Automotive Differential Market Size 2022-2030 : Latest Technology, Growth | Schaeffler Group , Zf Friedrichshafen Ag
The automotive differential market is forecast to reach $32,291 million by 2030, registering a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2021-2030
New York, United States –The automotive differential market was estimated at $20,530.1 million in 2020. The automotive differential market is forecast to reach $32,291 million by 2030, registering a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2021-2030.
The automotive differential is a fundamental component of the automotive drivetrain that enables several drive wheels to carry out effective driving operations. The differential is required for every type of driving vehicle. These components are installed in between each pair of drive wheels.
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Factors Influencing the Market
The growing adoption of AWD and 4WD vehicles is expected to surge the demand for differentials. The demand for commercial vehicles is increasing day by day. Moreover, to make vehicles more reliable and convenient, lightweight and high-performance automotive components are used. The sales of global commercial vehicles sales rose from 26.9 million units in 2018 to 27 million units in 2019. As a result of growing sales in the coming years, the demand for automotive differentials would ultimately increase.
Emerging industries such as e-commerce, the food industry, and others would increase the demand for automotive differential components. As the companies would expand their services by offering delivery and transportation solutions, the demand for commercial vehicles would ultimately increase. As a result, the adoption of the automotive differential components would rise in the coming years.
Furthermore, the emergence of global potential heavy vehicle manufacturers such as UD Trucks, Scania, and Volvo Trucks & Buses would contribute significantly to the growth of the global automotive differential market. The key players are focusing on expanding their production capacities in developing countries through joint ventures with local manufacturers. Such plans are forecast to present favorable opportunities for local manufacturers.
The growing era of in-wheel electric motors vehicles is expected to slow down the growth of the global automotive differential market during the analysis period.
The advanced Electronically Limited Slip Differentials (ELSD) would boost the growth of the global automotive differential market.
The electronic limited-slip differential improves traction and can be very useful on wet or dry roads, enhancing the handling of high-performance vehicles. Eaton unveiled its next-generation electronic limited-slip differential, which is a traction-management technology that reacts quickly. Such advancements and innovations are forecast to boost market growth in the coming years.
COVID-19 Impact Analysis
COVID-19 has caused a severe drop in vehicle demand, which has a negative impact on the overall automotive differential market. The global automotive differential market witnessed a sudden decline in revenue generation. However, the market is expected to gain rapid recovery because of the growing vehicle production in various regions. The demand for automotive differential is anticipated to rise with the advancements.
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Regional Analysis
The Asia Pacific is forecast to record the highest revenue over the forecast period. China and Japan are two of the region’s key automotive production hubs. As vehicle output rises, demand for automotive differential is likely to climb dramatically. Due to a growing inclination towards all-wheel and four-wheel drive integrated vehicles, off-road vehicles, Asian countries are expected to contribute with favorable results. Moreover, off-road vehicles and sports cars have also grown in popularity in the Asia-pacific region. As a result of the high volume of vehicles produced in the area, the overall demand for automotive differential is growing rapidly.
Key Market Segments
By Vehicle Type
Passenger Car
Commercial Vehicle
Electric vehicle
By Type
Open
Locking
Limited Slip Differential
Electronic limited slip differential
Torque Vectoring
By Drive Type
Front Wheel Drive (FWD)
Rear Wheel Drive (RWD)
All-wheel drive (AWD)/Four Wheel Drive (4WD)
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Competitors in the Market
American Axle & Manufacturing, Inc.
Borgwarner Inc.
Dana Incorporated
Eaton
Hyundai Wia Corporation
Jtekt Corporation
Linamar Corporation
Melrose Industries Plc
Schaeffler Group
Zf Friedrichshafen Ag
Other Prominent Players
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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