August 23, 2022 08:48 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 23, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global limited slip differential market size is projected to hit USD 7.58 billion by 2029 and exhibit a CAGR of 11.3% during the forecast period. The market size stood at USD 3.39 billion in 2021 and USD 3.58 billion in 2022. According to the analysis, limited slip differential (LSD) will be highly sought-after for efficient automotive performance and improved vehicle experience. Besides, the rising need to boost safety will expedite the penetration of LSDs. It is worth noting that the trend for high-performance vehicles, including commercial vehicles and vehicles for drag racing, will be pronounced in the ensuing period.
Dana Limited launched spicer Trac-Lok Limited Slip Differential (LSD) for medium-duty truck applications, states Fortune Business Insights in its report titled Limited Slip Differential Market Outlook 2022-2029.
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Robust Demand for High-Performance Vehicles to Underpin Asia Pacific Market
The Asia Pacific market forecast will be strong in the wake of rising awareness and bullish demand for road safety across emerging economies. The Asia Pacific market size stood at USD 1.71 billion in 2021 and will grow with increasing penetration of high-performance vehicles and SUVs. Prominent automakers are expected to expand their footprint across China, India and Japan owing to the presence of leading companies across the region.
With the rising demand for luxury vehicles across the U.S. and Canada, industry participants expect North America limited slip differential market growth to witness an appreciable gain. Leading companies anticipate the U.S. to witness an increased demand for all-wheel drive system-equipped vehicles over the next few years. Furthermore, stringent regulations regarding driving safety will compel companies to infuse funds into technological advancements.
The Europe market share will gain traction on the back of prevalence of automotive safety norms and EURO-NCAP rating for cars. Industry players could invest in advanced LSDs across Germany, the U.K., Italy and France. With the need for comfort driving, automakers will potentially seek LSDs across luxury and premium vehicles.
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Penetration of Premium Vehicles and Luxury SUVs to Bolster Growth Potentials
Bullish demand for high-performance vehicles is poised to underpin limited slip differential market share during the forecast period. Additionally, the trend for luxury SUVs will encourage LSD manufacturers to boost their product offerings. It is worth mentioning that electronic limited slip differential has become trendier to boost torque capacity and control. Leading manufacturers are likely to inject funds into R&D activities to augment cyber-security. Besides, automakers have also sought limited slip differential to reduce tire slippage and boost control. Leading companies are likely to inject funds into LSD to bolster road safety and boost vehicle control.
Increased maintenance needs, such as the cost of oil replacement, will mar the growth prospect during the forecast period.
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COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth
The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Limited Slip Differentials amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.
Stakeholders Bolster Product Offerings to Tap Markets
Stakeholders are slated to invest in technological advancements, product rollouts, and mergers & acquisitions. Well-established players and new entrants are likely to inject funds into R&D activities to expand penetration across untapped areas.
Companies Profiled in the Limited Slip Differential Market Research Report:
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4.1 Porter’s Five Forces Analysis
4.4 Distribution of Limited Slip Differential Market - In Value
5. Global Limited Slip Differential Market Analysis, Insights and Forecast, 2018-2029
5.2. Market Analysis, Insights and Forecast – By Type
5.3. Market Analysis, Insights and Forecast – By Application Type
5.4. Market Analysis, Insights and Forecast – By Region
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