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Torque Vectoring Market Report 2024: Global Size, Share, Growth, Trends, Forecast to 2033
Torque Vectoring Market Report
According to The Business Research Company's, The torque vectoring market size has grown rapidly in recent years. It will grow from $9.17 billion in 2023 to $10.76 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to improved traction and stability, safety enhancement, market competitiveness, consumer demand for enhanced driving dynamics, environmental and fuel efficiency concerns..
The torque vectoring market size is expected to see rapid growth in the next few years. It will grow to $19.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to autonomous vehicle development, urban mobility solutions, regulatory compliance and safety standards, cybersecurity integration, rise of rear-wheel torque vectoring.. Major trends in the forecast period include advanced sensor technologies for precise control, ai-based torque vectoring algorithms, integration with vehicle stability control, customizable driver settings, collaboration with tire manufacturers..
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Market Drivers and Trends:
The growing trend of autonomous vehicles is expected to boost the growth of the torque vectoring market going forward. An autonomous vehicle refers to a vehicle that can function independently of human control. It uses various sensors, such as radar, lidar, and cameras, to create a map of its surroundings. Torque vectoring helps autonomous vehicles become more energy efficient by minimizing the power lost to wheel slide and other inefficiencies. For instance, in December 2022, according to a report published by the Insurance Institute for Highway Safety, a US-based non-profit organization, there were projected to be 3.5 million autonomous vehicles on American roads by 2025. Further, 4.5 million autonomous vehicles will be on the road by 2030. Therefore, the growing trend of autonomous vehicles is driving the growth of the torque vectoring market.
Major companies operating in the torque vectoring market are focused on developing new technologies, such as rear-axle torque vectoring, to provide reliable services to customers. Rear-axle torque vectoring is a system that distributes torque between the rear wheels of a vehicle to improve handling and stability by using a variety of sensors to monitor the vehicle's speed, steering angle, and lateral acceleration. For instance, in May 2021, Volkswagen AG, a Germany-based automobile manufacturer, launched the 4Motion all-wheel-drive system with rear-axle torque vectoring. The new torque vectoring system employs a rear differential with two multi-plate clutches that can channel up to 100% of the rear torque to a single rear wheel. The DCC adaptive damping system's cornering performance, the electronic differential locking (XDS), and the torque vectoring axle have all been integrated into the Vehicle Dynamics Manager.
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Major Key Players of the Market:
Robert Bosch GmbH, Tesla Inc., Audi AG, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Eaton Corporation, Mitsubishi Motors Corporation, Schaeffler AG, BorgWarner Inc., JTEKT Corporation, Denso Corporation, Dana Incorporated, Linamar Corporation, GKN Automotive Limited, American Axle & Manufacturing Inc., Haldex Ltd., Ricardo Plc, Univance Corporation, Prodrive Holdings Ltd., Getrag B.V. & Co. KG, Koenigsegg Automotive AB, Modelon AB, Drako Motors Inc., Hofer Powertrain GmbH
torque vectoring Market 2024 Key Insights:
• The torque vectoring market is expected to grow to$19.32 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Autonomous Vehicles Fueling The Torque Vectoring Market's Future Growth
• Innovations In Torque Vectoring Technology With A Focus On Rear-Axle Torque Vectoring
• North America was the largest region in the torque vectoring market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
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