According to a recent report published by Allied Market Research, titled, “Automotive Differential Market by Drive Type, Vehicle Type, and Type: Global Opportunity Analysis and Industry Forecast, 2020–2030,” The global automotive differential market was valued at $20,530.1 million in 2020, and is projected to reach $32,293.6 million by 2030, registering a CAGR of 4.7%.
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Prime determinants of growth
Surge in demand for commercial vehicles and significant rise in automobile manufacturing drive the global automotive differential market. However, increase in manufacturing of vehicles with in-wheel electric motors restrain the market growth. On the other hand, manufacturing of electronic limited slip differentials offers new opportunities in coming years.
The front-wheel drive (FWD) segment to maintain its lead position throughout the forecast period
Based on drive type, the front-wheel drive (FWD) segment contributed to more than half of the total share of the global automotive differential market in 2018, and is estimated to maintain its lead position throughout the forecast period. This is due to its attribute to reduce weight, production costs, and fuel consumption. However, the all-wheel drive (AWD) segment is expected to witness the highest CAGR of 6.1% from 2019 to 2026, owing to increase in power and better control than other wheel drive systems along with improved handling proficiencies on different surfaces.
The passenger car segment to continue its dominant position in terms of revenue by 2026
Based on vehicle type, the passenger car segment held the highest market share of the global automotive differential market, contributing to more than four-fifths of the total market share in 2018, and is estimated to continue its dominant position in terms of revenue by 2026. This is due to increase in infrastructural development activities. However, the electric vehicle segment is expected to register the fastest CAGR of 13.6% from 2019 to 2026. This is attributed to increase in demand for fuel efficient vehicles and government regulations for emission reduction.
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Asia-Pacific to offer lucrative opportunities, North America to grow at moderate pace
Based on region, Asia-Pacific accounted for the highest share on the basis of revenue, contributing to more than two-fifths of the global automotive differential market in 2018, and is expected to continue its highest share during the forecast period. Moreover, this region is projected to register the fastest CAGR of 6.4% from 2019 to 2026. It is a lucrative segment, owing to surge in demand for commercial vehicles and the growth of the automotive industry. However, North America held nearly one-fifth of the total market share in 2018 and is estimated to grow at moderate pace.
Leading market players
- GKN
- Eaton
- Dana
- ZF Friedrichshafen AG
- Schaeffler Technologies AG & Co. KG
- BorgWarner Inc.
- Continental AG
- JTEKT Corporation
- American Axle & Manufacturing Inc.
- Linamar Corporation
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