This market's expansion is anticipated to be primarily driven by the increased demand for passenger automobiles with better driving performance. Because they can withstand greater damage and provide better traction on uneven ground than straight-cut gears, bevel gear sets are ideal for off-road applications. The gears can fit into small locations because of their shape, which also enables a range of mounting orientations. During the forecast period of 2021–2031, the market is also expected to benefit from technical developments and improvements, including electric vehicle technology.
The Automotive Differential Bevel Gear Sets Market is required as it aids in the transmission of power from the drive shafts to the wheels, boosting traction and aiding in the safety of vehicles on slick or wet roads. Additionally, it improves stability when accelerating, which is a significant safety advantage for all drivers. Axles and hubs, for example, experience less wear and tear due to their design, extending their lifespan.
Automotive Differential Bevel gears are collections of gears that transmit power between two shafts that are at right angles to one another. They are made to be strong and long lasting, making them ideal for use in automotive applications where they assist drivers to perform better by offering improved traction on rocky terrain. Automotive Differential Bevel Gear Sets normally include a differential case, side bearings, and two sets of bevelled pinion gears. For an automobile to have the most control over its direction, the pinions run the drive shafts to either side of the differential case, which uniformly distributes torque to all four wheels.
A CAGR of over 5% is anticipated for the global automotive differential bevel gear sets market during the forecast period of 2021–2031, owing to the rising demand for passenger cars with better driving performance. It was worth USD 1.34 billion in 2021, and by 2031, it's expected to be worth USD 2.07 billion.
One of the biggest issues facing the market is the affordability of bevel gear sets and the parts that make them up. Due to increased design and production expenses, bevel gears are more expensive than other types of gears. The market for automotive differential bevel gear sets has experienced a negative growth rate as a result of this aspect. The overall pricing structure of bevel gear sets has been impacted by the sharp rise in raw material costs that gear set producers have been experiencing. It is becoming more challenging for market players to provide solutions at competitive pricing due to the rise in component prices. However, the industry is anticipated to have more chances in the near future as a result of the increased demand for modern and fuel-efficient vehicles.
The Open Differential Gear Set Segment emerged as the Most Lucrative Type
The open differential gear set, limited-slip differential gear set, and locking differential gear set categories make up the global market for automotive differential bevel gear sets. The open differential gear is the most popular type of differential in cars and is anticipated to hold its position throughout the prediction. Its long-term dependability and affordable price are further factors supporting its development.
The Most Prominent Application is the Private Car Segment
Private cars and commercial cars are the two segments of the global automotive differential bevel gear sets market. Due to increased consumer spending on personal use vehicles in 2020, the private cars sector accounted for a sizeable portion of the market and will continue to influence it over the course of the forecast period. During the projection period, the segment's rise is also anticipated to be fueled by the rising car manufacturing in numerous nations.
The Asia Pacific Region to render Ample Financing Opportunities
Due to rising automobile manufacturing in nations like China, India, and Japan, the Asia Pacific area had a sizable value market share in 2020 and is expected to expand at a faster rate than other regions during the forthcoming years. The demand for passenger cars is also being fueled by an increase in disposable income. Increasing investments by major players to establish their manufacturing facilities in the area will also fuel market expansion over the forecast timeframe.
COVID-19 Impact and Market Status
The lockdowns and related limitations imposed by governments around the world have had a particularly negative impact on the automotive industry. Due to the pandemic crisis, there was a decline in global sales, manufacturing, and expenditure in the automotive sector. Due to the disruption brought on by COVID-19 in 2020, the market for vehicle differential bevel gear sets suffered. The market for differential bevel gear sets is anticipated to increase between 2021 and 2031, however, as a result of the progressive elimination of limits on the manufacturing of automobiles in many nations.
Linamar Corporation, AAM, American Axle & Manufacturing Inc., GKN plc., and Dana Limited are the leading companies active in the global Automotive Differential Bevel Gear Sets Market. To address the rising demand for automobile differential bevel gear sets, these businesses are concentrating on growing their production capacity. As a result, this study offers a comprehensive overview of the marketplace, covering SWOT and Porter's Five Forces analysis.
Recent Developments in the Automotive Differential Bevel Gear Sets Market
• A renowned provider of automotive goods, FAG Bearings India, was purchased by the Schaeffler Group in 2019. The company will be able to more effectively meet the demand for differential bevel sets in automotive applications thanks to this purchase as it broadens its product line.
• The new differential bevel gear sets with better and more creative designs were introduced by GKN Automotive in 2020. The business has created a number of technologies that provide the best performance, are energy-efficient, and lessen noise, vibration, and harshness (NVH).
• Spicer AdvanTEK differential bevel gear sets with modern technology will be introduced in 2021 by Dana Incorporated. They will be significantly lighter, have more torque, and operate more effectively.
• New differential bevel gear sets with improved control, agility, and acceleration will be made available in 2022 by American Axle & Manufacturing (AAM) for high-performance automobiles.
Automotive Differential Bevel Gear Sets Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 2.07 billion.|
|Growth Rate||CAGR of 5 % during 2022-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Linamar Corporation, AAM, American Axle & Manufacturing Inc., GKN plc., and Dana Limited are the leading companies active in the global Automotive Differential Bevel Gear Sets Market|
Key Segments of the Automotive Differential Bevel Gear Sets Market
Type Overview, 2021-2031 (USD Billion)
- Open Differential Gear Set
- Limited-Slip Differential Gear Set
- Locking Differential Gear Set
Application Overview, 2021-2031 (USD Billion)
- Private Car
- Commercial Car
Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa