The automotive differential system market 2020 is expected to gain traction. The system is used in automobiles to move it smoothly. It provides different speeds to different wheels for smooth turnings. This system is necessary because it splits the torque and engine power into two components, leading to the coverage of a larger circumference for turning the vehicle. It is a crucial part of automobiles and is expected to witness demand growth in the foreseeable future. In an assessment provided by Market Research Future (MRFR) recently, the global automotive differential system market is projected to register 5% CAGR over the forecast period 2018 to 2023.
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The differential system is a core part of any automobile. Increasing demand for automobiles is projected to catalyze the growth rate of the automotive differential system market in the upcoming years. Rising demand for passenger cars is prognosticated to drive market growth over the forecast period. Urbanization and increasing income levels are expected to boost the demand for these systems by increasing demand for automobiles. In addition, governments are also being encouraged to invest in the expansion of public transportation. It is further anticipated to influence the automotive differential system market greatly in the coming years.
Key manufacturers are emphasizing on innovations to capitalize on the opportunities in the automotive differential system market. The growth rate of the automotive industry is poised to motivate the augmentation of the automotive differential system market. Furthermore, rising number of accidents have led to the implementation of stricter regulations. It is prognosticated to boost the installation of these systems in the years to come. Thus, the automotive differential system market exhibits strong growth potential. It is anticipated to witness steady and constant growth in the upcoming years. Rising demand for commercial vehicle is anticipated to accelerate revenue growth for the market players and expand automotive differential system market size. However, a shift is being noticed towards electric vehicles. This can pose a challenge to the participants of the automotive differential system market.
On the basis of drive type, the automotive differential system market has been segmented into 2WD and 4WD.
Based on type, the segmental analysis of the automotive differential system market covers electronic limited slip differential (ELSD), torque vectoring differential, open differential, and locking differential and limited slip differential (LSD).
On the basis of component, the automotive differential system market has been segmented into differential case, differential gear, and differential bearing.
Based on vehicle type, the segments of the automotive differential system market are passenger car, truck, bus, commercial vehicle, and off-highway vehicles.
Based on propulsion, the automotive differential system market is divided into ICE and Hybrid vehicles.
The geographical evaluation of the automotive differential system market spans across four regions – North America, Asia-Pacific, Europe, and the Rest of the World (RoW). These regions are assessed further for providing a detailed country-level study of the market. Asia Pacific is supposed to secure the forefront position. Increasing awareness about road safety is one of the major drivers of the automotive differential system market. In addition, urbanization leading to increasing sales of automobiles is also expected to boost the growth trajectory of the automotive differential system market in the upcoming years. North America is also anticipated to contribute to revenue growth substantially. This can be attributed to the booming automotive industry in the region.
ZF Friedrichshafen AG (Germany), BorgWarnerInc. (US), Eaton (Ireland), Schaeffler AG (Germany), JTEKT Corporation (Japan), GKN plc (UK), Dana Limited (US), neapco (US), DREXLER AUTOMOTIVE (Germany), and Powertrax (US) are few of the major players of the automotive differential system market.
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