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As per the latest report by IMARC Group, titled “Automotive Differential Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global automotive differential market size reached US$ 20.1 Billion in 2021. An automotive differential is a crucial component of the automotive drivetrain that enables wheels to rotate at different speeds while turning. It splits the engine torque into two separate units, allowing each output to rotate the wheels at different speeds. It is present in the rear axle assembly of rear-wheel drives and consists of pinion bearings, spider and side gears, side bearings and differential case and drive gears. Some of the commonly used variants in passenger and commercial vehicles include open, locking, limited-slip, electronically controlled limited-slip, and torque vectoring differentials.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Differential Market Trends:
The market is primarily driven by the expanding automotive industry. The increasing demand for commercial and heavy-duty vehicles is also contributing to the market growth as the differential aids in conveniently maneuvering the vehicle with enhanced traction control. Besides this, the market is further propelled by the rising adoption of electronically limited-slip differential (ELSD) in sports and off-road automobiles as it provides improved braking, ability to drive both off- and on-road, and stability over slippery roads. Along with this, the increasing demand for lightweight and high-performance automotive components represents another major growth-inducing factor. Furthermore, the rising disposable incomes of consumers, increasing preference for luxury and semi-utility vehicles (SUVs) and extensive research and development (R&D) activities to produce more cost-effective variants are some of the other factors anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 26.5 Billion by 2027, exhibiting a CAGR of 5.2% during the forecast period (2022-2027).
Market Summary:
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