The Global Torque Vectoring Market Size is Estimated to Hit USD 9.20 Billion by 2027
According to
Market Research Future (MRFR), the global Torque Vectoring Market Size is
estimated to reach a market value of USD 9.20 billion with an impactful 12%
CAGR from 2018 to 2023 (forecast period). The report addresses and examines the
effects of the COVID-19 outbreak on the global torque vectoring market,
including future opportunities and threats, drivers, and risks.
Torque vectoring
plays a crucial role in the sourcing and harnessing of wheel power. It gives
the driver more control over access to the car by improving handling,
stability, grip, and performance. Drivers can transfer or regulate the torque
of a given wheel or axle according to their needs. It also includes speed
control, which can transfer the weight of the car to the desired wheel and
allow for a better grip. Based on the manufacturer, the torque vectoring can be
of a different type, such as the front, rear, or all-wheel, and the system is
still evolving with functional advances in the automotive industry.
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Market
Dynamics
Torque vectoring
operates in two ways; the simple and inexpensive method requires brakes, but
the more complex one involves complicated active differential-based torque
vectoring. Increased demand for luxury and high-performance vehicles with
safety requirements to be complied with is driving up the integrational need
for torque vectoring. In addition, technological advancement is opening up opportunities
to work on which can give growth of Torque Vectoring Market Trendsa smooth ride
in the near future. Simultaneously, electric cars, along with concept cars, are
expected to introduce technologies with which the industry can expect to expand
further. It does best to maintain synchronization between the performance,
cost, and weight of the vehicle.
On the negative,
its manufacturing cycle is very long, which can inhibit the market growth.
Simultaneously, increasing mobility services across countries can put a leash
on the projected CAGR during the forecast period.
Market
Segmentation
The global
market for torque vectoring has been segmented into vehicle type, propulsion,
clutch actuation type, electric vehicle (EV) type, and technology.
By vehicle type,
the global Torque Vectoring Market Size has been segmented into passenger car
and light commercial vehicle. The passenger car has the maximum market share,
but the light commercial vehicle is the fastest growing one.
By propulsion,
the global Torque Vectoring Market Sizehas been segmented into front wheel
drive, rear wheel drive, and all/four-wheel drive. The front wheel drive
segment is dominating the market; however, the rear wheel drive can record the
fastest rate of growth during the forecast period.
Based on the
clutch actuation type, the global Torque Vectoring Market Size
has
been segmented into hydraulic and electronic. Hydraulic has the highest market
value at present, whereas the electronic segment is showing growth-wise better
potential.
Based on
electric vehicle (EV) type, the global Torque Vectoring Market Size has been
segmented into battery electric vehicle (BEV) and hybrid electric vehicle
(HEV). BEV is spearheading the segment, but HEV can show the fastest growth
rate.
Based on technology,
the global Torque Vectoring Market Size has been segmented into active torque
vector system and passive torque vector system. Among these, passive torque
vector system has the major control over the market, but active torque vector
system can record the fastest CAGR during the forecast period.
Regional
Analysis
Region-specific
analysis of the global torque vectoring system includes the Americas, Asia
Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas, at
present, is dominating the market. The region has a superior infrastructure,
and zonal technological brilliance is unmatched. Such factors can be considered
when evaluating the market in the Americas.
Europe is the
fastest-growing region. The continent is home to several auto industry
behemoths, which is why torque vectoring is gaining considerable attention.
Moreover, the investment made in research and development is very substantial,
stimulating the growth of the market.
The APAC region,
in terms of volume, is vast and has a lot of business potential that has
attracted market giants.
Key Players
Major
participants in the global Torque Vectoring Market Size are GKN (UK), American
Axle (US), Dana (US), Getrag (Canada), BorgWarner (US), Eaton (Ireland), JTEKT
(Japan), Bosch (Germany), Univance (Germany), Schaeffler (Germany), ZF
(Germany), Timken (US), Oerlikon Graziano (Italy), Ricardo (UK), Continental AG
(Germany), and others.
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Key Questions
Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/
Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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