[264 Pages Report] Rise in penetration of AWD and 4WD vehicles and their improved efficiency, safety, towing capabilities and traction under extreme surface or weather conditions drive the growth of the global transfer case market. By vehicle type, the ICE passenger car segment accounted for the major share in 2020. By region, however, the market across Asia-Pacific would remain lucrative by 2030.
Portland, OR, Oct. 18, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global transfer case market was estimated at 10.93 billion in 2020 and is expected to hit $28.55 billion by 2030, registering a CAGR of 11.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in penetration of AWD and 4WD vehicles and their improved efficiency, safety, towing capabilities and traction under extreme surface or weather conditions drive the growth of the global transfer case market. On the other hand, decrease in production & sale of automotive restrain the growth to some extent. However, rise in demand from the developing countries and contracts & agreements with automotive OEMs are expected to create lucrative opportunities in the industry.
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The sale of transfer case is directly associated with automotive production and sales activities across the globe. And, since the growth of automotive sector was highly affected during the pandemic, especially in the initial phase, the global transfer case market was impacted negatively.
However, as the global situation is getting better, the market is projected to recoup soon.
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The global transfer case market is analyzed across drive type, vehicle type, type, and region. Based on drive type, the chain segment held the major share in 2020, garnering nearly three-fifths of the total market. The same segment would also cite the fastest CAGR of 11.5% during the forecast period.
By vehicle type, the ICE passenger car segment accounted for nearly three-fifths of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The hybrid vehicles segment, on the other hand, would grow at the fastest CAGR of 12.9% from 2021 to 2030.
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Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding more than one-third of the global market. The same region would also grow at the fastest CAGR by 12.1% from 2021 to 2030.
The key market players analyzed in the global transfer case market report include BorgWarner Inc., Hyundai Wia Corporation, Linamar Corporation, Marmon Holdings, Inc., Melrose Industries Plc., Meritor Inc., ZF Friedrichshafen AG, American Axle & Manufacturing Inc., Univance Corporation, Magna International Inc.These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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