MARKET OVERVIEW- UNITED STATES ELECTRIC LIMITED SLIP DIFFERENTIAL MARKET
A limited-slip differential (LSD) is a type of differential that limits the maximum difference between its two output shafts while allowing them to rotate at different speeds. A limited-slip differential (LSD) is a type of differential that lets its two output shafts rotate at different speeds but limits the maximum difference between them. By making better use of engine power, a limited slip differential improves a vehicle's power and speed and makes driving a car easier and more pleasurable. The electric limited slip differential controls the differential functions of the wheels to help improve steering performance when circling at high speed, improve launching performance, and prevent slipping on rainy or snowy roads due to the dissimilar friction of the left and right wheels. ELSD essentially represents an electric limited slip differential. The electric limited slip differential basically directs torque, making it possible for the vehicle to drive over terrain and road conditions in a way that a conventional axle could not. A limited-slip differential contains different clutch discs which are secured by springs. The tension between the various clutch discs increases when a wheel experiences slippage. This will cause more resistance to occur between the two wheels on the axle, resulting in limited slippage. The increased changing consumers' preference toward adopting newly advanced cars are anticipated to drive the growth of the market during the forecast period.
The factors that are responsible for market expansion include rising vehicle production and technological innovations in this region, as well as rising investment for the improvement of infrastructure. A limited slip differential increases a car's power and speed by utilizing engine power more efficiently, thus allowing for a smoother and more enjoyable drive. In addition, electric limited slip differentials have the potential to control a vehicle's yaw stability without slowing down its speed. It is anticipated that the market will also expand at a faster rate due to rising disposable income, rapid urbanization, and rising demand for light and heavy commercial vehicles.
The rise in spending on research and development (R&D) by various private and government organizations is expected to contribute to the growth of the market. Increasing people and their preferences toward luxury vehicles are anticipated to provide market growth opportunities over the foreseen period. It Improve steering performance when circling at high speed as well as launching performance. In addition, an increase in the economy and increased levels of income, especially among middle-class consumers, will drive the growth of the electric limited slip differential market. This, in turn, will improve market opportunities for the electric limited-slip differential market as well.
Thus, rising investment in research and development by the companies is anticipated to propel several companies to adopt innovative technologies and electric limited slip differential systems. It is expected to provide new growth opportunities in the upcoming years.
A key factor that is anticipated to restrain market growth is the lack of appropriate technologies. In addition, when compared to a locking differential, the amount of torque that can be transmitted to the wheel with traction is limited. Furthermore, its maintenance cost is higher than open differentials, which may restrain market growth. These are the factors that are expected to hamper market growth over the foreseen period.
MARKET GROWTH CHALLENGES
A key challenge that may affect the growth of the market is the cost. The limited slip differentials cost more than traditional open differentials and require more maintenance and care to ensure they're in top condition. Another key challenge for a limited slip differential over a locking differential is that it can only transfer a limited amount of torque to the wheel with traction. Since they cannot provide 100% lockup, during extreme situations (i.e., complete loss of traction at one wheel), there may not be enough torque to the wheel with traction to move the vehicle.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of United States electric limited slip differential market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for electric limited slip differential in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
UNITED STATES ELECTRIC LIMITED SLIP DIFFERENTIAL MARKET SEGMENTAL OVERVIEW
The United States electric limited slip differential market comprises of different market segments like drive type, vehicle type, component, propulsion.
UNITED STATES ELECTRIC LIMITED SLIP DIFFERENTIAL MARKET BY DRIVE TYPE
By drive type, the United States electric limited slip differential market includes key segments like
- Front Wheel Drive (FWD)
- Rear Wheel Drive (RWD)
- All Wheel Drive/Four Wheel Drive (AWD/4WD)
On the basis of drive type, the United States electric limited slip differential market is segmented into front wheel drive (FWD), rear wheel drive (RWD), and all-wheel drive/four-wheel drive (AWD/4WD). Over the forecast period, the all-wheel drive/four-wheel drive (AWD/4WD) segment will dominate the electric limited slip differential market in the United States. This is due to improved vehicle safety, stability, and driving dynamics.
Four-wheel drive, also called 4×4 or 4WD, refers to a two-axle vehicle drivetrain capable of providing torque to all of its wheels simultaneously. It may be full-time or on-demand; it can be transferred into rear-wheel drive by shifting a lever or pushing a button. In automobiles, front-wheel drive is a layout of the engine and transmission in which the engine only drives the front wheels. In this drive system, there is only one differential on the front.
