The global automotive differential market size is likely to attain over USD 18.1 Billion by the year 2028. Besides, it is likely to project a CAGR of nearly 4.46% during the forecast years 2021-2028. The automotive differential leverages technological innovations in engine designs and helps in multiplying engine power and spin wheels at different speeds. It has the capability of conveniently maneuvering the vehicle at curves with enhanced traction control and preventing accidents. However, organizations are looking for products that can leverage their sale of differential proportional to the automotive production and manufacturing activities and increased profits.
The present and future automotive differential market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the automotive differential market opportunities during the forecast years. Factors such as the increasing penetration of AWD and 4WD vehicles and rise in demand for commercial vehicles are the key factors driving the market growth for automotive differential.
Also, the significant growth and innovations in the automotive industry,and the trend of making the vehicle totally automated by shifting from mechanical components to the electronic components is another factor driving market growth. The growing interest on EVs due to low fuel consumption and environment safety policies will positively affect the automotive differential market in the automobile industry. However, decreasing production and sales of automotive from the last two years (due to pandemic), and rise in production of vehicles with in-wheel electric motors are hampering the market growth. Furthermore, the production of electronic limited slip differentials in developing countries is likely to provide lucrative development opportunities for the automotive differential market in the forthcoming years.
The report also emphasizes several distinctiveness of the global automotive differential industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the automotive differential industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The automotive differential market has tough competition among the new emerging and pre-established market vendors. Besides, the automotive differential industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the vehicle type, the market is categorized into Passenger Cars, Commercial Vehicles, and Electric Vehicles. The Commercial Vehicles segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the Electrical Vehicle seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the Commercial vehicle segment is largely ascribed to the requirement of high-performance differential assemblies to perform driving operations in various vehicles.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the automotive differential market in this region is mostly ascribed to the increasing vehicle production in countries such as China, who is a key contributor and India. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the growing adoption of automotive differential by companies to compete against other regional players.
The major players of the global automotive differential market are Melrose Industries PLC, Eaton, American Axle & Manufacturing, Inc., Dana Limited, BorgWarner Inc., Linamar Corporation, Schaeffler AG, ZF Friedrichshafen AG, JTEKT Corporation, Continental AG, Auburn Gear, LLC, Neapco Holdings LLC, Magna International Inc., Drexler Companies Inc., RT Quaife Engineering Ltd., Xtrac Ltd, NSK Ltd., Bharat Gears Ltd., CUSCO Japan co.,ltd. Renowned companies are offering new automotive differential. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Augmented Analytics Market
Type Overview, 2019-2028 (USD Million)
- Electronic Limited-Slip Differential (ELSD)
- Locking Differential
- Limited-Slip Differential (LSD)
- Open Differential
- Torque Vectoring Differential
Driver Type Overview, 2019-2028 (USD Million)
- Front Wheel Drive (FWD)
- Rear Wheel Drive (RWD)
- All-wheel drive (AWD)/Four Wheel Drive (4WD)
Vehicle Type Overview, 2019-2028 (USD Million)
- Passenger Car
- Commercial Vehicle
- Electric Vehicle
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America