Portland, OR, May 06, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive differential market accounted for $19.16 billion in 2018, and is projected to garner $28.57 billion by 2026, growing at a CAGR of 5.2% from 2019 to 2026.
Rise in demand for commercial vehicles and rise in automobile manufacturing have boosted the growth of the global automotive differential market. However, surge in manufacturing of vehicles with in-wheel electric motors hampers the market. On the contrary, manufacturing of electronic limited-slip differential is expected to open new opportunities for the market players in the coming years.
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Covid-19 scenario: The emergence of Covid-19 has greatly affected the global automotive differential market.
- According to the Covid-19 impact assessment presented by LMC Automotive Limited, around 78% of companies lack enough staff to run a full production line.
- As the majority of the auto supply chain is connected to China, it would impact negatively on the sale of automotive differential market.
- However, government relief funds are expected to minimize the overall impact on market growth.
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The global automotive differential market is segmented on the basis of drive type, vehicle type, type, and geography. Based on drive type, the market is categorized into front-wheel drive (FWD), and rear-wheel drive (RWD). The AWD segment is projected to manifest the highest CAGR of 6.1% during the forecast period. However, the FWD segment held the largest share in 2018, accounting for more than half of the market.
On the basis of vehicle type, the market is divided into passenger car, commercial vehicle, and electric vehicle. The electric vehicle segment is projected to portray the highest CAGR of 13.6% during the forecast period. However, the passenger car segment dominated the market in 2018, accounting for more than four-fifths of the market.
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The global automotive differential market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across the Asia-Pacific region held the largest share in 2018, contributing to more than two-fifths of the market. Moreover, the region is expected to register the highest CAGR of 6.4% during the forecast period.
The global automotive differential market report includes an in-depth analysis of the major market players such as GKN, Dana, Eaton, Schaeffler Technologies AG & Co. KG, ZF Friedrichshafen AG, Continental AG, BorgWarner Inc., American Axle & Manufacturing Inc., JTEKT Corporation, and Linamar Corporation.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.