Torque Vectoring Market To Witness Huge Growth By 2030

Market Overview

Market Research Future (MRFR) reports that the torque vectoring market 2020 is likely to race ahead at an impactful rate of 12% over the forecast period (2018-2023). The extensive study also reveals that the market cans double its value by touching USD 9.20 Bn by 2023 from its valuation of USD 4.59 Bn in 2017.

Growth Boosters and Main Restraints

Torque vectoring system has gathered huge importance in the automotive industry with its rising use for enhancing the motive force on uneven roads by collecting data victimization sensors that administer the wheel speed, yaw rate and wheel steering angle. The mounting demand for convenience as well as safety in various parcel systems is considered to be one of the chief growth boosters in the global market.

The torque vectoring market growth is also induced by the soaring demand for luxury cars and performance vehicles such as off-highway vehicles, SUVs and crossovers. The rampant demand for advanced features that elevate vehicle safety as well as dynamics is another reason behind the market growth. The rise in technological advancements within the automotive sector is leading to more and more vehicles being fit with torque vectoring differentials that enable the wheels to have better grip over the road.

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The increasing demand for convenience and safety in multiple topography systems also stimulates market growth. A latest trend gaining prevalence in the torque vectoring industry is the development of highly-flexible, lighter and compact torque vectoring systems. With the aim to upgrade torque vectoring systems, leading manufacturers across the world are working on developing compact and lightweight systems, which is leading to higher demand for torque vectoring systems in the global market.

Top Companies

Top companies competing in the market for torque vectoring include Schaeffler (Germany), Dana (US), Continental AG (Germany), Eaton (Ireland), JTEKT (Japan), GKN (UK), Univance (Germany), Timken (US), American Axle (US), Oerlikon Graziano (Italy), ZF (Germany), Ricardo (UK), Getrag (Canada), Bosch (Germany), BorgWarner (US), to name a few.

Market Segmentation

The market for torque vectoring has been covered extensively in the report, with vehicle type, propulsion, clutch actuation type, electric vehicle (EV) type, and technology considered as the primary segments.

The report highlights passenger car as well as light commercial vehicle as the primary vehicle types. Passenger car dominates with the biggest share in the global market, while the fastest growth rate can be achieved by the light commercial vehicle segment in the coming period.

Propulsion-wise market segmentation in the report covers rear wheel drive, all/four-wheel drive as well as front wheel drive. The market is slated to be led by the front wheel drive segment; whereas the rear wheel drive segment is on track to post the fastest expansion rate during the assessment period.

The types of clutch actuation discussed in the report are hydraulic as well as electronic. Hydraulic holds the top position while the electronic segment exhibits the highest growth potential in the market.

EV-based segments in the market are battery electric vehicle (BEV) along with hybrid electric vehicle (HEV). While the BEV segment stands at the forefront of the market, the HEV can attain the fastest CAGR in the worldwide market over the appraisal period.

The study based on the technology segment includes passive torque vector system and active torque vector system, out of which the passive torque vector system controls the global market. However, active torque vector system can be the fastest gaining segment in the market during the conjectured period.

Regional Study

Region-based study of the torque vectoring market comprises Europe, Asia Pacific (APAC), the Americas, along with Middle East & Africa (MEA).

The Americas leads the market, due to the region’s established infrastructure, and the presence of an unparalleled technological expertise.  The importance of torque vectoring’s role in the region’s automotive industry continues to surge every year, driven by the increasing production of automotive. The high disposable incomes of the people in the region and the expansive urban population remain the top growth inducers in the torque vectoring market. Some of the latest trends in the regional market include the high demand for comfort and safety in vehicles and the emergence of the latest technologies in the automotive industry.

Europe has the potential of achieving the fastest growth rate, since it is home to a huge automobile market, leading to significant attention being given to torque vectoring systems. The heavy investments in research and development activities also trigger market growth in the region.

APAC has emerged as a prominent contender in the global market, boating of a high business potential that draws in more and more international giants. The torque vectoring market in the region offers promise, encouraged by the surge in R&D efforts by significant vendors, growing fleet and traffic, rising use of new production facilities and the increasing automotive sales in India and China, among others.

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