According to a new report published by Allied Market Research, titled, “Torque Vectoring Market,” The torque vectoring market was valued at $8.1 billion in 2021, and is estimated to reach $31.8 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.
Torque vectoring refers to the force that is produced in the car’s engine, which is evenly distributed among the wheels or axle to provide efficient control to the driver as well as to improve the driving experience of a car. This improves the car tire grip on the road, which prevents skidding and provides better control over the car at sharp corners. Moreover, there are different types of torque vectoring available that have very distinct characteristics and are highly dependent on the type of the vehicle.
One of the factors driving global torque vectoring market is the technological advancement by OEMs and other players operating in the value chain ecosystem. These OEMs players are major components/hardware providers, solutions, and services players. They rigorously emphasize on achieving optimal handling and independent left/right power distribution & torque to satisfy different driving environments. For instance, , Hyundai engineers are currently developing their in-house torque vectoring control software that works like a virtual limited slip differential.
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However, the high cost of investment involved in torque vectoring is limiting the market growth. The costs mainly include components/hardware, software that are designed as per the vehicle power, and engine capacity. Moreover, the major manufacturers are investing heavily on research & development activities to build advanced torquing solutions wherein small & medium sized players are unable to invest owing to limited funds allocation for R&D. In such case, the small & medium size players are mostly operating at the regional level, further creating a potential barrier for the market growth. Moreover, a global shortage of semiconductors, chip sets, and other important components may temporarily restrain the market.
The involvement of environmental alliances and regulatory bodies to reduce carbon emission significantly across the globe, to promote sustainability and create a healthy environment, is creating lucrative business opportunities for the torque vectoring OEMs. According to the International Energy Agency, in 2021, global CO2 emissions from the transport sector rebounded, growing by 8% to nearly 7.7 Gt CO2. Owing to this, regulatory alliances are replacing fuel-based vehicles with electric vehicles to create a sustainable environment. In such a case, torque vectoring market players are innovating their products range to deliver efficient solutions for the EV market.
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The torque vectoring market share is segmented on the basis of vehicle type, propulsion, technology, clutch actuation type, and region. By vehicle type, it is classified into passenger car, light commercial vehicles, and heavy commercial vehicles. By propulsion, it is categorized into front wheel drive (FWD), rear wheel drive (RWD), and all-wheel drive/four wheel drive (AWD/4WD). By technology, it is bifurcated into active torque vectoring system (ATVS) and passive torque vectoring system (PTVS). By clutch actuation type, it is divided into hydraulic clutch and electronic clutch. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the torque vectoring market report include GKN, American Axle, Dana, BorgWarner, Eaton, ZF, JTEKT, Getrag, Bosch, Univance, Schaffler, Timken, Richardo, and Oerlikon Graziano.
The report offers a comprehensive analysis of the global torque vectoring market trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, the report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers & suppliers, threats of new players, and emergence of substitutes in the market.
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Key Findings of the Study
- By vehicle type, the passenger car segment emerged as the global leader in 2021 and is anticipated to be the fastest growing segment during the forecast period.
- By propulsion, the all-wheel drive/four-wheel segment emerged as the global leader in 2021 and is anticipated to be the fastest-growing segment during the forecast period.
- By technology, the passive torque vectoring system segment emerged as the global leader in 2021 and active torque vectoring system segment is anticipated to be the fastest-growing segment during the forecast period.
- By clutch actuation type, hydraulic clutch segment emerged as the global leader in 2021 and is anticipated to be the fastest growing segment during the forecast period.
- By region, the North America registered the highest market share in 2021 and Asia-Pacific is projected to show the highest growth rate during the forecast period.
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