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Heavy vehicle differential Market Segmented By differential such as Open heavy vehicle Differential, Lock heavy vehicle Differential, Limited Slip heavy vehicle Differential, Electronic heavy vehicle Differential with sales channel such as OEM, Aftermarket
Heavy vehicle differential is used to drive a pair of wheels and allow them to rotate at different speeds. In assessing potential future of heavy vehicles, differentials are expected to gain high traction in auto components manufacturing industry. Moreover, corresponding growth of the number of heavy vehicle in vehicle parc, deliver positive growth outlook for the heavy vehicle differential industry over the forecast period.
Heavy vehicle differential is categorized as open Differential, lock differential, electronic differential, and limited slip differential. Locking differential is the most commonly used differential in full size trucks. Increasing competitive scenario enforce the automakers to intensify the design and efficiency.
Manufacturers are gaining future momentum from Industry 4.0 concepts that integrate the modern truck much deeper into the value chain. Such heavy vehicles are integrated with the advanced vehicle components. To increase the productivity of heavy vehicles, market players are introducing lightweight and efficient auto components. Such factors accelerate the growth for the heavy vehicle differential market over the years.
Commercial vehicle production and its use is expected to be significant in emerging countries as compared to that in the developed economies. Sales of automotive heavy vehicle differential are directly associated with the vehicle parc and automotive production. This is mainly attributed to the increasing urbanization and industrialization.
Over the forecast period, heavy vehicle on road is anticipated to increase at a moderate CAGR, which provide opportunities for growth of the heavy vehicle differential market. Over the years, to minimize power loss in the vehicle drivetrain, automakers prefer lightweight components for the vehicles. In the heavy vehicle industry, there is weight restriction for each class, so automotive manufacturers often put efforts to reduce the weight by using lightweight components.
For instance, Eaton is focusing on developing drivetrain components, such as vehicle differentials, transmission gears, and differential housings, made of steel and thermoplastics. In developing countries such as Mexico, Brazil, South Africa, and India there is an increasing demand for HCV mainly due to the increasing commercial activities in these regions.
However, the low replacement rate of heavy vehicle differential is expected to slow down the aftermarket demand for the heavy vehicle differential market.
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North America is expected to witness high growth in heavy vehicle differential market. The automotive industry in North America is shifting toward developing more fuel efficient as well as emission free vehicles. As a result, the global market has witnessed high surge in production of lightweight vehicles and is expected to grow significantly in coming years.
Increasing growth of commercial logistics, mining and construction sector in the developing regions, has aided rise in sales of commercial vehicles which deliver significant growth for the heavy vehicle differential market. Europe followed by the Asia Pacific is also estimated to deliver the substantial growth in the heavy vehicle differential market. Growing construction and mining activities in the Asia Pacific region, driving the demand for heavy commercial vehicle.
With rising demand for the heavy vehicle in the region, growth for heavy vehicle differentials market is also expected to bolster over the years. High adoption in developing automotive market, supported by aftermarket opportunities for replacement in old vehicles, is expected to drive market growth during the forecast period. Latin America and MEA are also expected to register moderate growth in heavy vehicle differential market.
Examples of some of the market participants in the global Heavy Vehicle Differential market identified across the value chain include
The research report – Heavy Vehicle Differential presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The study on Heavy Vehicle Differential market also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Heavy Vehicle Differential market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain in the Heavy Vehicle Differential market.
The report – Heavy Vehicle Differential provide in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Heavy Vehicle Differential market segments and geographies.