UNITED STATES ELECTRIC LIMITED SLIP DIFFERENTIAL MARKET BY VEHICLE TYPE
By vehicle type, the United States electric limited slip differential market includes key segments like
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
On the basis of vehicle type, the United States electric limited slip differential market is divided into passenger cars, light commercial vehicles, heavy commercial vehicle, off-highway. The passenger car segment dominates the electric limited slip differential market in this region over the forecast period. This is due to the rapid urbanization, increasing industrialization, advanced technologies and urban population. In United States, the number of passenger cars is also rising dramatically as per capita income rises.
UNITED STATES ELECTRIC LIMITED SLIP DIFFERENTIAL MARKET BY COMPONENT
By component, the United States electric limited slip differential market includes key segments like
- Differential Bearing
- Differential Gear
- Differential Case
On the basis of component, the United States electric limited slip differential market is divided into differential bearings, differential gears, and differential cases. The differential bearing segment held the majority of shares over the foreseen period. It reduces the loss of driving force and serves to reduce friction, allowing for smoother rotation.
UNITED STATES ELECTRIC LIMITED SLIP DIFFERENTIAL MARKET BY PROPULSION
By propulsion, the United States electric limited slip differential market includes key segments like
- I.C. Engine Vehicles
- Electric Vehicles
- Hybrid Vehicles
On the basis of propulsion, the United States electric limited slip differential market has been segmented into I.C. engine vehicles, electric vehicles, and hybrid vehicles. The electric vehicle segment holds the majority of shares over the foreseen period. With customers' growing preference for electric vehicles, governments are offering attractive incentives and policies to encourage the sale of EVs. It provides consumers with multiple benefits, such as reduced selling prices, zero or low registration fees, and the free charging infrastructure of EVs at multiple charging stations. These are the factors that will be responsible for the growth of electric vehicles in the United States during the forecast period. In an internal combustion engine (ICE), the ignition and combustion of the fuel occur within the engine itself. The engine then partially converts the energy from the combustion to work. The engine consists of a fixed cylinder and a moving piston.
COVID-19 IMPACT ANALYSIS ON UNITED STATES ELECTRIC LIMITED SLIP DIFFERENTIAL MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the United States electric limited slip differential market. In addition, complete analysis of changes on the United States electric limited slip differential market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of pandemic on United States economies, international trade, business investments, and GDP and marketing strategies of key players present in the market.
The COVID-19 pandemic has significantly affected the health, economy, and society. Many manufacturing companies in the market are facing restrictions in production and production activities along with logistical difficulties due to continuous trade restrictions. The COVID-19 pandemic is affecting the entire health supply chain, mainly due to stringent lockdowns in several regions. The pandemic impacted the supply chain of the entire automotive ecosystem, causing export and manufacturing businesses to temporarily cease operations. This scenario is projected to have a negative impact on the electric limited slip differential market, as market growth is directly tied to vehicle production. Despite the fact that the market opened following COVID-19, it is anticipated that the electric limited slip differential market will experience significant growth due to increased vehicle safety and consumer disposable income in this region. In addition, increasing vehicle production and technological innovations in this region further contribute to the market's growth in the United States.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of electric limited slip differential market is primarily focused on expanding the United States growth of electric limited slip differential industry with new product innovation, business expansion, increasing presence of range of manufacturer operating in electric limited slip differential sector has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- Dana Incorporated (United States)
- American Axle & Manufacturing Inc. (AMM) (United States)
- BorgWarner Inc. (United States)
- Continental AG (Germany)
- GKN Plc (United Kingdom)
- Johnson Electric (China)
- Eaton Corp. Plc (Ireland)
- Hyundai Wia Corporation (South Korea)
- JTEKT Corporation (Japan)
- Linamar Corporation (Canada)
- Neapco Holdings (United States)
- Melrose Industries Plc (United States)
- Schaeffler Group (Germany)
- ZF Friedrichshafen AG (Germany)
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. Spicer Torque-Hub drives can be combined with Brevini hydraulic pumps and motors to provide an optimal solution that provides smooth starts and stops, superior power density, and increased torque and efficiency at start-up.
December 2019: A strategic partnership has been established between the Schaeffler Group and ABT e-Line GmbH to electrify light commercial vehicles weighing up to 3.5 tons.