The global automotive differential market is anticipated to experience significant growth, reaching a projected value of $32,293.6 million by 2030. This important component of the automotive drivetrain allows for effective turning and driving operations by enabling different drive wheels. The market is being driven by the increased use of AWD and 4WD vehicles, a growing demand for commercial vehicles, and an uptick in the need for lightweight and high-performance automotive components.
In 2020, Asia-Pacific was the leading revenue contributor, accounting for $8,583.6 million, and is expected to reach $14,435.2 million by 2030, with a compound annual growth rate (CAGR) of 5.4%. The IC engine passenger car segment held the largest share in 2020, making up over two-thirds of the global automotive differential market, and is projected to maintain its lead in terms of revenue during the forecast period. However, the electric vehicle segment is expected to demonstrate the highest CAGR of 9.5% from 2021 to 2030.
The automotive differential market is also influenced by the development of electronically limited-slip differentials and the increasing demand from developing countries. Despite the opportunities, the production of vehicles with in-wheel electric motors and the decline in production and sales of vehicles are expected to impede market growth.
A detailed segmentation of the global automotive differential market based on drive type, vehicle type, type, and region is crucial for understanding the market landscape.
Key players dominating the market include MELROSE INDUSTRIES PLC, DANA INCORPORATED, HYUNDAI WIA CORPORATION, AMERICAN AXLE & MANUFACTURING, INC., ZF FRIEDRICHSHAFEN AG, JTEKT CORPORATION, LINAMAR CORPORATION, SCHAEFFLER GROUP, EATON, and BORGWARNER INC.
Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the total share, and is expected to maintain its dominant share by 2030. Additionally, this region is projected to exhibit the fastest CAGR of 5.4% during the forecast period.
Factors such as the increased adoption of AWD and 4WD vehicles, demand for commercial vehicles, and the need for lightweight and high-performance automotive components are driving the growth of the global automotive differential market. However, the rise in production of vehicles with in-wheel electric motors and the decrease in production and sales of vehicles are anticipated to restrict market growth during the forecast period.
It is imperative for industry players to closely monitor these trends and forecasts to stay ahead in this dynamic market.
For further related studies, please refer to the following published reports:
Automotive Air Filters Market
Automotive Brake System Market
Automotive Trim Market
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