According to The Business Research Company’s Automotive Differential, The automotive differential market size has grown strongly in recent years. It will grow from <b>$22.22 billion in 2023 to $23.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. </b> 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.
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The automotive differential market size is expected to see strong growth in the next few years. It will grow to <b>$29.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. </b> 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 .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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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
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. The automotive differential market report table of contents includes:
1. Executive Summary
2. Automotive Differential Market Characteristics
3. Automotive Differential Market Trends And Strategies
4. Automotive Differential Market – Macro Economic Scenario
5. Global Automotive Differential Market Size and Growth
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26. South America Automotive Differential Market
27. Brazil Automotive Differential Market
28. Middle East Automotive Differential Market
29. Africa Automotive Differential Market30. Automotive Differential Market Competitive Landscape And Company Profiles
30. Automotive Differential Market Competitive Landscape And Company Profiles
Top Major Players:
- American Axle & Manufacturing Inc
- BorgWarner Inc
- Dana Incorporated
- Eaton Corporation plc
- Hyundai Wia Corporation
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