Increase in the global average share of electric vehicles in vehicle sales, rise in the use of commercial and passenger vehicles across industries, surge in the number of government alliances, and strict regulations to reduce carbon emissions globally drive the growth of the global torque vectoring market.
The global torque vectoring market size was valued at $8.1 billion in 2021, and is projected to reach $31.8 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.
Key players in the torque vectoring market:
The key market players analyzed in the global torque vectoring market report include, Friedrichshafen AG, Univance Corporation, Eaton Corporation, American Axle & Manufacturing, Inc., ZF BorgWarner, Dana Incorporated, Bosch Ltd, GKN Automotive Limited, jtekt corporation, Continental AG. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Segmental Review of the torque vectoring market:
By vehicle type, the Passenger Car segment contributed to around three-fifths of the global torque vectoring market share in 2021, and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 16.3% throughout the forecast period. The other segments assessed through the study include light commercial vehicles, and heavy commercial vehicles segments.
By propulsion, the all-wheel drive/four-wheel drive (AWD/4WD) segment contributed to nearly three-fifths of the global torque vectoring market share in 2021, and is projected to rule the roost by 2031. The same segment would also cite the fastest CAGR of 16.5% throughout the forecast period. The report also discusses the front wheel drive (FWD), and rear wheel drive (RWD) segments.
By clutch actuation type, the hydraulic clutch segment held the largest share in 2021, garnering more than fourth-fifths of the global torque vectoring market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 15.6% during the forecast period. The report also analyzes the electronic clutch segment.
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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.
By technology, the passive torque vectoring system (PTVS) segment contributed to more than three-fifths of the global torque vectoring market share in 2021, and is projected to maintain its dominance by 2031. The active torque vectoring system (ATVS) segment, however, would display the fastest CAGR of 17.5% throughout the forecast period.
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.
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.
Regional Insights:
By region, North America held the major share in 2021, garnering nearly two-fifths of the global torque vectoring market revenue. However, the Asia-Pacific region would showcase the fastest CAGR of 17.4% throughout the forecast period. The other provinces studied through the report include Europe, and LAMEA.
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The report offers a detailed segmentation of the global torque vectoring market based on clutch actuation type, vehicle type, propulsion, technology, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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 torque vectoring market share in 2021 and Asia-Pacific is projected to show the highest growth rate during the forecast period.
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