As per the report published by Fior Markets, the Global automotive differential market is expected to reach USD 43.2 Billion by 2025 at a CAGR of 4.8% from 2018 to 2025. The Asia Pacific market is expected to witness substantial growth over the next decade. This growth is witnessed in the wake of ample opportunities offered due to presence of large manufacturing hubs across the food and packaging, automotive, pharmaceutical, industrial, and consumer electronic sectors
Global Automotive Differential Market By Differential Type (Electronic Limited-Slip Differential, Locking Differential and Others), Drive Type, Vehicle Type, Hybrid Type, Off-Highway Vehicle Type, Component, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Prominent companies in the industry include ZF Friedrichshafen AG, Eaton, BorgWarner, Schaeffler, GKN PLC among others. Developing and developed economies (U.S, Germany, U.K, China and Japan) are focusing their attention in research and development of new opportunities for the growth of the market. Despite of holding a small share as compared to other major manufacturers BorgWarner captures a good position in the differential market for vehicles
The Differential Type is categorised Electronic Limited-Slip Differential (ELSD), Locking Differential, Limited-Slip Differential (LSD), Open Differential, Torque Vectoring Differential). The open differential segment is dominating the automotive differential market with USD 8.28 Billion in 2017. Drive Type is segmented into Front Wheel Drive (FWD), Rear Wheel Drive (RWD), All Wheel Drive/ Four Wheel Drive (AWD/4WD). All-Wheel Drive/ Four Wheel Drive (AWD/4WD) segment is anticipated to grow with the highest CAGR over the forecast period. Vehicle Type is bifurcated into Passenger Car (PC), Light Commercial Vehicle (LCV), Truck and Bus. The passenger cars held market share of 43.5% in 2017 due to increasing sales of passenger cars and stringent rules and regulation of government. The Hybrid Type is divided into Hybrid Electric Vehicles (HEVS), Plug in Hybrid Electric Vehicles (PHEVS)). The Hybrid Electric Vehicles (HEVS) segment held market share of 64.3% in 2017. Off-Highway vehicle type is segmented into agriculture tractors, construction & mining equipment and forklift. The agriculture tractors segment is dominating the market with the value of USD 10.1 Billion in 2017. Component is divided into differential bearing, differential gear and differential case. The differential bearing segment held the highest market share in 2017 due to increasing demand across the world.
High investment in infrastructure to fuel the demand for construction equipment which acts as a major factor driving the market. Preference of consumers for luxury and SUV vehicles is motivating the manufacturers to achieve new milestones. But rising need for electric buses and trucks may slow down the growth rate of market. Nevertheless, increasing demand for artificial intelligence (AI) in machine vision might boost the market in coming years.
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