Parkway off LA 443/North Old Spanish Trail.
North America Gear Market Report Scope
Gears are components with interlocking teeth that transmit torque and motion between rotating shafts. Gears are typically metal or plastic and come in various shapes and sizes. Gears are fundamental in machinery, from clocks and vehicles to industrial equipment, where they adjust speed, torque, and direction of movement. Their precision and durability make them essential in everyday devices and complex mechanical systems.
The North America gear market is segmented by gear type, application, and geography. By gear type, the market is segmented into spur gear, helical gear, planetary gear, rack and pinion gear, worm gear, bevel gear, and other gear types. By application, the market is segmented into oilfield equipment, mining equipment, industrial machinery, power plants, construction machinery, and other applications. The report also covers the market size and forecasts for the gear market across major countries in the region.
For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Spur Gear |
| Helical Gear |
| Planetary Gear |
| Reck and Pinion Gear |
| Worm Gear |
| Bevel gear |
| Other Gear Type |
| Oilfield Euipment |
| Mining Equipment |
| Industrial Machinery |
| Construction Machinery |
| Other Applications |
| United States |
| Canada |
| Rest of the North America |
| Gear Type | Spur Gear |
| Helical Gear | |
| Planetary Gear | |
| Reck and Pinion Gear | |
| Worm Gear | |
| Bevel gear | |
| Other Gear Type | |
| Application | Oilfield Euipment |
| Mining Equipment | |
| Industrial Machinery | |
| Construction Machinery | |
| Other Applications | |
| Geography | United States |
| Canada | |
| Rest of the North America |
Key Questions Answered in the Report
How big is the North America Gear Market?
The North America Gear Market size is expected to reach USD 48.89 billion in 2025 and grow at a CAGR of 4.25% to reach USD 60.21 billion by 2030.
What is the current North America Gear Market size?
In 2025, the North America Gear Market size is expected to reach USD 48.89 billion.
Who are the key players in North America Gear Market?
True Gear & Spline LTD, Houston Gear USA, Inc., The Timken Company, American Gear, Inc. and Gear Motions, Inc are the major companies operating in the North America Gear Market.
What years does this North America Gear Market cover, and what was the market size in 2024?
In 2024, the North America Gear Market size was estimated at USD 46.81 billion. The report covers the North America Gear Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America Gear Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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North America Gear Market Report
Statistics for the 2025 North America Gear market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Gear analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
