Dublin, March 15, 2021 (GLOBE NEWSWIRE) -- The "Automotive Differential Market by Type (Open, Locking, LSD, ELSD, Torque Vectoring), Drive Type (FWD, RWD, AWD/4WD), ICE & Hybrid Vehicle, Off-Highway (Construction & Mining, Ag Tractor, Forklift), Component Aftermarket and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The outbreak of COVID-19 has severely impacted the overall supply chain of the automotive industry. Halt in production and logistics created due to the pandemic has affected raw material suppliers for the automotive industry.
The pandemic has affected the overall growth of the sector, as major automotive players such as Fiat, Volkswagen, PSA Group, General Motors, and BMW had suspended their production due to COVID-19 during the initial period. This scenario is expected to affect the automotive differential market, as the growth of this market is directly related to the production of vehicles. The analysis in the following section provides a detailed view of the impact of COVID-19 on the automotive differential market.
The AWD/4WD systems are primarily used in the premium segment cars and SUVs. Improving economic conditions, increasing industrialization, and improved living standards of consumers around the world have increased the demand for premium segment cars and SUVs.
Following this demand-led growth, key OEMs have begun to focus on the development of customer-centric SUVs, compact SUVs, or MUV models. These factors would consequently influence the market for multi-wheel drive systems, which in turn would drive the demand for the automotive differential.
"Electronic limited slip differential to be the fastest growing differential type of the automotive differential market."
The differentials are now getting replaced by the Electronic Limited Slip Differential (ELSD). The ELSD system provides sufficient torque to each wheel with the help of an electronic control unit. The system is useful in case of slippage, as the extra torque is transferred to the wheels with the most traction. The system offers better handling during high-speed curves and lane changes.
"Asia Oceania to be the largest growing market for Automotive Differential Market"
The Asia Pacific region is estimated to dominate the automotive differential market and is projected to be the fastest growing market during the forecast period. Asia Oceania is projected to lead owing to the large vehicle production compared to other regions. Asia Oceania contributed about 50-55% of the global vehicle production in 2019. With the increase in vehicle production, the demand for automotive differential is projected to grow at a significant rate.
Also, a growing inclination towards all-wheel and four-wheel drive integrated vehicles in Asian countries has increased the popularity of off-road vehicles and sports cars. These factors are likely to attribute to the overall market growth during the forecast period.
The automotive differential market is led by globally established players such as GKN (UK), JTEKT (Japan), Eaton(Ireland), Schaeffler (Germany), American Axle (US) and ZF (Germany).
Increase in Demand for Commercial & Heavy-Duty Vehicles
Increase in Demand for Light Commercial & Heavy Commercial Vehicles
Increased Investment in Infrastructure to Boost the Demand for Construction Equipment & Differential
Increase in Demand for Luxury and Suv Vehicles
Increase in Demand for Electric Vehicles
Increase in Demand for Electric Buses and Trucks
Advancements in Technology
Electronic Limited Slip Differentials
Developing Fail-Safe Electronic and Electrical Components
For more information about this report visit https://www.researchandmarkets.com/r/2wrho0
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