SAN FRANCISCO, Sept. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Commercial Vehicle Transfer Case - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: September 2021
Executive Pool: 1623
Companies: 32 - Players covered include American Axle & Manufacturing Inc.; BorgWarner, Inc.; CARDONE Industries; Dorman Products, Inc.; GKN Aerospace; Magna International, Inc.; Powertrain Industries, Inc.; Univance Corporation; ZF Friedrichshafen AG and Others.
Coverage: All major geographies and key segments
Segments: Application (LCV, M&HCV)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Commercial Vehicle Transfer Case Market to Reach 12.4 Million Units by the Year 2026
A specialized component used on all-wheel drive (AWD) or four-wheel drive (4WD) vehicles is known as a transfer case. It is useful on vehicles that use both rear and front axles for driving. A transfer case splits up engine power and transfers it to all the four wheels using rear and front axles. Increasing demand for safety, fuel efficiency, ability to tow for light trucks and SUVs, and traction in severe weather conditions have been the major factors driving the transfer case market growth. Growth is also being driven by increasing commercial vehicle production and the implementation of stringent fuel-efficiency standards and emission norms in several countries around the world. Rising commercial vehicle demand and improving affordability of innovative and advance system in developing countries such as China, Brazil, India and Mexico are expected to significantly contribute towards the vehicle transfer case market growth. The most prominent trend in the market for transfer cases currently is the rising demand for lightweight cases. There has been a steady rise in demand for 4WD and AWD in premium sedans and SUVs, which emerged as one of the chief growth promoting factor for the market for transfer cases. Growing sales of PHEVs and HEVs promoted by improving charging infrastructure is also fueling market growth.
Amid the COVID-19 crisis, the global market for Commercial Vehicle Transfer Case estimated at 10.4 Million Units in the year 2020, is projected to reach a revised size of 12.4 Million Units by 2026, growing at a CAGR of 3% over the analysis period. LCV, one of the segments analyzed in the report, is projected to grow at a 3.3% CAGR to reach 9 Million Units by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the M&HCV segment is readjusted to a revised 2.2% CAGR for the next 7-year period. This segment currently accounts for a 31% share of the global Commercial Vehicle Transfer Case market. Factors such as increasing inter-city and construction activities that involve transportation of materials and individuals contribute to growth in the LCV segment.
The U.S. Market is Estimated at 5.2 Million Units in 2021, While China is Forecast to Reach 2.1Million Units by 2026
The Commercial Vehicle Transfer Case market in the U.S. is estimated at 5.2 Million Units in the year 2021. The country currently accounts for a 48.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of 2.1 Million Units in the year 2026 trailing a CAGR of 4.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2% CAGR while Rest of European market (as defined in the study) will reach 2.2 Million Units by the end of the analysis period. In North America, the growing number of manufacturing operations is anticipated to drive the demand for commercial vehicles, which is anticipated to drive the commercial vehicle transfer case market in the region. Asia-Pacific is a major market for transfer cases owing to the adoption of stringent emission norms and the rapid buildout of charging infrastructure. More
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Global Industry Analysts, Inc.
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SOURCE Global Industry Analysts, Inc.