ID: MRFR/AM/3443-HCR | 111 Pages | Published By Sejal Akre on March 2023
The global torque converter market growth accelerates to USD 4,261 Million with CAGR of 5.78% during the forecast period 2022 - 2030
2022 - 2030
Torque converter market is expected to grow USD 4,261 million at a CAGR 5.78% during the forecast period. This report contains all the information on the global torque converter market analysis and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global torque converter market growth and forecast to 2030 is also included in the report.
Torque converters are a type of fluid that helps to transfer the rotating power from a prime mover to a rotating driven load. It basically acts as a bridge between the transmission and the engine. The rise in the demand for automatic hydraulic transmission and passenger vehicles in the developed countries of the world is likely to drive the growth of the global torque converter market.
Torque converters are designed to function under higher internal pressure and greater expeditious force to intensify the performance of the vehicles, the global torque converter market is expected to witness massive growth during the forecast period. The growth of the torque converter market is exceedingly ascribed to the growth of the automatic transmission vehicle market and with the rise in automatic transmission vehicles, the demand for passenger vehicles is also observing quick growth which is predicted to put a positive impact on the torque converter market. The investment of the major manufacturer in the torque market to increase the vehicle efficiency and the development of the technologies in the torque converter are likely to boost the growth of the market in the next five years. Rising demand for high-end vehicles, automatic vehicles, driver assistance systems, and the increased in the use of electronic vehicles will boost the growth of the global torque converter market.
Covid 19 Analysis
The outbreak of the covid 19 has tremendously affected the automotive industries. China is the base of torque converters as it is the production hub for the raw materials, products, and finished goods; though it is the same place from where the virus was developed. Due to this the supply chain of the product is widely disturbed as well as it stumbled the production of the raw materials which has incredibly impacted the production of the commercial vehicles as well as the passenger vehicles.
The outbreak of the pandemic has forced many automotive companies to shut the business due to the regulations of the government of complete lowdown; it has placed limitations on the manufacturing operations. Altogether the outbreak of the pandemic has decreased the sales of the global torque converter market and the slowdown in the process of production is likely to hamper the growth of the market.
The major strategies adopted by the key players of the global torque converter market outlook are launches of new technologies, R&D activities, and acquisitions. According to the reports, in the year 2018, the top five key players of the global torque converter market revenue accounted for 41.6% of the total market shares.
Major key Players
Cumulative Growth Analysis
The major key factor that is driving the growth of the market includes the rise in the demand for automatics in the premium segment vehicles and in the mid-segment vehicles.
The fast growth in the demand of the hybrid vehicles market is also predicted to boost the demand for the torque converters as this types of vehicles requires higher penetration of automatic transmission(AT) which makes the inclusion of the torque converter mandatory in vehicles with automatic transmission
Value Chain Analysis
On the basis of the transmission types, the global torque converter market is segmented into three types such as AMT (Automated manual transmission), CVT (Continuously variable transmission), and DCT (Dual-clutch transmission). The duel clutch segment held the largest share in the torque converter market, in the year 2018. The rise in the development of this segment is magnificently contributing to the growth of the torque converter market. With the launch of the new dual-clutch model in the passenger vehicles from Hyundai, in the year 2018, are expected to rise the growth of the market during the forecast period.
On the basis of the vehicle types, the global torque converter market is segmented into two major types one is passenger vehicles and the other is commercial vehicles. According to the reports of OICA, china held 35% of the global torque converter market shares in the passenger cars sales, in the year 2017. The rise in the demand for the passenger vehicles segment is predicted to grow at a faster pace during the forecast period. The growth in the demand for passenger cars in the North Americas and Asia is expected to boost the sales
The market is segmented on the basis of the transmission type, component, vehicle types, and hybrid vehicle type. On the basis of the component the market is segmented into Clutch plate, Damper, Impeller, Stator, Turbine, and Others, and on the basis of the hybrid vehicles the market is segmented into two types one is Hybrid Electric Vehicle (HEV) and other is Plug-In Hybrid Electric Vehicle (PHEV)
The following report comprises of –
Market By Transmission Type
Market By Component
Market By Vehicle Type
Market By Hybrid Vehicle
Global Automotive Torque Converter Market, By Region
|Market Size||2030 : 4,261 Million USD|
|CAGR||5.78% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Battery Type, Component, Vehicle|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schaeffler (Germany), ZF Friedrichshafen (Germany), Aisin (Japan), Valeo S.A. (France), KAPEC (South Korea), Transtar (US), EXEDY (Japan), Yutaka Giken (Japan), BorgWarner, Inc. (US), Sonnax Industries (US).|
|Key Market Opportunities||Rise in the demand for technological advancement in the vehicles such as luxury, convenience, and comfort|
|Key Market Drivers||
Increasing demand for high performance in vehicles is the primary driver of the torque converter market.
Replacement of converters instead of repair can restrain the market growth.
The COVID-19 pandemic has negatively affected the market growth owing to inadequate supply of converters from China.
Dual clutch transmission is expected to remain dominant.
Asia-Pacific can lead in the torque converter market.
ZF Friedrichshafen, Yutaka Giken, Sonnax Industries, BorgWarner, Inc., KAPEC, Schaeffler, Valeo S.A., EXEDY, Aisin, and Transtar are key players of the global torque converter market.