As highlighted in a comprehensive report by Future Market Insights, the Automotive Torque Rod Market saw sales of USD 7,778.0 million in 2018. The market experienced a year-on-year growth of 1.8% in 2022, with anticipated revenue reaching USD 8,256 million in 2023. Looking ahead, the global market is expected to grow at a compound annual growth rate (CAGR) of 3.0% from 2023 to 2033, potentially reaching a market size of USD 11,095.4 million by the end of 2033. Key drivers of this growth include the steady increase in global vehicle production and sales. As the number of vehicles on the road rises, so does the demand for essential suspension components like torque rods, which play a crucial role in supporting the expanding automotive manufacturing industry.
The global Automotive Torque Rod Market is projected to witness significant growth during the forecast period from 2023 to 2033. With rising demand for smoother, more stable rides and heightened focus on vehicle durability, torque rods are becoming increasingly crucial in the automotive sector. Automotive torque rods, designed to stabilize and control axle movement under load, are essential for enhancing vehicle stability, particularly in commercial and heavy-duty vehicles. Increasing sales of both electric and internal combustion engine vehicles, alongside growing demand for high-performance vehicles, are expected to drive the market’s expansion.
As manufacturers strive to improve vehicle performance, torque rod technology is advancing to ensure durability, stability, and vibration reduction. Key players in the industry are focusing on creating lightweight and robust torque rods that enhance fuel efficiency and cater to the evolving needs of electric vehicles (EVs) and commercial fleets.
In-Depth Market Analysis: A Complete Report
Key Takeaways:
- Growing Demand for Stability and Control: Increasing focus on vehicle stability, especially in heavy-duty and commercial vehicles, is driving demand for reliable and durable automotive torque rods.
- Advancements in Torque Rod Technology: Technological innovations in lightweight and high-strength materials are contributing to the development of more efficient torque rods, enhancing vehicle performance.
- Rising Adoption in EVs and Commercial Fleets: The growth of electric vehicles and expanding commercial fleets are further propelling demand for automotive torque rods that meet the performance requirements of these vehicles.
- Global Market Expansion: Rising automotive production, especially in emerging economies, is fueling the global expansion of the torque rod market.
Key Market Drivers:
- Increased Vehicle Production and Sales: A rise in global automotive production, particularly in emerging markets, is bolstering demand for automotive torque rods as manufacturers focus on improving vehicle stability and handling.
- Demand for Enhanced Stability and Reduced Vibration: Torque rods play a crucial role in reducing vibrations and improving stability, especially in trucks, buses, and other heavy-duty vehicles. Growing emphasis on comfort and durability is driving demand.
- Expansion of Electric Vehicles: The EV market’s rapid growth has increased demand for torque rods optimized for electric powertrains, which require specialized stability solutions to ensure safety and comfort.
- Material Innovations for Lightweight and Durability: Technological advancements in materials such as composites and high-strength metals are enabling the production of lighter, stronger torque rods, which improve fuel efficiency and performance.
Key Players in the Automotive Torque Rod Market
- ZF Friedrichshafen AG
- Astronics Corp
- Harsons Ventures
- SOGEFI
- Magneti Marelli
- Dorman Products
- Moog
- TRW Automotive
- Revco
- Hendricksons
- Pyken Industries
- Megan racing
- Hutch
Key Developments in the Automotive Torque Rod Market:
- In 2022, ZF Friedrichshafen AG has been awarded a contract to supply torque rods for the new BMW M3 and M4. The torque rods are made from lightweight materials and are designed to improve handling and performance.
- In 2021, ZF Friedrichshafen, a global automotive supplier, has developed a new electric torque rod technology for electric vehicles (EVs). The new technology uses electric motors to provide the torque that is needed to control the suspension. This technology is expected to improve ride comfort and handling in EVs.
- In 2022, Harsons Ventures, a leading manufacturer of automotive components, has launched a new torque rod for commercial vehicles. The new torque rod is made from high-strength steel and is designed to improve handling and performance.
Segmentation Analysis of the Automotive Torque Rod Market
By Vehicle Type:
- Passenger Cars
- Compact
- Mid-Size
- Luxury
- SUV
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
- others
By Application:
- Front Suspension
- Rear Suspension
- Sub frame Mounting
By Material Type:
- Steel Torque Rods
- Aluminum Torque Rods
- Composite Torque Rods
By Sales Channel:
- OEM
- Aftermarket
By Torque Rod Type:
- Fixed Torque rods
- Adjustable Torque rods
- Panhard Rods
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltic Countries
- The Middle East & Africa
- East Asia
- South Asia and Pacific
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube