Technavio, a leading provider of market research reports, has released its latest study on Torque Vectoring Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. The global electric vehicle (EV) market experienced substantial growth in 2021, with deliveries exceeding 7 million units, a significant increase from the previous year. Plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) both recorded impressive sales gains, particularly in key markets like China and the United States, as well as several European countries. BEVs are projected to lead the market's growth during the forecast period, accounting for a substantial portion of overall EV sales. China remained the global leader in EV sales volume, with Europe and the US following closely behind in terms of BEV deliveries.
The global torque vectoring market size is estimated to grow by USD 13435.9 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 20.62% during the forecast period. Improved safety and vehicle dynamics is driving market growth, with a trend towards growing demand for electric vehicles However, growing mobility services poses a challenge.Key market players include American Axle and Manufacturing Holdings Inc., BorgWarner Inc., Continental AG, Dana Inc., Eaton Corp. Plc, Ford Motor Co., Hyundai Motor Co., JTEKT Corp., Linamar Corp., Magna International Inc., Melrose Industries Plc, Ricardo Plc, Robert Bosch GmbH, Schaeffler AG, Xtrac Ltd., and ZF Friedrichshafen AG.
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The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive parts and equipment industry include the surge in electronic components utilization in automobiles. The increasing sales of EVs, motorcycles, and PCs have significantly boosted the demand for electronic control units (ECUs) and other electrical components over the past decade.
The Torque Vectoring Market is experiencing significant growth, fueled by the Improved safety and vehicle dynamics. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The Torque Vectoring market is experiencing significant growth due to the increasing demand for enhanced vehicle stability and improved driving dynamics. Torque vectoring technology, which optimally distributes engine power to each wheel for better traction and control, is a key differentiator in high-performance vehicles. Automakers are investing heavily in this technology to meet consumer expectations for safer, more efficient, and dynamic driving experiences. The market is expected to expand at a robust CAGR during the forecast period.
The Torque Vectoring Market is witnessing significant growth due to the increasing demand for improved traction, reduced understeer, and enhanced cornering performance in various vehicle segments. Torque Vectoring systems use differentials, algorithms, and sensors to optimize torque distribution for better handling and stability. These systems are increasingly being adopted in hybrid vehicles, electric vehicles, and even heavy commercial and light commercial vehicles. Active Torque Vectoring systems use electronic clutches or hydraulic clutches for clutch actuation, allowing for precise torque distribution to individual wheels. This results in improved propulsion and reduced carbon emissions, making it an attractive solution for powertrain electrification and clean energy initiatives. Torque Vectoring is not limited to luxury cars and all-wheel-drive vehicles but is also gaining popularity in off-road vehicles and heavy-duty trucks for improved performance optimization. The market is further expected to grow with the integration of advanced connectivity and autonomous driving technologies. Overall, the Torque Vectoring Market is poised for significant growth in the coming years, driven by the increasing demand for improved vehicle performance, reduced carbon emissions, and the electrification of powertrains.
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