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The Automotive Differential Market size, by value, is estimated to be USD 18.4 billion in 2020 and is projected to reach USD 23.2 billion by 2025, at a CAGR of 4.7% from 2020 to 2025. However, halt in vehicle production across the globe have impacted the automotive differential market. Despite this, owing to increase installation of automotive electronics and increasing demand for comfort features in vehicles the market is expected to recover in the last quarter of 2020. The automotive differential market is estimated to observe a decline post-COVID-19 due to the impact on vehicle production. The increase in demand for light commercial and heavy commercial vehicles, increasing investment in infrastructure post COVID-19 pandemic is expected to boost the demand for construction equipment, and hence, the differential has led to the growth of the automotive differential market.
The decreased emission limits and increased fuel efficiency limits have fueled the demand for hybrid vehicles such PHEVs, which in turn is expected to have a significant impact on the global differential market. These vehicles mostly come under luxury and premium segment and hence, require advanced differentials such as limited slip differential (LSD), electronic LSD, and torque vectoring differential. Also, these hybrid vehicles come with all wheel drives which is also the major driving factor for the differential market. Torque vectoring differential is also a major technological advancement in the differential market as it can be equipped to all vehicle types. In a torque vectoring differential, the differential can decide that what torque needs to be applied to the wheels. Torque vectoring differential can use this specific situation to apply more torque to the outer wheel and lesser to the inner wheel. This is the most advanced differential in this market, the advantages offered by this differential makes it an attractive opportunity for the manufacturers.
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The electronically controlled limited slip differential is projected to be a high-growth segment of the automotive differential market. In an electronically controlled limited-slip differential a computer provides speed and more precision. When one-wheel slips, more power is provided to the other wheel leading to improved traction. The rise in penetration of electronic limited-slip differentials (ELSD) is one of the major trends that will gain traction in this market. The increased focus of the automotive OEMs to replace the mechanical parts with compact electrical components for fuel-efficiency will result in the adoption of ELSD in all vehicle segments.
Asia Oceania is estimated to lead the automotive differential market and will see a significant growth, with China being the highest contributor for this growth, owing to the increasing buying capability, stronger political outlook, and trade policies. Also, countries such as China and India have additional advantages like the availability of low-cost raw materials, low manufacturing costs, and use of domestically produced tools and other equipment. Hence, the automotive differential market will grow in this region with the increasing vehicle production.
The emphasis on the advancement of mobility solutions will foster the growth of the differential market, and therefore, players can tap these opportunities. As the automotive industry is moving toward automation and electrification, there is an increasing trend of vehicle electrification, semi-autonomous and autonomous vehicles. These vehicles will show a high requirement of advanced differentials such as LSD, ELSD, and torque vectoring to maintain the comfort, safety, and vehicle performance leading to an increase in the requirement of these advanced differentials. Hence, the need for different differentials is expected to rise in line with the growing requirement for electrification, autonomous and semi-autonomous vehicles.
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Leading market players have adopted strategies of new product development and expansion to increase their share in the automotive differential market. For instance, in March 2020, Dana Incorporated launched a new series of eight Spicer Torque-Hub drives, expanding the company’s offering of drive and motion technologies for crawler cranes and other large tracked vehicles. With torque ratings from 80,000 N-m up to 450,000 N-m, the new drives offer flexible packaging and gear ratios to meet manufacturer preferences for tracked and wheeled applications.
Key Market Players:
The automotive differential market is dominated by a few global players and comprises several regional players. Some of the key manufacturers and suppliers in the automotive differential market are GKN (UK), Eaton (Ireland), American Axle (US), JTEKT (Japan), Dana (US), BorgWarner (US), Linamar (Canada), Schaeffler (Germany), ZF (Germany), and Continental (Germany).
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