Portland, OR, May 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive differential market was pegged at $22.39 billion in 2019 and is estimated to hit $31.63 billion by 2027, registering a CAGR of 4.4% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Rise in penetration of AWD and 4WD vehicles and surge in demand for commercial vehicles fuel the growth of the global automotive differential market. On the other hand, decline in production and sales of automotive in the past two years impede the growth to some extent. However, winning contract/agreement to gain competitive advantage and production of electronic limited slip differentials would create lucrative opportunities in the industry.
Covid-19 Scenario
- The outbreak of the pandemic led to distorted supply chain and lack of skilled labor force, especially during the initial phase of the lockdown.
- Decrease in the production of automotive affected the sales of automotive differential.
- However, with the mass rollout of vaccination in most countries across the world, the market is expected to recoup soon.
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The global automotive differential market report is analyzed across drive type, vehicle type, type, and region. On the basis of drive-type, the front wheel drive segment contributed to around half of the total market share in 2019, and is expected to lead the trail by 2027. Simultaneously, the All-Wheel Drive (AWD)/Four Wheel Drive (4WD) segment is expected to portray the fastest CAGR of 5.6% from 2020 to 2027.
On the basis of type, the open segment held the major share in 2019, generating around one-third of the global automotive differential market. The electronic limited slip differential segment, on the other hand, is projected to cite the fastest CAGR of 6.8% during the forecast period.
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On the basis of region, Asia-Pacific garnered more than two-fifths of the total market revenue in 2019, and is anticipated to dominate the market by the end of 2027. The region would also grow at the fastest CAGR of 5.4% throughout the forecast period. The other regions analyzed through the report include North America, Europe, and LAMEA.
The leading market players analyzed in the global automotive differential market report include BorgWarner Inc., Eaton, Melrose Industries PLC, American Axle & Manufacturing, Inc. (AAM), Dana Incorporated, Hyundai Wia Corporation, JTEKT Corporation, Linamar Corporation, Schaeffler Group, and ZF Friedrichshafen AG.
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