Automotive differential market
DUBLIN, April 26, 2024 (Globe Newswire) — The “Automotive Differentials Market Report by Type, Drive Type, Vehicle, Component, Vehicle Propulsion Type, and Region 2024-2032” report has been added. ResearchAndMarkets.com Recruitment.
The global automotive differential market is experiencing significant growth, reaching a robust market size of USD 21.7 billion in 2023. This upward trajectory is expected to continue with a projected compound annual growth rate (CAGR) of 5.2% during the 2023 forecast period. Key growth drivers include rapid growth in global vehicle production, pivotal technological advances, and increasing demand for electric and hybrid vehicles.
Advances in automotive technology are at the heart of the expanding automotive differential market. Innovations in design, materials, and manufacturing processes will greatly contribute to the development of more efficient, lighter, and more adaptable differential systems. Integration of advanced vehicle systems such as differential and traction control improves vehicle performance and handling, thereby driving market growth. Rapid increase in electric and hybrid vehicles
As the automotive industry moves towards sustainability, demand for electric and hybrid vehicles (EVs and HEVs) is increasing. As a result, the requirement for automotive differentials compatible with these new propulsion systems is driving market expansion. Government incentives and advances in battery and charging technology are making EVs and HEVs even more attractive.
Market segmentation highlights
Comprehensive market analysis shows that open differentials dominate due to their simple design and cost-effectiveness. Front-wheel drive (FWD) leads the drive type segment due to affordability and efficiency. Passenger cars are widely used as a means of personal transportation and maintain their dominance in the vehicle field. Among the components, the differential gear is extremely important given its fundamental role in vehicle handling.
Regional market insights
Asia Pacific region shows clear dominance in the automotive differential market and accounts for the most significant share. This advantage is driven by the region’s rapid economic growth, infrastructure development, and burgeoning automotive industry presence.
Competitive environment and major companies
The competitive environment reflects a market characterized by major companies engaged in research, development, strategic alliances, and expansion of manufacturing and sales operations. These efforts are aimed at introducing new technologies, capturing emerging markets, and meeting the growing demand for advanced differential systems.
market outlook
The outlook for the automotive differential market remains strong as industry players take advantage of the challenges and opportunities of the evolving automotive landscape. Continuing advances in automotive production, coupled with technological innovation and the promotion of environmental sustainability, set the stage for sustained market growth in the coming years.
Key attributes:
|
report attributes |
detail |
|
number of pages |
147 |
|
Forecast period |
2023-2032 |
|
Estimated market value in 2023 (USD) |
21.7 billion USD |
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Projected market value to 2032 (USD) |
34.1 billion USD |
|
compound annual growth rate |
5.2% |
|
Target area |
global |
Featured companies
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American Axle and Manufacturing Inc.
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BorgWarner Co., Ltd.
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Continental AG
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dana limited
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Eaton Corporation Co., Ltd.
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GKN Plc (Melrose Industries)
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JTEKT Corporation (Toyota Motor Corporation)
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Linamar Co., Ltd.
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power tracks
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Schaeffler Group
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ZF Friedrichshafen AG
For more information on this report, please visit https://www.researchandmarkets.com/r/n69dei.
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