The global torque vectoring market is envisioned to garner $31.8 billion by 2031, growing from $8.1 billion in 2021 at a CAGR of 15.2% from 2022 to 2031.
A paradigm shift has been there in torque vectoring market due to growing electrification and various governmental initiatives to reduce carbon emissions. Further, this factor has increased the sales and penetration of electric vehicles in developed and developing economies. The countries mainly the U.S., China, Germany, UK Japan, and others are focusing on replacing fuel-based vehicle with electric and hybrid as well as autonomous vehicle. As per the data released by the General Administration of Customs of China, the Chinese market shipped 499,573 electric vehicles in 2021. This shift has created a potential room for torque vectoring OEMs, further boosting the market.
The global torque vectoring market is growing rapidly owing to growth in focus of vehicle manufacturers to offer unique and comprehensive approach that enables the efficient control of the energy flow in vehicles. Further, the OEMs are emphasizing to reduce the vehicle weight and reduce components without comprising the efficiency of the vehicle. In such scenario, companies are replacing traditional motors with advanced e-motors along with battery management solutions. This would significantly reduce power dissipation and optimize the vehicle parts that would provide a better control as well as increase lifespan & efficiency gains. Reducing the weight of the vehicle would further reduce pressure on torque and deliver the driver a smooth and safer driving experience.
Despite the growing factors, high costs involved in integrating various sensors, radars, other hardware, and software components to support torque vectoring is hampering market growth. In addition to this, small and medium size players are unable to compete with the giant players in terms of technological innovation due to limited allocation of funds for R&D activities and limited reach to source raw materials and components.
The COVID-19 crisis left an unprecedented impact on many sectors, including tourism, health, and retail. Automotive industry is one of the highly affected sectors. Factory closures, supply chain disruption, and a collapse in demand dramatically hampered the production and sales of the cars. Moreover, with over 80% of the world’s auto supply chain connected to China, production shortfalls were observed. To protect lives, safeguard employees & workers, and reduce the spread of the virus, the manufacturing facilities and plants were completely halted, which created a standstill position for the automotive industry. Further, major investments done by OEMs and other players operating in supply chain to ramp up production of electric vehicles and components were unable to produce due to lockdown announced worldwide. This created stock piling in warehouses and additional overheads to maintain the stocks. Owing to the abovementioned factors, the global torque vectoring market observed a steep downfall, further hampering the overall automotive industry.
The key players profiled in this report include GKN, American Axle, Dana, BorgWarner, Eaton, ZF, JTEKT, Getrag, Bosch, Univance, Schaffler, Timken, Richardo, and Oerlikon Graziano.
A paradigm shift has been there in torque vectoring market due to growing electrification and various governmental initiatives to reduce carbon emissions. Further, this factor has increased the sales and penetration of electric vehicles in developed and developing economies. The countries mainly the U.S., China, Germany, UK Japan, and others are focusing on replacing fuel-based vehicle with electric and hybrid as well as autonomous vehicle. As per the data released by the General Administration of Customs of China, the Chinese market shipped 499,573 electric vehicles in 2021. This shift has created a potential room for torque vectoring OEMs, further boosting the market.
The global torque vectoring market is growing rapidly owing to growth in focus of vehicle manufacturers to offer unique and comprehensive approach that enables the efficient control of the energy flow in vehicles. Further, the OEMs are emphasizing to reduce the vehicle weight and reduce components without comprising the efficiency of the vehicle. In such scenario, companies are replacing traditional motors with advanced e-motors along with battery management solutions. This would significantly reduce power dissipation and optimize the vehicle parts that would provide a better control as well as increase lifespan & efficiency gains. Reducing the weight of the vehicle would further reduce pressure on torque and deliver the driver a smooth and safer driving experience.
Despite the growing factors, high costs involved in integrating various sensors, radars, other hardware, and software components to support torque vectoring is hampering market growth. In addition to this, small and medium size players are unable to compete with the giant players in terms of technological innovation due to limited allocation of funds for R&D activities and limited reach to source raw materials and components.
The COVID-19 crisis left an unprecedented impact on many sectors, including tourism, health, and retail. Automotive industry is one of the highly affected sectors. Factory closures, supply chain disruption, and a collapse in demand dramatically hampered the production and sales of the cars. Moreover, with over 80% of the world’s auto supply chain connected to China, production shortfalls were observed. To protect lives, safeguard employees & workers, and reduce the spread of the virus, the manufacturing facilities and plants were completely halted, which created a standstill position for the automotive industry. Further, major investments done by OEMs and other players operating in supply chain to ramp up production of electric vehicles and components were unable to produce due to lockdown announced worldwide. This created stock piling in warehouses and additional overheads to maintain the stocks. Owing to the abovementioned factors, the global torque vectoring market observed a steep downfall, further hampering the overall automotive industry.
