Dublin, June 26, 2023 (GLOBE NEWSWIRE) -- The "Global Torque Converter Market 2023-2028 by Type, Vehicle, Component, and Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The global torque converter market is estimated to be USD 9.61 Bn in 2023 and is expected to reach USD 12.92 Bn by 2028, growing at a CAGR of 6.1%.
The torque converter is a critical component in modern automotive and industrial machinery, enabling the transfer of power between the engine and the transmission system. It plays a crucial role in the smooth operation of vehicles and machinery by allowing for efficient torque multiplication, smooth engagement of gears, and torque isolation.
The global torque converter market has witnessed significant growth in recent years, driven by factors such as the increasing demand for automatic transmissions, the growth of the automotive industry, and the rising adoption of heavy machinery in various sectors. The automotive industry represents a substantial portion of the torque converter market.
The demand for passenger and commercial vehicles equipped with automatic transmissions has been steadily rising due to factors such as shifting consumer preferences, improved driving comfort, and enhanced fuel efficiency. Torque converters play a vital role in automatic transmissions by transmitting power smoothly and efficiently, ensuring optimal performance and reducing wear and tear. The increasing production of automobiles, especially in emerging economies, is driving the demand for torque converters in the automotive sector.
Moreover, the torque converter market is influenced by the growth of the industrial machinery sector. Various industries, including construction, mining, agriculture, and material handling, rely on heavy machinery for their operations. Torque converters are widely used in these applications, powering equipment such as loaders, excavators, tractors, and forklifts. The demand for heavy machinery is driven by infrastructure development, urbanization, and industrialization across different regions, leading to increased demand for torque converters.
Furthermore, technological advancements are shaping the torque converter market. Manufacturers are continuously investing in research and development to improve torque converter efficiency, reduce power losses, and enhance overall performance. The development of lock-up torque converters, which provide direct mechanical coupling at high speeds, has gained traction due to its fuel-saving benefits.
Additionally, the integration of electronic control systems and advanced sensors in torque converters enables better responsiveness and adaptability to varying operating conditions. The global torque converter market is also influenced by environmental regulations and the pursuit of sustainable technologies. The automotive industry, in particular, is focusing on reducing emissions and improving fuel efficiency. Torque converters play a role in achieving these goals by enabling smoother power delivery and optimizing engine performance.
As a result, manufacturers are developing torque converters that are lighter, more compact, and more efficient, contributing to the overall sustainability of vehicles. The global torque converter market is experiencing significant growth due to the increasing demand for automatic transmissions in the automotive sector, the growth of the industrial machinery sector, and technological advancements in torque converter design.
As the automotive industry continues to evolve towards electrification and automation, torque converters will play a crucial role in enabling efficient power transmission.
Furthermore, the demand for torque converters in various industrial applications is expected to grow as infrastructure development and industrialization continue worldwide. The ongoing focus on sustainability and fuel efficiency will further drive innovations in torque converter technology, presenting opportunities for industry players and contributing to the advancement of automotive and industrial machinery sectors.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 129 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $9.61 Billion |
| Forecasted Market Value (USD) by 2028 | $12.92 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Need for Automatic Transmission Systems with Torque Converters
- Rise in the Sale of Hybrid Electric Vehicles
- Growing Demand for Passenger Cars
Restraints
- High Cost of Repair and Maintenance
Opportunities
- Surge in Technological Advancements in Torque Converter
- Proliferation in the Inorganic Growth Strategies among Vendors
Challenges
- Concerns over Frequent Technical Issues
Companies Mentioned
- ACC Performance Products Plus
- Aisin Seiki Corp.
- BorgWarner, Inc.
- Continental Ag
- Delphi Technologies
- Dynamic Manufacturing
- EXEDY Corp.
- Isuzu Motors Ltd.
- Jatco Ltd
- KAPEC
- Precision Industries
- Schaeffler Technologies Ag And Co. KG
- Sonnax Industries, Inc.
- Stewart And Stevenson
- Subaru Corp.
- Transtar Industries, Inc.
- Valeo S.A.
- Voith Gmbh & Co.
- Yutaka Giken Company Ltd.
- ZF Friedrichshafen Ag
Market Segmentation
The Global Torque Converter Market is segmented based on Type, Vehicle, Component, and Geography.
- By Type, the market is classified into Automatic Transmission, Continuously Variable Transmission, and Dual-clutch Transmission. Automatic transmissions are the most common type of transmission in use today, and they account for the largest share of the torque converter market. This is due to the fact that automatic transmissions offer a number of advantages over manual transmissions, such as smoother shifting and easier driving.
- By Vehicle, the market is classified into Passenger and Commercial. Passenger cars account for the largest share of the torque converter market. This is due to the fact that most passenger cars are equipped with automatic transmissions.
- By Component, the market is classified into Clutch Plate, Damper, Impeller, and Turbine. The clutch plate is the component that connects the engine to the torque converter. It is the most important component in the torque converter, and it accounts for the largest share of the market.
- By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. The Americas are the largest market for torque converters. This is because the United States and Canada are two of the largest markets for automobiles in the world. However, Asia-Pacific is expected to grow at the highest CAGR for torque converters. This is because Asia is a major market for automobiles, and it has a large population of car owners.
For more information about this report visit https://www.researchandmarkets.com/r/p4ptwm
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