HS Code:
The category 'Gears and gearing, other than toothed wheels, chain sprockets and other transmission elements entered separately; ball or roller screws; gear boxes and other speed changers, including torque converters' (HS Code: 8483.40) encompasses a wide range of mechanical components critical to power transmission in industrial machinery, automotive systems, and other equipment. These products are essential for controlling speed, torque, and direction of motion in various applications, including manufacturing, transportation, and energy sectors. This category includes gear boxes, speed changers, and torque converters, which are integral to the functionality of vehicles, wind turbines, and industrial automation systems.
Total Trade Volume
USD 45.3 billion
Data from 2022
Source
United Nations Comtrade Database
USD 9.2 billion
20.3% of total trade of total trade
Increasing
USD 7.8 billion
17.2% of total trade of total trade
Increasing
USD 6.5 billion
14.3% of total trade of total trade
Stable
USD 5.1 billion
11.3% of total trade of total trade
Stable
USD 3.9 billion
8.6% of total trade of total trade
Increasing
Average Rate
5.2%
Highest Rate
12% (imposed by certain developing economies)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Growing demand for electric vehicle (EV) components
Increased production of specialized gear boxes and torque converters tailored for EVs, driving innovation and trade in this segment.
2021-2023
Automation and Industry 4.0 adoption
Rising need for precision gears and speed changers in robotics and automated machinery, boosting exports from technologically advanced countries.
2020-2022
Shift towards renewable energy systems
Higher demand for gear systems in wind turbines and other renewable energy equipment, creating new market opportunities for exporters.
2019-2023
The EU and China finalized a bilateral agreement in late 2022 to reduce tariffs on industrial components, including gears and gear boxes, to promote smoother trade flows.
December 2022
Expected to increase trade volume between the two regions by 10-15% over the next five years.
The United States imposed additional tariffs on certain Chinese machinery components, including speed changers, citing unfair trade practices.
March 2023
Likely to shift some trade flows towards other Asian exporters like Japan and South Korea in the short term.
Major manufacturers in Germany and Japan have introduced lightweight composite materials for gears, improving efficiency in automotive and aerospace applications.
June 2023
Could lead to a premium market segment, increasing export value for high-tech producers.