Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Automotive Differential System Market.
Many other sectors have seen a downward spike due to the pandemic, but the automotive industry has not much effect on it. A new study came out by Market Research Future on the global automotive differential market 2020, reveals that steady growth is expected to record in the current time. While, in the years from 2018 to 2023, the global automotive differential market would rise at a pace of 5%.
Top Impacting Factors
The differential system plays a pivotal role in automobiles. As there are increasing sales of vehicles, passengers, and commercials worldwide, a positive impact could be assessed in the automotive differential system that has garner high valuations in the past. The sales of passenger and the commercial vehicle crossed 93.9 million marks in the year 2016, globally, which was approximately 4.5% higher than that in the year 2015. The overall rise in demand for vehicles is further anticipated to surge globally, owing to the numerous finance options and the disposable income available.
At the same time, new technologies identified as electronic traction control has provided much better control than previous times. Wheels adjust as per the wet roads, terrain, and slippery surfaces. Automotive differential systems practically have no alternatives; however, automotive differential systems can be internally substituted based on the various types of differentials.
Other than this, strong demand for crossovers and SUVs across regions of the U.S. and Europe due to comfortable rides and spare boot space is the prime factor for the growth of the global automotive differential market. Also, a decline in auto loan interest rates leading to escalating car sales across the U.S. is yet another driving factor for the global automotive differential market over the assessment period.
In fact, some more factors such as quiet and smooth operation, simple design, and no requirement of friction modifiers by limited-slip differentials are likely to drive the market of automotive differential over the next decade. The study also mentions some trends, such as the adoption of the electronically controlled limited-slip differential system in mid-segment cars, and the surged focus of automotive manufacturers to substitute mechanical components or parts with compact electronic components that are gaining traction in the market and thus contributing in growth course. This is owing to its full traction benefit, handling benefits, and driving benefits during unexpected yaw dampening and demand for electronic parts over mechanical parts to minimized wear and tear, resulting in cutting down the maintenance costs.
Segmentation of Market: Automotive Differential System
The global automotive differential market is further segmented among the segments of drive, type, component, vehicle, and propulsion.
In terms of the drive type segment, the market has included 2WD and 4WD.
In terms of type, the market has included open differential, limited electronic slip differential (ELSD), locking differential, torque vectoring differential, and limited-slip differential (LSD).
In terms of component segment, the market has included the differential case, differential gear, and differential bearing.
In terms of vehicle type segment, the market has included commercial vehicle, passenger car, bus, truck, and off-highway vehicles.
In terms of the propulsion segment, the market has included ICE and Hybrid vehicles.
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Geographically, the global automotive differential market, has further been studied for the major regions—Europe, North America, Asia-Pacific, and the Rest of the World.
Asia-Pacific is estimated to set as the highest revenue market share throughout the forecast period owing to surged awareness concerning growing urbanization, safety, and rising aftermarket industry, which is expected to boost the market size for automotive differentials in this region. Also, the increased production and sales of automobiles have the potential to augment further the growth for the automotive differential system market in Asia-Pacific. The countries in the Asia Pacific such as China, South Korea, and India are prominent manufacturers and assemblers of vehicles. Thus, the demand for differential systems in these countries has chances to increase in the near future.
North America is also in the same line to gain traction in the future, owing to the rising demand for passenger cars. The markets in Latin America and Eastern Europe, automotive differential are likely to garner sluggish growth as the two-wheel-drive is much popular that would decline the growth of the market.
In the last, the Middle East and Africa automotive differential market might show steady growth since the adoption of advanced technology correlated to four-wheel drive in countries such as UAE, Qatar, and Saudi Arabia is moderately high.
Top Market Players
The top-spurring players in the global automotive differential system market are Eaton (Ireland), Z.F. Friedrichshafen AG (Germany), Schaeffler AG (Germany), BorgWarnerInc. (U.S.), JTEKT Corporation (Japan), GKN plc (U.K.), DREXLER AUTOMOTIVE (Germany), Dana Limited (U.S.),neapco (U.S.), and Powertrax (U.S.).