The key players profiled in this report include GKN, American Axle, Dana, BorgWarner, Eaton, ZF, JTEKT, Getrag, Bosch, Univance, Schaffler, Timken, Richardo, and Oerlikon Graziano.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the torque vectoring market analysis from 2021 to 2031 to identify the prevailing torque vectoring market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the torque vectoring market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global torque vectoring market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Clutch Actuation Type
- Hydraulic Clutch
- Electronic Clutch
By Vehicle Type
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Passenger Car
By Propulsion
- Front Wheel Drive (FWD)
- Rear Wheel Drive (RWD)
- All Wheel Drive/Four Wheel Drive (AWD/4WD)
By Technology
- Active Torque Vectoring System (ATVS)
- Passive Torque Vectoring System (PTVS)
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- GKN Automotive Limited
- Continental AG
- ZF Friedrichshafen AG
- jtekt corporation
- American Axle & Manufacturing, Inc.
- Dana Incorporated
- BorgWarner
- Eaton Corporation
- Bosch Ltd
- univance corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TORQUE VECTORING MARKET, BY VEHICLE TYPE
CHAPTER 5: TORQUE VECTORING MARKET, BY PROPULSION
CHAPTER 6: TORQUE VECTORING MARKET, BY TECHNOLOGY
CHAPTER 7: TORQUE VECTORING MARKET, BY CLUTCH ACTUATION TYPE
CHAPTER 8: TORQUE VECTORING MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Torque Vectoring Market," the torque vectoring market was valued at $8.1 billion in 2021, and is estimated to reach $31.8 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.The market is expanding as a result of the rising demand for torque vectoring systems in premium cars and sport utility vehicles (SUVs) with off-roading capabilities. Moreover, rising consumer safety concerns are propelling the torque vectoring market size. size. Further, rapid technological innovations by major manufacturers to reduce vehicles weight by introducing compact torque systems is creating a potential impact on the market. For instance, in October 2019, BorgWarner developed cost-effective torque vectoring dual-clutch system ideal for electric vehicles. This compact design significantly reduces car space and replaces two electric motors with one that are typically found on electric vehicles. This new torque solution minimizes waste of energy, complements the driveline system, and delivers at an effective low price.
Key factors driving the growth of the market includes increase in sales of electric vehicles globally. Regions such as Europe and North America are proactively emphasizing on protecting environment by reducing carbon emissions significantly. Moreover, these regions are stepping ahead aggressively to promote sustainability and build smart cities. In such case, transportation is the upmost sector on which the governmental authorities are focusing to reduce hazardous emissions, especially emitting from vehicles, mainly heavy commercial and light commercial vehicles. Owing to this, vehicle OEMs are focusing on introducing and penetrating heavy & light electric vehicles in these regions, which is further responsible for boosting the torque vectoring solutions market size.
In addition to this, dramatic shift toward electronic control of torque distribution is a significant trend observed for 4WD technologies. Shifting from torque transfer to torque management has been the focus for OEMs and suppliers. This implies a considerable growth in active or On-demand AWD systems, resulting in decrease in volume and value for passive or conventional full time AWD systems. Owing to this, the torque vectoring market is likely to observe significant growth during the forecast period.
Furthermore, introduction of autonomous vehicles contributes to the torque vectoring market growth. Autonomous vehicles sense their environment and operate without human involvement. These types of vehicles are highly equipped with combination of sensors, cameras, radar, and advanced intuitive technologies, mainly artificial intelligence. For smooth and efficient working of these vehicles, advanced braking systems are required to provide the driver seamless experience. To cater the same, torque vectoring manufacturers are proactively focusing on introducing solutions explicitly for the autonomous vehicles, further supplementing the market growth.
The torque vectoring market is segmented vehicle type, propulsion, technology, clutch actuation type and region. On the basis of vehicle type, the market is classified into passenger car, light commercial vehicles, and heavy commercial vehicles. On the basis of propulsion, it is divided into front wheel drive (FWD), rear wheel drive (RWD), and all-wheel drive/four wheel drive (AWD/4WD). On the basis of technology, it is categorized into active torque vectoring system (ATVS) and passive torque vectoring system (PTVS). On the basis of clutch actuation type, the market is bifurcated into hydraulic clutch and electronic clutch. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, United Arab Emirates, South Africa, and rest of LAMEA).
The key players profiled in the study GKN, American Axle, Dana, BorgWarner, Eaton, ZF, JTEKT, Getrag, Bosch, Univance, Schaffler, Timken, Richardo and Oerlikon Graziano. The key players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launches, and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, in October 2022, Polestar 3 company introduced its full electric SUV configured with dual-motor configuration and a power bias toward the rear. This innovation allows cars to run only on the front electric motor to save energy under certain circumstances.
Key Market Insights
- By vehicle type, the passenger car segment emerged as the global leader in 2021 and it is anticipated to be the fastest growing during the forecast period
- By propulsion, the all-wheel drive/four wheel drive segment emerged as the global leader in 2021 and it 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 the active torque vectoring system segment is anticipated to witness the fastest growth in the upcoming years
- By clutch actuation type, the hydraulic clutch segment generated the highest revenue in 2021 and it is anticipated to be the fastest growing segment during the forecast period
- By region, North America accounted for the dominant market share in 2021 and Asia-Pacific is projected to account for a significant growth rate during the forecast period.
Companies Mentioned
- GKN Automotive Limited
- Continental AG
- ZF Friedrichshafen AG
- jtekt corporation
- American Axle & Manufacturing, Inc.
- Dana Incorporated
- BorgWarner
- Eaton Corporation
- Bosch Ltd
- univance corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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