Automotive Differential Market – Analysis with Ongoing Trends & Market Revenue
The Automotive Differential Market
size, by value, is estimated to be USD 22.52 billion in 2018 and is projected
to reach USD 30.17 billion by 2025, at a CAGR of 4.27% from 2018 to 2025. The
increase in demand for light commercial and heavy commercial vehicles,
increased investment in infrastructure to boost the demand for construction
equipment, and hence, the differential has led to the growth of the automotive
differential market.
The decreased emission limits and
increased fuel efficiency limits have fuelled the demand for hybrid vehicles
such as HEVs and PHEVs, which in turn is expected to have a significant impact
on the global differential market. These vehicles mostly come under luxury and
premium segment and hence, require advanced differentials such as limited slip
differential (LSD), electronic LSD, and torque vectoring differential. Also,
these hybrid vehicles come with all wheel
drives which is also the major driving
factor for the differential
market. Torque vectoring differential is also a
major technological advancement in the differential market as it can be equipped to all vehicle types. In a
torque vectoring differential, the differential can decide that what torque
needs to be applied to the wheels. Torque
vectoring differential can use this specific situation to apply more torque to
the outer wheel and lesser to the inner wheel. This
is the most advanced differential in this market, the advantages offered by
this differential makes it an attractive opportunity for the manufacturers.
The electronically controlled
limited slip differential is projected to be a high-growth segment of the
automotive differential market. In an electronically controlled limited-slip
differential a computer provides speed and more precision. When one wheel
slips, more power is provided to the
other wheel leading to improved traction.
The rise in penetration of electronic limited-slip differentials (ELSD) is one
of the major trends that will gain
traction in this market. The increased focus of the automotive OEMs to replace
the mechanical parts with compact
electrical components for fuel-efficiency will result in the adoption of ELSD
in all vehicle segments.
Asia Oceania is estimated to lead
the automotive differential market and will see a significant growth, with
China being the highest contributor for this growth, owing to the increasing
buying capability, stronger political outlook, positive GDP growth, and trade
policies. Also, countries such as China and India have additional advantages like
the availability of low-cost raw materials, low manufacturing costs, and use of domestically produced tools and other
equipment. Hence, the automotive differential market will grow in this region
with the increasing vehicle production.
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The emphasis on the advancement of mobility solutions will foster
the growth of the differential market, and
therefore, players can tap these opportunities. As the automotive industry is
moving toward automation and electrification, there is an increasing trend of
vehicle electrification, semi-autonomous and autonomous vehicles. These
vehicles will show a high requirement of
advanced differentials such as LSD, ELSD, and torque vectoring to maintain the
comfort, safety, and vehicle performance leading to an increase in the requirement of these advanced differentials.
Hence, the need for different differentials is expected to rise in line with
the growing requirement for
electrification, autonomous and semi-autonomous vehicles.
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