PUNE, India, August 13, 2018 /PRNewswire/ --
According to a new market research report "Automotive Differential Market by Type (Open, Locking, LSD, ELSD, and Torque Vectoring), Drive Type (FWD, RWD, and AWD/4 WD), Vehicle Type (PC, LCV, Truck, and Bus), Hybrid Vehicles (HEV and PHEV), Off highway, Components Aftermarket, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is primarily driven by the increasing demand for the vehicles (PCs, LCVs, HCVs). The Automotive Differential Market is projected to grow at a CAGR of 4.27% from 2018 to 2025. From a market size of USD 22.51 billion in 2018, it is projected to reach a market size of USD 30.17 billion by 2025.
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AWD/4WD is estimated to be the largest segment in the Automotive Differential Market
AWD/4WD is estimated to be the largest as well as the fastest growing market for automotive differential during the forecast period. The AWD/4WD drive system differential market is mainly driven by growing demand for SUVs, increasing demand for improved vehicle safety, stability, and enhanced driving dynamics. The AWD/4WD systems find their applications majorly in the premium car segment and SUVs. Improving economic conditions, increasing industrialization, and improving the living standards of the consumers around the world has increased the demand for premium segment cars and SUVs. The AWD/4WD systems consist of two differentials; front and rear and hence, demand for differentials will increase with the growing demand of AWD/4WD systems in the vehicles.
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Electronically controlled limited slip differential is estimated to have the fastest growth in the Automotive Differential Market
The Electronically Controlled Limited Slip Differential (ELSD) is seeing greater adoption rate owing to its better efficiency, unlike mechanical differentials. The ELSD serves the necessity of the mechanical components with more efficiency and durability. Also, it helps in improving the overall fuel efficiency and hence, fulfills several stringent emission norms that is the major factor leading towards the adoption of such components integrated in the vehicles.
Torque vectoring differential is the second fastest growing in the Automotive Differential Market. This differential has the ability to decide what torque needs to be applied to the wheels. The vehicle maintains its traction and does not slip even at higher speeds. Torque vectoring differential can send up to 100% of the available torque to a single wheel. The advantages offered by this differential makes it the most attractive opportunity for the manufacturers and thus, the market for torque vectoring differential will grow in future and therefore, the differential market.
Asia Oceania is estimated to be the leading market for the Automotive Differential Market
The study considers countries such as China, Japan, India, South Korea, and Thailand in the Asia Oceania region. These countries are witnessing a huge population growth. With the availability of economic labor, lenient regulations for environment and safety, and increased FDI for the automotive industry in countries such as India, and growing demand for vehicles, OEMs, and system/component suppliers have shifted their focus to this region. Also, growing inclination toward all wheel and four wheel drives integrated vehicles in the Asian countries have increased the popularity of the off-road vehicles and sports cars. These vehicles are equipped with one or two differentials which ultimately increases the differential requirement per vehicle and hence, the Automotive Differential Market.
The Automotive Differential Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers and suppliers in the Automotive Differential Market are GKN (UK), Eaton (Ireland), American Axle (US), JTEKT (Japan), Dana (US), BorgWarner (US), Linamar (Canada), Schaeffler (Germany), ZF (Germany), and Continental (Germany).
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