Market Analysis
The global automotive differential system market size is predicted to grow at a 5% CAGR between 2018- 2023 states the recent Market Research Future (MRFR) analysis. The automotive differential system has been specially designed for driving a pair of wheels and allowing the same to route at various speeds. Limited-slip differential (LSD), torque vectoring differential, locking differential, limited electronic slip differential (ELSD), and open differential are the different types of automotive differential system.
Various factors are propelling the global automotive differential system market share. As per the current MRFR report, such factors include the growing need for fuel efficiency and better traction on roads, burgeoning need for heavy and light commercial cars, increasing investment to develop improved infrastructure, growing disposable income, and preference for luxury cars. Additional factors adding market growth include rising vehicle production, booming automotive industry, adoption of advanced technology, and innovation in design.
On the contrary, the burgeoning demand for electric cars coupled with the current COVID-19 impact are some factors that may limit the global automotive differential system market growth over the forecast period.
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Key Players
Eminent players profiled in the global automotive differential market report include Powertrax (US), Neapco (US), DREXLER AUTOMOTIVE (Germany), Dana Limited (US), JTEKT Corporation (Japan), GKN Plc (UK), Schaeffler AG (Germany), BorgWarnerInc. (US), Eaton (Ireland), ZF Friedrichshafen AG (Germany), and others. Industry players have incorporated different strategies to create a niche in the market and also cater to consumers growing needs such as acquisitions and mergers, partnerships, joint ventures and collaborations, extensive RD, strategic alliances, geographic locations, and many others.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global automotive differential system market based on propulsion, vehicle, component, type, and drive.
By drive, the global automotive differential system market is segmented into 4WD and 2WD. Of these, the 4WD segment will lead the market over the forecast period.
By type, the global automotive differential system market is segmented into limited-slip differential (LSD), torque vectoring differential, locking differential, limited electronic slip differential (ELSD), and open differential.
By component, the global automotive differential system market is segmented into differential bearing, differential gear, and differential case.
By vehicle, the global automotive differential system market is segmented into off-highway vehicles, truck, bus, passenger car, and commercial vehicle. Among these, the passenger car segment will dominate the market over the forecast period.
By propulsion, the global automotive differential system market is segmented into hybrid vehicles and ICE.
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Region Analysis
Based on the region, the global automotive differential system market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, the APAC region is predicted to have lions share over the forecast period. Growing awareness, growing urbanization, booming aftermarket industry, and increased production sales of automobiles are adding to the global automotive differential system market growth. India, South Korea, and China have the largest share in the market.
The global automotive differential system market in Europe is predicted to hold the second-largest share over the forecast period for the growing demand for passenger cars.
The global automotive differential system market in North America is predicted to have healthy growth over the forecast period. Burgeoning demand for passenger cars is adding to the global automotive differential system market growth in the region.
The global automotive differential system market in the RoW is predicted to have steady growth over the forecast period. The growing adoption of advanced technology related to four-wheel drive in Saudi Arabia, Qatar, and the UAE, is adding to the global automotive differential system market growth over the forecast period.
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