HS Code:
Gear boxes and other speed changers, classified under HS Code 8483.40, include mechanical devices used to change the speed, torque, or direction of a power source. These components are critical in various industries such as automotive, industrial machinery, aerospace, and renewable energy systems (e.g., wind turbines). Gear boxes and speed changers are essential for optimizing the performance of engines and machinery by ensuring efficient power transmission.
Total Trade Volume
USD 45.6 billion
Data from 2022
Source
United Nations Comtrade Database
USD 9.8 billion
21.5% of total trade of total trade
Increasing
USD 7.2 billion
15.8% of total trade of total trade
Increasing
USD 6.5 billion
14.3% of total trade of total trade
Stable
USD 5.1 billion
11.2% of total trade of total trade
Stable
USD 3.9 billion
8.6% of total trade of total trade
Increasing
Average Rate
5.2% ad valorem
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for electric vehicle (EV) gear systems
Increased production of specialized gear boxes for EVs, driving innovation in lightweight and high-efficiency designs.
2021-2023
Growth in renewable energy applications
Higher demand for gear boxes in wind turbines, especially in Europe and Asia, boosting trade volumes.
2020-2022
Automation and industrial robotics
Surge in precision gear systems for robotics and automated machinery, particularly in manufacturing hubs like China and Japan.
2019-2023
A bilateral agreement was reached to reduce tariffs on gear box components, facilitating smoother trade between the EU and China.
March 2023
Expected to increase trade volume by 10% between the regions over the next two years.
The United States imposed additional tariffs on Chinese gear boxes under Section 301, citing unfair trade practices.
September 2022
Led to a 5% decrease in Chinese imports to the US, with manufacturers shifting to alternative suppliers in Mexico and Vietnam.
Major manufacturers in Germany and Japan unveiled new lightweight gear box designs for electric vehicles, reducing energy loss by 15%.
January 2023
Likely to drive demand in the EV sector, reshaping supply chains toward high-tech producers.