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May 18, 2023

Torque Vectoring Market Surging at 15% CAGR to Reach US$ 43 Billion by 2033: Fact.MR Report

Increasing Sales of High-performance Sports Cars and Electric Vehicles Creating Opportunities for Torque Vectoring Market in United States Rockville, Aug. 04, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR,

Increasing Sales of High-performance Sports Cars and Electric Vehicles Creating Opportunities for Torque Vectoring Market in United States

Rockville, Aug. 04, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Torque Vectoring Market is expected to reach US$ 43 billion by the end of 2033, expanding at a CAGR of 15% over the forecast period (2023 to 2033).

Torque vectoring solutions are critical technologies that assure safety and aid in enhancing vehicle performance. These systems generally provide or distribute torque between the wheels, allowing the vehicle to successfully turn over a bend or curve. A torque vectoring system is a comprehensive, predictive approach to vehicle dynamics, which employs both hardware and electrical components. It offers the most appropriate torque distribution to a wheel at any point based on the driver's objectives and driving conditions.

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Increasing need for safety and convenience in multiple topographical systems is one of the primary factors driving the growth of the torque vectoring market. Furthermore, the use of sensors for tracking wheel steering angle, yaw rate, and wheel speed, as well as an increase in demand for luxury and performance vehicles, adoption of novel technologies, and vehicle sales and manufacturing, all benefit the torque vectoring market.

Rising awareness of the importance of vehicle safety and dynamics is majorly contributing to market growth.

According to the World Health Organization, traffic accidents kill over 1.35 million people each year. Safe cars play an essential role in avoiding accident damage and lowering the danger of catastrophic injuries. The increased consumer interest in vehicle safety is driving up demand for torque vectoring systems. The market is expected to expand as more advanced and complex safety features for luxury cars and other commercial vehicles are being developed.

Key Takeaways from Market Study

The global torque vectoring market stands at US$ 10.7 billion in 2023.

Worldwide demand for torque vectoring systems is projected to rise at a CAGR of 15% from 2023 to 2033.

The worldwide market is estimated to touch US$ 43 billion by the end of 2033.

Passenger cars are the most important segment for the application of torque vectoring systems, accounting for more than 72% of the global market share in 2023.

Europe accounts for 43% share of the global market in 2023.

All-wheel drive vectoring systems account for a market share of 49% in 2023 and the segment is predicted to grow at 9% CAGR through 2033.

“Use of advanced sensors for monitoring wheel steering angle, yaw rate, and wheel speed plays a crucial role in torque vectoring systems, which enable precise control and adjustment of torque distribution to individual wheels, optimizing vehicle performance and handling,” says a Fact.MR analyst.

Market Competition

Overall increase in vehicle sales and manufacturing worldwide is positively impacting the torque vectoring market. As more vehicles are integrating torque vectoring systems, the market is experiencing a corresponding increase in demand.

GKN Automotive introduced the first battery-electric vehicle (BEV) in March 2019, with a two-speed communication and torque vectoring on the front axle.

The existence of multiple automobile manufacturers, suppliers, and technology providers characterises the competitive and dynamic nature of the worldwide torque vectoring industry. To improve performance and handling, many significant car OEMs are actively integrating torque vectoring technology into their vehicles. When integrating the technology, these OEMs frequently create their own exclusive torque vectoring systems or work with vendors.

Torque vectoring technology is actively being developed and researched by numerous universities and research institutions throughout the world. Their contributions to the advancement of torque vectoring technology include doing research, creating sophisticated algorithms, and working with business partners.

American Axle & Manufacturing, Inc. stated in March 2022 that it has received the General Motors Overdrive Award for sustainability, innovation, connections, total business cost, launch excellence, and safety. This recognition enabled the company to seize opportunities for cooperation or partnerships with other organizations and businesses, thereby increasing the company's brand value in the market.

Toyota Motor Corp. (Toyota Motor) unveiled the design of two new AWD systems in February 2019, namely dynamic torque vectoring AWD and the 'E-Four 4WD system. The dynamic torque vectoring system employs the world's first ratchet-type dog clutches on the front and rear wheel shafts. This clutch stops the rotation of the drive system, which aids in the transmission of driving force to the rear wheel in 2WD mode.

Key Companies Profiled

Continental AG

Bosch Ltd

JTEKT corporation

Eaton Corporation

American Axle & Manufacturing, Inc.

BorgWarner

Ricardo

Timken

Getrag

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global torque vectoring market with historical demand data (2018 to 2022) and forecast statistics (2023 to 2033).

The study divulges essential insights into the market based on component (hardware, software), technology (active torque vectoring systems (ATVS), passive torque vectoring systems (PTVS)), clutch actuation type (electric, hydraulic), driving wheel type (rear-wheel drive (RWD), front-wheel drive (FWD), all-wheel drive/four-wheel drive (AWD/4WD)), vehicle type (passenger cars, commercial vehicles, off-road vehicles), and propulsion type (diesel/petrol/CNG, electric vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

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