According to the detailed report by Future Market Insights, the Automotive torque rod market recorded sales of USD 7,778.0 million in 2018. The market experienced a 1.8% year-on-year growth in 2022 and is anticipated to achieve revenue of USD 8,256 million in 2023.
Over the assessment period from 2023 to 2033, the global market is projected to expand at a compound annual growth rate (CAGR) of 3.0%, resulting in a market size of USD 11,095.4 million by the end of 2033. The overall growth in vehicle production and sales globally is a significant driver for the automotive torque rod market. As the number of vehicles on the road increases, there is a corresponding need for suspension components like torque rods to support the growing automotive manufacturing sector.
Automotive Torque Rod have emerged as the best solution for end-use industries as torque rod also play a vital role in optimizing tire contact with the road surface, by controlling suspension movements, torque rods help ensure consistent tire grip and traction, resulting in improved overall vehicle performance and safety.
Other Drivers Propelling the Demand for Automotive Torque Rod include:
Challenges for Companies /Manufacturers in the Automotive Torque Rod Market:
Opportunities in the Automotive Torque Rod Market:
Latest Trends in the Automotive Torque Rod Market:
| Attributes | Details |
|---|---|
| Automotive Torque Rod Market Size (2023) | USD 8,256 million |
| Automotive Torque Rod Market Projected Size (2033) | USD 11,095.4 million |
| Value CAGR (2023 to 2033) | 3.0 % |
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From 2018 to 2022, the global Automotive Torque Rod market experienced a CAGR of 1.2%, reaching a market size of USD 8.256 million in 2023.
From 2018 to 2022, the global Automotive Torque Rod market witnessed steady growth due to SUVs and crossovers have become increasingly popular in recent years.
These vehicles are typically heavier than cars, which puts more stress on the suspension system. Torque rods play an important role in supporting the weight of these vehicles and keeping them stable on the road.
Looking ahead, the global Automotive Torque Rod market is expected to rise at a CAGR of 3.0% from 2023 to 2033. During the forecast period, the market size is expected to reach USD 11,095.4 million.
The Automotive Torque Rod market is expected to continue its growth trajectory from 2023 to 2033, driven by use of lightweight materials, such as aluminum and Composite Material.
These materials are strong and durable, but they are also lighter than traditional materials, such as steel. This weight reduction can improve fuel efficiency and performance. The growth of the Automobile sector and the rising adoption of advance safety features are expected to drive the demand for Automotive Torque Rod during the forecast period.
The Asia Pacific region is poised for substantial growth in the Automotive Torque Rod market, fueled by the rapid development of economies like China and India. Nevertheless, the market's expansion may encounter obstacles due to the emergence of alternative technologies and the considerable expenses associated with Torque Rod manufacturing, including installation and maintenance costs.
| Country | The United States |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 2,715.1 million |
| CAGR % 2023 to End of Forecast (2033) | 3.20 % |
The Automotive Torque Rod market in the United States is expected to reach a market share of USD 2,715.1 million by 2033, expanding at a CAGR of 3.20%. The Automotive Torque Rod market in the United States is expected to witness growth due to Passenger vehicles are more likely to have torque rods than commercial vehicles, so the growth in the passenger vehicle market has led to an increase in demand for torque rods. Additionally, there are a few other factors expected to drive the demand for Automotive Torque Rod in the country are:
| Country | Germany |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 2,611.6 million |
| CAGR % 2023 to End of Forecast (2033) | 2.80 % |
The Automotive Torque Rod market in the Germany is expected to reach a market share of USD 2,611.6 million, expanding at a CAGR of 2.80 % during the forecast period. The Germany market is projected to experience growth owing to the rising demand for Automotive Torque Rod in the automotive market.
The German automotive sector is characterized by advanced manufacturing capabilities, technological innovation, and a focus on high-quality vehicles. As a result, the demand for various automotive components, including torque rods, remains robust.
| Country | China |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 2822.1 million |
| CAGR % 2023 to End of Forecast (2033) | 3.60 % |
The Automotive Torque Rod market in China is anticipated to reach a market share of USD 2822.1 million, moving at a CAGR of 3.60 % during the forecast period. The Automotive Torque Rod market in China is expected to grow prominently due increasing use of torque rods in electric vehicles is expected to drive growth in the automotive torque rod market in China.
Electric motors generate high torque from the moment they start, and the torque is delivered differently compared to an ICE. Therefore, torque rods designed specifically for EVs need to accommodate these unique requirements, such as managing the torque distribution and controlling vibrations caused by the electric motor. This necessitates the development and use of specialized torque rods for EVs, driving the market growth.
With a market share of 78% in 2023, the Passenger Car segment is poised to emerge as the dominant force within the Automotive Torque Rod market. This segment already holds a substantial market share in 2023, fueled by the escalating demand for Passenger cars and a growing emphasis on safety and performance.
The increasing focus on safety and performance aspects acts as a catalyst, propelling the Passenger Car segment to a prominent position in the market.
SUVs and crossovers are becoming increasingly popular, and this is also driving the demand for automotive torque rods. These vehicles are heavier than passenger cars, and they require stronger torque rods to support the weight.
The growing demand for electric vehicles (EVs) is driving the market for automotive torque rods. EVs are heavier than traditional gasoline-powered vehicles and have different suspension requirements, which means they need stronger and more sophisticated torque rods. Efficient torque transfer is crucial in electric vehicles to maximize traction and minimize wheel slippage.
Additionally, EV manufacturers are using new technologies like active suspension systems, which require different types of torque rods that are designed to meet the specific needs of these systems.
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Key players in the market prioritize high product quality, reliability, and durability to meet strict industry standards. This emphasis allows them to gain a competitive edge by delivering superior performance and enhancing customer satisfaction through their torque rod offerings.
Key Strategies Adopted by the Players
Product Innovation
Key players in the market are constantly innovating and developing new technologies to improve the performance and efficiency of torque rods. For example, some companies are developing new materials for torque rods that are stronger and lighter than traditional materials.
Strategic Partnerships and Collaborations
It can be a valuable tool for key players in the automotive torque rod market. By forming these partnerships, companies can gain access to new resources, expertise, and markets. This can help them to stay competitive in a rapidly changing market.
Expansion into Emerging Markets
The emerging markets of China and India are experiencing remarkable growth in the Automotive Torque Rod market. To capitalize on this potential, major players in the market are strategically expanding their footprint in these markets. They are achieving this by establishing local manufacturing facilities and bolstering their distribution networks, ensuring a strong presence and effective market reach in these dynamic regions.
Performance Optimization
Digital solutions optimize automotive torque shaft performance by leveraging data analytics and AI algorithms to identify areas for improvement, and refine designs to meet market demands.
Key Players in the Automotive Torque Rod Market
Key Developments in the Automotive Torque Rod Market:
The market is estimated to reach USD 11,095.4 million by 2033.
Pyken Industries, Megan racing and Hutch are key market players.
The market is estimated to secure a valuation of USD 8,256 million in 2023.
The growth potential of this market is 3% through 2033.
The rising adoption of electric vehicles drives sales.
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Automotive Torque Rod Market
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