Global Automotive Differential Market Overview 2024: Size, Growth Rate, and Segments
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The automotive differential global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Differential Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Automotive Differential Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Differential Market Overview
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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
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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