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Automotive Differential Gear Market Segmented By product type such as Planetary, Rack and pinion, Worm, Helical, Non-metallic for application such as Differential, Steering system and Transmission
Growing automotive industry coupled with increasing demand for premium cars is expected to boost the demand for differential gear in the near future. The automotive differential gear was introduced in the market to meet the growing challenges in automobile industries. Differential gear allows the outer wheel to rotate faster than the inner wheel so that driver can take a safe turn. Various types of automotive differential gears include planetary, helical, non-metallic, bevel and many more.
Escalating market of automotive differential gear is poised by its safety features. Increasing demand of comfort and luxury automobiles in global market has led to an increase in demand for differential gear, thus escalating the global automotive differential gear market. Increasing involvement of youth towards off roading, racing and drifting has also resulted into massive investment in modification of vehicles, which in turn has increased the demand for automotive differential gears. Revenue generated from the sales of automotive differential gear is anticipated to increase at a moderate rate over the forecast period.
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The growth of global automotive differential gear market is fueled by increasing vehicle production across the globe. The major factors which drives the global market of automobile differential gear are increasing popularity of off-roading in youth, enhanced driving experience in terms of racing and sports cars. Increasing demand of automobile due to increase in rate of nuclear families, changing life style, accelerating rate of fuel efficient cars in the market, are also expected to drive the demand for differential gears over the forecast period.
Automatic differential system do not operate smoothly on sharp turns and often leads to tire wear. While locking and unlocking, differential system produces banging noise. These factors are considered as major factors that hamper the growth of global automotive differential gear market. A substantial amount of growth is expected in the aftermarket segment of global automotive differential gear market. High cost is expected to be one of the restraining factor for the growth of global automotive differential gear market.
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Global automotive differential gear market is anticipated to be driven by growth in mid and premium range cars in Asia-Pacific, North America and European regions. There is slow but rising demand for convertible automobiles in European countries and which is also expected to drive the global automotive differential gear market in the near future.
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Some of the key players identified in the value chain of global automotive differential gear market are as follows:
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