Torque Vectoring Market Growth, Size, Share, Analysis, Trends, Opportunities by Propulsion (Front-wheel Drive, Rear-Wheel Drive, and All/Four-Wheel Drive), Clutch Actuation (Hydraulic and Electronic), EV Type (BEV and HEV), Technology (Active Torque Vector System and Passive Torque Vector System), and Region-Global Forecast to 2023
Torque Vectoring Market Overview
Torque vectoring market is gaining precedence with the ever-growing demand for luxury cars where safety is of utmost concern. Torque vectoring provides stability to cars and empowers drivers with better control of the car. The technology does it by sourcing and distributing power to the wheels which is essential for smooth driving.
The global torque vectoring market can expect a 12% CAGR during the forecast period (2018-2023) with which it can easily double-up its present market valuation of USD 4.59 Bn and reach USD 9.20 Bn by 2023, claims reports published by Market Research Future (MRFR). The report further includes drivers such as growing demand for high-performance cars with safety measures, technological advancement and intriguing prospect of electric cars.
However, growing mobility services in various countries can deter the torque vectoring market growth considerably. In addition, the production cycle of torque vectors can adversely impact the expected CAGR during the forecast period.
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Players profiled in the torque vectoring market report are GKN (UK), American Axle (US), Dana (US), BorgWarner (US), Eaton (Ireland), ZF (Germany), JTEKT (Japan), Getrag (Canada), Bosch (Germany), Univance (Germany), Schaeffler (Germany), Timken (US), Ricardo (UK), Oerlikon Graziano (Italy), Continental AG (Germany), and others.
Torque Vectoring Market Segmentation
The torque vectoring market can be segmented by vehicle type, propulsion, clutch actuation type, electric vehicle (EV) type, and technology.
By vehicle type, the torque vectoring market can be segmented into passenger car and light commercial vehicle. Passenger car dominates the market, but light commercial vehicle can expect better growth rate.
By propulsion, the torque vectoring market can be segmented into front wheel drive, rear wheel drive, and all/four-wheel drive. Front wheel drive segment leads the market, whereas, rear wheel drive can enjoy the fastest CAGR during the forecast period.
Based on clutch actuation type, the torque vectoring market includes hydraulic and electronic. Hydraulic accounts for the maximum market value at present, whereas, electronic segment can rise with better growth rate.
EV-wise, the torque vectoring market comprises battery electric vehicle (BEV) and hybrid electric vehicle (HEV). BEV is leading the segment, but HEV has the potential to display faster CAGR during the forecast period.
Technology-based segmentation of the torque vectoring market reveals active torque vector system and passive torque vector system of which, passive torque vector system is leading the market, but active torque vector system can have the fastest CAGR during the forecast period.
Geographic analysis of the global torque vectoring market spans across the Americas, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Americas has the maximum market share. Its huge revenue generation capacity can give credit to first-rate infrastructure and technological superiority.
Europe is predicted to become the largest market and can grow hereon with the fastest CAGR during the forecast period. Countries such as Germany, Spain, France, and the U.K. are contributing the most. But the market is gaining from the presence of several market titans such as BMW AG (Germany), Daimler AG (Germany), Fiat (Italy), PSA/Peugeot-Citroen (France), and the Volkswagen Group (Germany). Research and development sector is also getting substantial funding which can help the market conquer goals.
The APAC market has a lot of potentials owing to a sudden growth in number of people with disposable income. The burgeoning automobile sector can take the credit which is producing an unprecedented number of cars and can help the torque vectoring segment gain momentum.
The thriving torque vectoring market can expect more expansion as companies are locking heads by implementing strategies. These tactical steps often assist companies in staying afloat and strengthens the status of the market as a whole. Merger, acquisition, collaboration, new product launch, and other methods are a part of these tactical moves.
For instance, Dana, in 2018, decided to take over Oerlikon’s drive system business. Oerlikon Drive System has a reputation for providing high-precision gears and planetary hub drives for wheeled and tracked vehicles which will improve Dana’s business potentials.
Continental AG, on the other hand, is teaming up with Knorr-Bremse for research purposes regarding highly automated commercial vehicles driving. The latter is known as a supplier of redundant actuator systems for brakes and steering and is responsible for the overall system integration.
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