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Automotive Differential Market OverviewAutomotive differentials are designed to drive a pair of wheels and to allow them to rotate at different speeds. Further, differential offers vehicle a better traction on road by allowing he wheels to rotate at different speeds.
Market Size and Forecast
Global automotive differentials market is anticipated to grow at considerable compound annual growth rate during the forecast period. Furthermore, the market of automotive differential is thriving on the back of growing automotive industry across the globe. Increasing number of vehicles on road is likely to augment the growth of Global Automotive Differential Market over the forecast period.
In terms of regional platform, the market is divided into North America, Asia Pacific, Europe, Latin America and Middle East & Africa regions. Further, Asia Pacific automotive differential market is likely to dominate the global automotive differential market by the end of forecast period. Increasing sales of passenger cars in Asian countries such as India and China is expected to bolster the growth of automotive differentials market in Asia Pacific region in upcoming years.
Apart from Asia Pacific, Europe automotive differential market is expected to grow at significant pace over the forecast period. Growing sales of electric vehicles in this region is augmenting the growth of automotive differentials market in Europe.
Further, the automotive differentials market is segmented into type which includes open differential, locking differential, limited-slip differential, and torque-vectoring differential. The open differential segment by type is projected to grow at substantial pace over the forecast period. Open differential are generally found in sedan and other economy vehicles. Additionally, rising sales new passenger cars across all regions is accepted to bolster the growth of this segment during the predicted period.
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By Region
Global automotive differential market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Turkey, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, South Korea, Malaysia Australia, New Zealand, South Korea & Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and North Africa (GCC, Israel, North Africa, South Africa & Rest of Middle East) Market Size and Y-O-Y Growth Analysis
Growth Drivers & Challenges
The increasing sales of vehicles are the major factor which is responsible for the growth of automotive differential market. In addition to this, the global automotive industry is driven by a number of factors such as rinsing consumer’s affordability, growing income of consumers and availability of easy financing options to buy a vehicle. Further, this growth in automotive industry is fuelling the growth of automotive differential market.
Additionally, changing lifestyle of consumers and rising preference for cars over motor bikes is a key factor which has led leading automakers to expand their production range to meet the increasing demand for vehicles across all regions. For instance, total global production of cars in 2016 reached 72,105,435 as compared to 68,539,516 in 2015. Automakers such as Jaguar Land Rovers and BMW are executing aggressive expansion plan to boost the production and sales of the company across the globe. This factor is projected to bolster the growth of automotive differential market in future.
Growing popularity of Elsd (Electric Limited slip differentials) due to its features such as better torque distribution and better handling during string curves is likely to drive the growth of automotive differential market over the forecast period. Manufacturers are advancing their automotive parts to improve the performance of the vehicles. For instance, Mitsubishi's active center differential lets drivers to choose specific presets according driving situations such as while driving on the road, gravel or snow.
However, factors which are limiting the sales of new vehicle such as presence of on-demand taxi operators and growing preference for public transport among a part of population are projected to adversely affect the growth of global automotive differential market over the forecast period.
Key Players
GKN plc, Eaton, Auburn Gear LLC, American Axle & Manufacturing, Inc., Powertrax, JTEKT Corporation, Neapco, Dana Limited, ZF Friedrichshafen AG, BorgWarner Inc., Other Notable Players
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