Global Automotive Active Cornering System Market 2019-2023 | Developments in Automotive Torque Vectoring Systems to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 24, 2019--
The global automotive active cornering system market is expected to post a CAGR of over 16% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global automotive active cornering system market from 2019-2023. (Graphic: Business Wire)
The global automotive industry has become highly competitive because of emerging consumer demands, new vehicle launches, and improving economic conditions in many developing countries. To differentiate their products, automakers are offering advanced safety systems in their vehicles. Also, the increasing importance of active safety systems in the determination of the New Car Assessment Program (NCAP) ratings is also contributing to the intense competition in the market. Moreover, active cornering system is mostly offered as a function of ESC or the electronic stability program in vehicles. Hence, the increased emphasis on ESC in vehicles will drive the growth of the global automotive active cornering system during the forecast period.
As per Technavio, the developments in automotive torque vectoring systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive active cornering system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global automotive active cornering system market: Developments in automotive torque vectoring systems
The global automotive active cornering system market is witnessing developments in the form of added system functionalities. The vendors operating in the concerned market, along with automakers, are actively investing in the research and development of stability control systems. For instance, In February 2018, Toyota Motor Corp. (Toyota Motor) announced the development of two new AWD systems, namely, Dynamic torque vectoring AWD’ and ‘E-Four 4WD system’ The dynamic torque vectoring system uses the world’s first ratchet-type dog clutches on the front and rear wheel shafts. This type of clutch stops the rotation of the drive system, which helps in transmitting the driving force to the rear wheels when in 2WD mode. On the other hand, the E-Four system uses an advanced control system, which optimally distributes the torque to the rear wheels based on real-time driving conditions. Such trends are expected to spur the growth of the global automotive active cornering system market during the forecast period.
“ The global automotive active cornering system market is growing due to the safety benefits associated with active cornering systems. The system aids automobile safety by reducing the probability of rollovers, which further reduces the chances of injuries and fatalities. Hence, automakers are offering active cornering systems, especially in larger utility vehicles, to lower the chances of rollover accidents, thereby driving market growth,” says a senior analyst at Technavio.
Global automotive active cornering system market: Segmentation analysis
This market research report segments the global automotive active cornering system market by application (SUVs, and others) and geographical regions (North America, Europe, APAC, MEA, and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America, respectively. However, during the forecast period, the European region is expected to register the highest incremental growth due to the growing demand for utility vehicles in the region.
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INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING AUTOMOTIVE PERFORMANCE & SPECIAL INTEREST GENERAL AUTOMOTIVE
SOURCE: Technavio Research
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