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According to a recent report published by Allied Market Research, titled, “Automotive Differential Market by Drive Type, Vehicle Type, and Type: Opportunity Analysis and Industry Forecast, 2020–2027,”The global automotive differential market was valued at $22.4 billion in 2019, and is projected to reach $31.6 billion by 2027, registering a CAGR of 4.4%.
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Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. China led the global automotive differential market share in 2019, and is expected to grow at a significant rate during the forecast period due to wide presence of automotive manufacturers across the country.
Automotive differential is a part of front and/or rear axle assembly that plays an integral role in a vehicle, and is designed to allow moving of wheels at different speeds. It is a part of automotive driveline, which transmits the desired torque and power to the wheels to perform driving operations. The primary function of this system is to provide proportional RPMs between two connected wheels. Moreover, the sale of differential assemblies is directly driven by automotive production activities across the globe. These procurements are completed through contracts and agreements between original equipment manufacturers and differential assemblies’ manufacturers.
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Asia-Pacific and Europe are leading consumers of automotive differential, and are expected to maintain this trend during the forecast period. India is growing at a significant rate, owing to government initiatives, such as self-reliant India, to boost its production activities and enhance automotive manufacturer’s production outlook.
The growth of the global automotive differential market is majorly attributed to increasing penetration of AWD & 4WD vehicles and rise in demand for commercial vehicles. Product launch, collaboration, and product development are the key strategies adopted by major players operating in the global automotive differential market. However, decreasing production and sales of automotive from the last two years and rise in production of vehicles with in-wheel electric motors hinder the market growth. Conversely, winning contract/agreement as the key strategy to gain competitive advantage and production of electronic limited slip differentials are expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The sale of automotive differential is directly associated with automotive production and sales activities across the globe. The spread of the COVID-19 pandemic has negatively impacted the global automotive differential market, owing to commute restrictions and expected weak financial performance of the market players in 2020. The COVID-19 crisis is creating uncertainty in the automotive differential market by slowing down the supply chains, hampering business growth, creating uncertain demand scenarios, and increasing panic among the customer segments.
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Key Findings Of The Study
By drive type, the all-wheel drive (AWD)/four-wheel drive (4WD) segment is expected to register significant growth during the forecast period.
On the basis of vehicle type, the passenger car segment is projected to lead the global market in terms of market share by the end of the forecast period.
Depending on type, the electronic limited slip differential segment is expected to register significant CAGR during the forecast period.
Asia-Pacific dominated the market in 2019, and is projected to lead the market growth and maintain its dominance in the global market.
The key players profiled in the report are American Axle & Manufacturing, Inc. (AAM), BorgWarner Inc., Dana Incorporated, Eaton, Hyundai Wia Corporation, JTEKT Corporation, Linamar Corporation, Melrose Industries PLC, Schaeffler Group, and ZF Friedrichshafen AG.
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Organization: Allied Market Research
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