New York, USA, April 05, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research dive, the global torque vectoring market is envisioned to generate a revenue of $31,791.1 million, growing at a CAGR of 15.2% throughout the estimated period from 2022 to 2031.
As per our analysts, with the rapid rise in the demand for vehicles across the globe, the torque vectoring market is predicted to experience prominent growth during the analysis timeframe. Besides, the increasing adoption of advanced technologies in the automotive sector such as torque vectoring by automakers is expected to foster the growth of the market over the estimated period. Moreover, the rising demand for electric vehicles as many governments are phasing out new internal combustion vehicle sales which are expected to create massive growth opportunities for the torque vectoring market during the forecast period. However, the high cost of torque vectoring may hinder the growth of the market throughout the analysis period.
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Segments of the Torque Vectoring Market
The report has divided the market into segments based on vehicle type, propulsion, technology, clutch actuation type, and region.
Vehicle Type: Passenger Car Sub-Segment to be Most Productive
The passenger car sub-segment is expected to grow at the fastest CAGR during the estimated period. The increasing use of torque vectoring in SUVs and high-end luxury cars to enhance driver’s comfort and safety is expected to uplift the growth of the market sub-segment over the analysis period.
Propulsion: All-Wheel Drive/Four Wheel Drive (AWD/4WD) Sub-Segment to be Most Lucrative
The all-wheel drive/four-wheel drive (AWD/4WD) sub-segment is predicted to grow at a stunning CAGR during the analysis timeframe. The rising use of torque vectoring AWD systems in gasoline engine vehicles to provide good handling and stability regardless of road conditions is predicted to fuel the growth of the market sub-segment over the estimated period.
Technology: Passive Torque Vectoring System (PTVS) Sub-Segment to be Most Profitable
The Passive Torque Vectoring System (PTVS) sub-segment generated the highest market share in 2021. The growing use of PTVS in cars to improve their braking system by providing extra grip in the outer wheels and lowering the torque in the inner wheels is expected to fortify the growth of the torque vectoring market’s sub-segment during the estimated period.
Clutch Actuation Type: Electronic Clutch Sub-Segment to be Most Beneficial
The electronic clutch sub-segment held the maximum market share in 2021. This is mainly because the electronic clutch is remarkably cheaper than a traditional automatic transmission. Moreover, the electronically controlled clutch saves fuel and bridges a gap between a manual and automatic transmission which is expected to augment the growth of the market sub-segment during the forecast period.
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North America Region Registered the Highest Revenue in 2021
The North America region of the torque vectoring market held the maximum share of the market in 2021. The increasing demand for torque vectoring in this region owing to the advancing electric mobility is expected to drive the regional growth of the market over the estimated period. Additionally, the growing inclination of customers in this region toward better safety and in-car experience characteristics is expected to increase the growth of the market in the coming period.
Covid-19 Impact on the Torque Vectoring Market
The outbreak of the Covid-19 pandemic has had an adverse impact on the torque vectoring market. This is mainly due to the strict lockdowns and business slowdowns during the pandemic which further disrupted the supply chains. Moreover, the drastic fall in the sales of vehicles and shut down of production units by OEMs have caused severe revenue losses. All these factors have hampered the growth of the market during the crisis.
Key Players of the Torque Vectoring Market
The major players of the market include
- Getrag
- Bosch
- JTEKT
- Univance
- ZF
- Schaffer
- Eaton
- Timken
- BorgWarner
- Richardo
- Americal Axle
- Dana
- Oerlikon Graziano
- GKN
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to gain a leading position in the global industry.
For instance, in April 2022, American Axle & Manufacturing (AMM) Holdings, Inc., a leading manufacturer of automobile driveline and drivetrain components and systems, announced its acquisition of Tekfor Group, a renowned automotive company, offering precision machine parts and weight-reduced components. This acquisition would magnify the core strength of AMM by diversifying its geographic and customer sales mix and increasing its electrification product portfolio.
Further, the report also presents other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
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
