The Asia Pacific Torque Vectoring Market would witness market growth of 15.8% CAGR during the forecast period (2022-2028).
The requirement for torque vectoring systems is driven by consumers' growing concern for vehicle safety. With the advent of better and more advanced safety systems for luxury cars as well as other commercial vehicles, the torque vector market is anticipated to grow. A current car can be significantly faster around a track than a far more potent supercar from the 1980s because of torque vectoring, which has fundamentally transformed how modern vehicles handle. But more crucially, it significantly increases the safety of modern vehicles on slick roads.
Due to escalating environmental regulations and government incentives, the demand for electric vehicles has been quickly increasing. According to the International Energy Agency, Japan the are leading countries for electronic vehicles. The demand for torque vectoring systems, one of the key elements of electric vehicles, is projected to increase as the market for electric vehicles expands.
The Chinese electric vehicle industry has been growing consistently. By the first half of 2022, BEVs and PHEVs together accounted for 19% and 5%, respectively, of the total number of new EV passenger vehicle registrations. This represents an 8% point increase over the market share from the previous year. As a result, two years before the goal year of 2025, China has already reached the 20% EV share target outlined in the 14th Five-Year Plan Energy Saving and Emission Reduction Work Plan. The new energy vehicle (NEV) requirement, which mandates manufacturers to develop NEVs to meet credit criteria and permits them to spend additional NEV credits to satisfy their organizational average fuel consumption standards, continues to be the key engine for the growth of the automotive industry in China. Therefore, the market in this region has huge growth prospects during the forecasted period.
The China market dominated the Asia Pacific Torque Vectoring Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,742.4 million by 2028. The Japan market is exhibiting a CAGR of 15.1% during (2022 - 2028). Additionally, The India market would experience a CAGR of 16.5% during (2022 - 2028).
Based on Propulsion, the market is segmented into All Wheel Drive/Four Wheel Drive (AWD/4WD), Rear Wheel Drive (RWD) and Front Wheel Drive (FWD). Based on Vehicle Type, the market is segmented into Passenger Car, Light Commercial Vehicles and Heavy Commercial Vehicles. Based on Clutch Actuation Type, the market is segmented into Hydraulic Clutch and Electronic Clutch. Based on Technology, the market is segmented into Passive and Active. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Torque Vectoring Market is Projected to reach USD 20.2 Billion by 2028, at a CAGR of 15%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include GKN Automotive Limited (Melrose Industries PLC), Continental AG, ZF Friedrichshafen AG, JTEKT Corporation, American Axle & Manufacturing, Inc., Univance Corporation, Dana Incorporated, BorgWarner, Inc., Eaton Corporation PLC, and Robert Bosch GmbH.
By Propulsion
By Vehicle Type
By Clutch Actuation Type
By Technology
By Country
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