Global Torque Vectoring Market to Grow at a Healthy CAGR of 15.2% in the 2022-2031 Timeframe | [260-Pages] Study by Research Dive
The global torque vectoring market is projected to grow primarily due to the increase in global demand for vehicles. Clutch actuation type sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031
NEW YORK, April 25, 2023 /PRNewswire/ -- Global Torque Vectoring Market Forecast Analysis:
As per the report published by Research Dive, the global torque vectoring market is expected to register a revenue of $31,791.1 million by 2031 at a CAGR of 15.2% during the forecast period 2022-2031.
Segments of the Torque Vectoring Market
The report has divided the market into the following segments:
- Vehicle Type: passenger car, light commercial vehicles, and heavy commercial vehicles
- Passenger Cars – Most dominant during the forecast period
The rise in disposable income of consumers, growth in sales of EV passenger vehicles, increased urbanization, and globalization are some of the key factors that are fueling the growth of this sub-segment. - Propulsion: front wheel drive (FWD), rear wheel drive (RWD), and all wheel drive/four wheel drive (AWD/4WD)
- All-Wheel Drive/Four Wheel Drive – Highest market share during the forecast period
The growth of this sub-segment is mainly because of the rising demand for torque vectoring AWD technology as it improves braking performance to give excellent handling and stability regardless of driving conditions. - Technology: active torque vectoring system (ATVS) and passive torque vectoring system (PTVS)
- Passive Torque Vectoring System – Most profitable in 2021
The growth of this sub-segment is mainly because of the rising demand for passive torque vectoring system as it uses a car's braking system to generate the rotational force on the wheels. - Clutch Actuation Type: hydraulic clutch and electronic clutch
- Electronic Clutch – Most lucrative in 2021
The growth of this sub-segment is mainly because of the rising demand for electronic clutches as they are substantially less expensive than a traditional automatic transmission and have a lot of potential in the compact car market. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
Increasing government environmental measures and policies, as well as a growing customer preference for improved safety and in-car experience in this region, are predicted to propel the market in the forecast period.
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Dynamics of the Global Torque Vectoring Market
The growing use of torque vectoring systems in off-road vehicles is expected to make the torque vectoring market a highly profitable one in the forecast period. Additionally, the increased use of modern technologies in the automotive industry is predicted to propel the market forward. However, torque vectoring is an expensive technique that can be difficult to repair, which may limit the market growth.
While many governments have established goals for gradually phasing out new sales of internal combustion vehicles, EV sales are significantly increasing, which is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, continued technological advancement and increased investments in emerging technologies are augmenting EV sales, which is expected to propel the torque vectoring market forward in the coming period.
COVID-19 Impact on the Global Torque Vectoring Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe, and the subsequent lockdowns adversely impacted industrial processes across all sectors. The torque vectoring market, too, was negatively impacted by the pandemic. Manufacturing and transportation activities were affected by strict lockdowns, company slowdowns and shutdowns, disrupting supply networks. Also, the spread of the COVID-19 virus in various regions caused a dramatic decline in automobile sales. This, in turn, hampered the torque vectoring market growth.
Key Players of the Global Torque Vectoring Market
The major players of the market include
- American Axle
- GKN
- Dana
- Eaton
- ZF
- BorgWarner
- JTEKT
- Getrag
- Univance
- Schaffler
- Bosch
- Timken
- Oerlikon Graziano
- Richardo
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in October 2019, BorgWarner, an American supplier of vehicles, developed a cutting-edge dual torque-vectoring clutch technology for electric automobiles.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Torque Vectoring Market:
- Understanding the Importance of Torque Vectoring Technology in Modern Vehicles
- Global Torque Vectoring Market to Generate $31,791.1 Million by 2031 Owing to the Growing Demand for High-End Cars and SUVs
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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