Global Statistics Representing Torque Vectoring Market Scenario
Torque vectoring technology is employed in automobile differentials. It empowers differentials with the ability to divide the torque to each wheel. The technique of transferring power has become popular in all-wheel-drive vehicles. Certain front-wheel drive vehicles have a simple torque vectoring differential as well.
The global torque vectoring market was valued at USD 7.25 billion in 2018 and is projected to reach a value of USD 38.25 billion by 2026 with a CAGR of 23.11% during the forecast period, 2019–2026.
The global torque vectoring market is segmented by vehicle type, propulsion, clutch actuation type, EV type, and technology. On the basis of vehicle type, the global torque vectoring market is segmented into passenger cars and light commercial vehicles. Light commercial vehicles are expected to hold a significant share in the global torque vectoring market due to the increasing production around the world. According to the Center for Automotive Research, global lightweight vehicle production accounted for 95.3 million units in 2016 and is expected to reach 101.2 million units by 2026.
On the basis of propulsion, the global torque vectoring market is segmented into front-wheel drive, rear-wheel drive and all-wheel drive. On the basis of clutch actuation type, the global torque vectoring market is segmented into hydraulic and electronic. Electronic clutch actuation is witnessing a high rate of adoption due to its better efficiency. It serves the requirements of the mechanical components with more efficiency and durability. Additionally, it helps in enhancing fuel efficiency and fulfills the most stringent emission norms and regulations.
On the basis of technology, the global torque vectoring market is bifurcated into active and passive. Active torque vectoring control transfers torque from the left wheel to the right wheel and vice versa to provide a sufficient amount of driving torque on the other wheel. It can generate the yaw moment regardless of the engine torque and does not affect driving and braking forces.
Geographically, the global torque vectoring market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America is expected to hold the largest share in the global product market during the forecasted period. The rising preference for sport utility vehicles and pickup trucks, availability of better leasing options, and rising credit availability drive the growth of the torque vectoring market.
Europe is projected to dominate the global product market during the forecasted period. Several developed countries in the region, including Germany, the U.K., France, and Spain significantly contribute to the European automotive industry. OEMs such as BMW AG, Daimler AG, Fiat, Peugeot-Citroen, and Volkswagen Group also contribute to the growth momentum in the region. In light of these factors, Europe is slated to dominate the torque vectoring market during the forecast period.
Asia-Pacific is expected to be the second-fastest-growing region in the global market. According to the International Organization of Motor Vehicle (OICA), Asia-Pacific has the largest number of vehicle manufacturers globally. With an increase in vehicle production, the demand for global torque vectoring is expected to grow at a significant rate.
Some of the key players in the global torque vectoring market are GKN (U.K.), American Axle (U.S.), Dana (U.S.), BorgWarner (U.S.), Eaton (Ireland), ZF (Germany), JTEKT (Japan), Magna (Canada), Bosch (Germany), Univance (Japan), Schaeffler (Germany), Timken (U.S.), Ricardo (U.K), Oerlikon Graziano (Italy), Mitsubishi Heavy Industries (Japan), HALDEX (Sweden), and Continental (Germany).
Future Developments Expected to Influence the Torque Vectoring Market
Torque Vectoring Market Segmentation
By Vehicle Type
By Clutch Actuation Type
By EV Type
Which Details are Covered in the Torque Vectoring Market Report?