GLOBAL GEARED PRODUCTS MARKET CONTRACTED 3.7% IN 2024
However, the global geared products market is expected to show signs of recovery in 2025 and return to slow growth. And the long-term forecast to 2029 is looking much more positive.
The Asia Pacific market for geared products performed the weakest among the tri-regions in 2024 due to sluggish demand in the Chinese and South Korean markets.
At the same time, average prices dropped after rising from 2021 to 2023, driven by lower raw material costs and increased competition. This price pressure was felt strongly in the APAC region, where vendors were forced to cut prices to stay competitive.
Sales of geared products in the EMEA region fell by 4.4% in 2024, primarily because of de-stocking in the machinery sector. Similarly, the Americas’ geared products market was also affected by de-stocking, largely affecting material handling products.
