Newark, NJ, Jan. 23, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global automotive differential market is expected to grow from USD 29.8 Billion in 2017 to USD 43.2 Billion by 2025, at a CAGR of 4.8% during the forecast period 2019-2025. Rising demand for commercial & heavy-duty vehicles, high investment in infrastructure, preference of consumers for luxury & SUV vehicles the simple design, easy operation of limited-slip differentials with no need of friction modifiers in it are some of the factors driving the growth of the global automotive differential market.
Automotive differential helps the wheels to revolve at different speeds as the outer wheels have to cover a larger circumference, thus, helping in smooth operations. The automotive differential is the part of rear axle assembly of rear-wheel drives which consists of rear drive axles and rear axle housing. The automotive differential is intended to drive the pair of wheels, in a way to rotate at different speeds, this is done to improve driver safety and deliver better vehicle handling. This, automotive differential helps in increasing engine power and reducing the speed at the output. The global automotive differential market is expected to show growth over the forecast period as OEMs are focused towards the four-wheel drive. It enhances fuel-efficiency and increases vehicle performance.
High investment in infrastructure to fuel the demand for construction equipment acts as a major factor driving market growth. Preference of consumers for luxury and SUV vehicles is motivating the manufacturers to achieve new milestones. But the rising need for electric buses and trucks may slow down the growth rate of the market. Nevertheless, increasing demand for artificial intelligence (AI) in machine vision might boost the market in the coming years.
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Key players in the global automotive differential market are ZF Friedrichshafen AG, Eaton, BorgWarner, Schaeffler, GKN PLC, JTEKT Corporation, DANA Limited, and Drexler Automotive GmbH, Neapco Inc., Auburn Gear, LLC, AAM and Jiangsu Pacific Precision Forging Co., Ltd. (PPF) among others.
- BorgWarner is one of the major manufacturers. Despite of holding a small share as compared to other major manufacturers, BorgWarner captures a good position in the automotive differential market for vehicles.
- Companies are following merger and acquisition policy for expansion of market share, customer base and product portfolio. For instance, in November 2019 ZF Friedrichshafen AG and Cree Inc. had announced a strategic partnership, this helps the organization in the development and increase in product portfolio for chassis, axles, structural engineering, or differential gear. This partnership would help the organization in increasing the market share.
Open differential segment valued around USD 8.28 Billion in 2017
The differential type segment is categorised into Electronic Limited-Slip Differential (ELSD), Locking Differential, Limited-Slip Differential (LSD), Open Differential, Torque Vectoring Differential. The open differential segment is dominating the automotive differential market with USD 8.28 Billion in 2017. Now-a-days, many vehicles are equipped with the open differential as it costs low and provides better grip on good condition roads.
All-Wheel Drive/ Four Wheel Drive (AWD/4WD) segment is anticipated to grow with the highest CAGR of 8.7%
Drive Type is segmented into Front Wheel Drive (FWD), Rear Wheel Drive (RWD), All Wheel Drive/ Four Wheel Drive (AWD/4WD). All-Wheel Drive/ Four Wheel Drive (AWD/4WD) segment is anticipated to grow with the highest CAGR of 8.7% over the forecast period. Increasing demand for SUVs is influencing the growth of this segment.
Passenger cars segment valued around USD 12.96 Billion in 2017
Vehicle Type is bifurcated into Passenger Car (PC), Light Commercial Vehicle (LCV), Truck and Bus. The passenger cars dominated the market in 2017. It is due to increasing sales of passenger cars and stringent rules and regulation of government.
Hybrid Electric Vehicles (HEVS) segment held the highest market share of 64.3% in 2017
The Hybrid Type is divided into Hybrid Electric Vehicles (HEVS), Plug-in Hybrid Electric Vehicles (PHEVS)). The Hybrid Electric Vehicles (HEVS) segment held the highest market share in 2017, EVs are premium vehicles in terms of their price range and features offered and are fuel economic.
Agriculture tractors segment held the largest market share of 33.60% in 2017
Off-Highway vehicle type is segmented into agriculture tractors, construction & mining equipment and forklift. The agriculture tractors segment held the largest market share in 2017 as it is the fastest-growing for automotive differential due to the increasing global population, degradation of soil fertility and irregular climatic changes.
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The differential bearing segment held the market share of 45.6% in 2017
The component segment is divided into differential bearing, differential gear and differential case. The differential bearing segment held the highest market share in 2017 due to increasing demand across the world.
Regional Segment Analysis of the Automotive Differential Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific dominated the market with the highest share of 52.5% in 2017 whereas the Europe region was growing at a good pace in the market. The Asia Pacific region is a major manufacturing hub owing to the presence of a large number of contract manufacturers as well as high adoption of automation processes, these were some of the factors that led to the growth of the automotive differential market in this region. Europe is the second fastest-growing region due to the increasing demand for luxury and comfortable cars like SUVS market which have paved the way for more technological advancement.
About the report:
The global automotive differential market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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