RISE IN HEAVY-COMMERCIAL VEHICLES TO BOOST THE AUTOMOTIVE DIFFERENTIAL MARKET
Automotive Differential Market: Key Highlights
- According to the new market research report “Automotive Differential Market by Type (Open Differential, Limited-Slip Differential, Electronically Controlled Limited-Slip Differential, Locking Differential and Torque-Vectoring Differential), By Drive Type (Front-Wheel Drive, Rear-Wheel Drive, and Four Wheel Drive / All-Wheel Drive), by Component (Differential Gears, Differential Case, Differential Pin, Differential Bearings, and Others), By Vehicle Type (Internal Combustion Engine, Electric Vehicles), By Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2019 to 2027)”, the automotive differential market is estimated to reach around USD 31.8 Billion by 2027 at a CAGR of around 4.42% during the review period
- Rise in heavy-commercial vehicles is a key factor driving the demand for the automotive differential market
- However, the growing adoption of electric vehicles remain a major restraining factor for the market growth
Automotive Differential Market: Key Market Dynamics
- Increase in automobile production in developing nations and economic growth has increased the demand for automotive differential market
- Rise in urbanization and industrial production has increased the demand for heavy commercial vehicles which is directly boosting the automotive differential market growth
- Differentials are an essential component in all-wheel-drive vehicles which help the wheels to spin at a different speed
- Adoption of electronic limited-slip differentials system is anticipated to boost the automotive differential market in the future
- Disadvantages associated with limited-slip differential is likely to act as a challenge for market growth
Automotive Differential Market: Regional Overview
The growth in the Asia-Pacific region is attributed to the high production and sales of automobiles owing to rising per capita income of consumers. This region has witnessed high penetration of automotive differential due to the economic growth and rise in industrialization in countries such as India, China, Australia, and Japan which are expected to boost the market growth.
In Europe, the increasing vehicle production, and changing lifestyle of the consumer are expected to propel the demand for automotive differential market. Furthermore, the increasing demand for passenger cars and customers’ preference towards SUVs and premium vehicles has resulted in boosting the market growth in Europe. Moreover, Germany and France are the leading countries for automobile production which directly propels the automotive differential market growth in this region.
Automotive Differential Market: Key Players Overview
- Melrose Industries PLC:
Melrose Industries PLC is an investment company. The company holds and acquires securities of underperforming businesses primarily in the manufacturing sector. In April 2019, Melrose acquired GKN for USD 11.44 billion, which produces automotive components and aerospace vehicles. Melrose Industries PLC is specialized in turning round troubled manufacturing businesses and sells them on.
- Dana Limited:
Dana Limited manufactures automotive equipment and parts for automobiles, engine, off-highway, heavy truck, and industrial markets. In March 2018, the company got a contract to supply its advanced driveline solutions such as the SmartConnect and Spicer AdvanTEK series all-wheel-drive axle for Volkswagen Crafter 4 Motion panel van.
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