Press release
Automotive Differential Market Size, Share, Value, Trends 2024-2033
Automotive Differential Market Size
Automotive Differential Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $29.27 billion In 2028 At A CAGR Of 5.7% :
The automotive differential market size has grown strongly in recent years. It will grow from $22.22 billion in 2023 to $23.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to growth in the automotive industry and increasing vehicle production, adoption of differential systems for improved vehicle stability and traction, advances in off-road and performance vehicle segments, increased consumer demand for four-wheel-drive and all-wheel-drive vehicles, growing demand for commercial vehicles with heavy-duty capabilities.
The automotive differential market size is expected to see strong growth in the next few years. It will grow to $29.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to surge in demand for electric vehicles with specialized differential systems, integration of advanced driver assistance systems (adas) in differential technology, growth in the off-road and recreational vehicle market, adoption of electronically controlled and torque-vectoring differentials, growing demand for off-road and adventure vehicles . Major trends in the forecast period include advancements in differential technology, such as limited-slip and electronic differentials, use of advanced materials, such as carbon fiber, in differential components, customization of differential systems for specific vehicle models and applications, collaboration between automakers and differential manufacturers .
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Automotive Differential Market Major Segments
The automotive differential market covered in this report is segmented -
1) By Type: Locking Differential, Limited-Slip Differential (LSD), Open Differential, Torque Vectoring Differential
2) By Drive: Front Wheel Drive (FWD, Rear Wheel Drive (RWD), All-wheel drive (AWD)/Four Wheel Drive (4WD)
3) By Vehicle: Passenger Cars, Commercial Vehicles, Electric Vehicles
Key Driver - Suv Popularity Fuels Automotive Differential Market Growth
The rapidly expanding demand for SUVs is significantly contributing to the growth of the automotive differential market going forward. SUVs (sport utility vehicles) are four-wheel-drive vehicles that can be driven over various types of roads. Differentials are a crucial part of all types of vehicles, including SUVs, as they transfer the power from the engines to the wheels and let the wheels spin at different speeds, which helps the vehicle turn smoothly without losing stability or slipping. For instance, in February 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, despite challenges in the supply chain and rising inflation, global SUV sales continued to rise, showing a 3% increase from 2021 to 2022. In 2022, SUVs represented approximately 46% of total global car sales, with significant growth observed in regions including the United States, India, and Europe. Therefore, rapidly expanding demand for SUVs will drive the automotive differential market.
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Prominent Trend - Companies Introduce Innovative Electrified Vehicle Differentials For Market Advancement
Major companies operating in the automotive differential market are introducing innovative products, such as specialized differentials for electrified vehicles, to gain a competitive edge in the market. Specialized differentials for electrified vehicles refer to differential systems or components that are specifically designed or adapted to be used in vehicles powered by electric drivetrains, such as electric cars or hybrid vehicles. For instance, in August 2021, Eaton Corporation, an Ireland-based power management company, launched a range of specialized differentials for electrified vehicles that provide performance comparable to traditional combustion engines. Differentials designed by Eaton are accessible for a variety of electrified vehicles, encompassing hybrid, plug-in hybrid, and battery electric vehicles.
Automotive Differential Market Players
Major companies operating in the automotive differential market report are American Axle & Manufacturing Inc., BorgWarner Inc., Dana Incorporated, Eaton Corporation plc, Hyundai Wia Corporation, JTEKT Corporation, Linamar Corporation, Melrose Industries plc, Schaeffler Technologies AG & Co. KG, ZF Friedrichshafen AG, GKN plc, Drexler Automotive GmbH, Neapco Inc., Magna International Inc., PowerTrax, Auburn Gear Inc., Honda Motor Company Ltd., Toyota Motor Corporation, Volkswagen AG, Mercedes-Benz, Bayerische Motoren Werke AG, Maruti Suzuki India Limited, The General Motors Company, Jiangsu Pacific Precision Forging Co. Ltd., R. T. Quaife Engineering Ltd., Tianjin Tanhas Technology Co. Ltd., Neapco Holdings LLC, Eaton Cummins Automated Transmission Technologies, Zhejiang Wanxiang Group Corporation, GKN Driveline
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive differential market in 2023. The regions covered in the automotive differential market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Differential Market Report Structure
3. Automotive Differential Market Trends And Strategies
4. Automotive Differential Market - Macro Economic Scenario
5. Automotive Differential Market Size And Growth
…..
27. Automotive Differential Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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