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. By clutch actuation type, hydraulic clutch segment held the highest share in 2021. By region, Asia-Pacific would showcase the fastest CAGR by 2031.
Portland, OR, March 08, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global torque vectoring market generated $8.1 billion in 2021, and is estimated to reach $31.8 billion by 2031, witnessing a CAGR of 15.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & Details:
|Market Size in 2021||$8.1 Billion|
|Market Size in 2031||$31.8 Billion|
|No. of Pages in Report||280|
|Segments Covered|| Clutch Actuation Type, Vehicle Type, Propulsion, Technology, and Region
|Increase in the global average share of electric vehicles in vehicle sales|
|Rise in the use of commercial and passenger vehicles across industries|
|Government alliances and strict regulations to reduce carbon emissions|
|Opportunities||Various concessions and subsidies are given at industrial level to replace fuel-based cars with electric or hybrid vehicles|
|Different sanctions are given by regulatory bodies to create EV infrastructure and other essential support to promote clean and green energy|
|Restraints||Integrating torque vectoring solutions in vehicles have increased the total cost of the vehicles|
|Shortage of essential components to integrate in controlling and braking systems|
- The COVID-19 outbreak had a temporary impact on the torque vectoring market due to several factors, such as a shortage of raw materials and essential parts, financial restrictions imposed by foreign institutions, travel restrictions, and a skilled labor shortage. This disruption in the supply chain also caused pressure in the automobile industry, affecting car prices, currency fluctuations, and stock building, ultimately slowing down the global economy.
- Despite these challenges, the pandemic also led to an increase in demand for private transportation as people sought to avoid unnecessary social interactions. This heightened demand for vehicles, in turn, accelerated the global demand for torque vectoring technology.
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.
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.
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.
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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 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.
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 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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