Torque Converter Market Estimated to be Worth USD 4261 Million with a CAGR of 5.78% by 2030 - Report by Market Research Future (MRFR)
MRFR Reveals Insights for Reviving Torque Converter Market
New York, US, Aug. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Torque Converter Market Analysis by battery Type, Component, Vehicle, and by Regions - Global Forecast To 2030” valuation is poised to reach USD 4261 Million by 2030, registering an 5.78% CAGR throughout the forecast period (2022–2030).
Torque Converter Market Overview
Torque converter automatic gearboxes are rapidly making a comeback in performance cars. The latest performance cars without a semiautomatic ’box were found not performing enough to the mark, which has been a greater pull for the manual gearbox to come back. Most renowned automakers are working hard to find compelling alternatives to torque-converters to drive a full-on sequential motorsport box without its harshness or self-destructive tendencies.
Torque Converter Market Report Scope:
|Market Size||USD 4261 Million|
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However, their efforts are not serving enough in controlling what the engine was doing, efficiency-wise. And they are rapidly returning to torque converter automatic gearboxes. For instance, the transmission of the new BMW M3 Competition isn’t a dual-clutch automatic; instead, it has reverted to an 8-speed torque-converter with automatic paddle shifters to gain efficiency.
Moreover, the emergence of the dual-clutch transmission (DCT) played a causal role in improving automated manual (AMT) and its single-clutch by shifting without interrupting the flow of torque. A perfectly calibrated DCT that can be borderline dull is highly efficient in this respect. This, as a result, is re-establishing the prominence of torque converter automatic gearboxes, helping manual shifting and skills needed to do it well.
Torque Converter Market Segments
The torque converter market is segmented into transmission types, components, vehicle types, hybrid vehicles, and regions. The transmission type segment comprises AMT (automated manual transmission), CVT (continuously variable transmission), and DCT (dual-clutch transmission). The component segment comprises clutch plates, dampers, impellers, stators, turbines, and others.
The vehicle type segment comprises passenger cars and commercial vehicles. The hybrid vehicle segment comprises hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV). The region segment comprises the Americas, Asia-Pacific, Middle East & Africa, Europe, and the rest of the world.
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Torque Converter Market Regional Analysis
North America dominates the global torque converter market. The increasing demand for torque converters from the automotive sector in the region is a key driving force. Besides, rapidly increasing investments by the medium-duty and heavy-duty truck manufacturers boost the market size. Over recent years, the region has witnessed a spurring rise in the production of medium-duty and heavy-duty trucks and torque converters.
Europe is another lucrative market for torque converters globally. The number of passenger cars manufactured across the region is growing continually, eventually boosting the growth of the torque converter market. Moreover, the rise in vehicle demands across the region escalates the market value, driving the production of vehicles. The European torque converter market is expected to witness a significant demand due to the increasing production of passenger cars during the forecast period.
The Asia Pacific region is a rapidly growing market for torque converter systems. The rapidly growing automotive industries in various countries positively impact regional market growth. India, China, Japan, Taiwan, and South Korea are the largest markets in the region for torque converters. Additionally, the rapid economic growth in the APAC region, alongside the advantage of raw materials and low manufacturing costs in countries such as China and India, boosts the market size. The demand for torque converters in the APAC is expected to grow rapidly during the forecast period.
The demand for luxury cars and passenger vehicles has been growing steadily over the past few years, boosting the market demand. Besides, automotive industries in rapidly developing countries worldwide create significant opportunities for torque converters, contributing to the development of dual-clutch and automatic transmission systems. The increasing use of torque converters in vehicles drives the growth of the industry.
Torque converters have evolved significantly with the rapid technology upgrades over the past few years. Advancements in torque converter systems benefit in simplifying and enhancing the driving experience by reducing traffic congestion. Resultantly, the demand for highly advanced torque systems is growing continually. The improved power train mechanism is another major factor driving the torque converter market.
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Torque Converter Market Competitive Analysis
Highly competitive, the torque converter market appears fragmented due to the presence of several well-established players. These players take up approaches, such as mergers & acquisitions, collaborations, expansion, and product/ technology launches to gain a larger competitive share.
Technology providers invest substantially in product development and improve design concepts. Other strategies these market players adopt are greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration.
For instance, on Aug.07, 2022, Maruti Suzuki India Limited (MSIL) announced that its new Maruti Suzuki YTB (Baleno-based Coupe SUV) would go on sale in early 2023, following a global debut at the 2023 Auto Expo in January. The powertrain of Maruti YTB is linked with a five-speed manual transmission/a six-speed torque converter AT in XL6, Ertiga, and Brezza.
In another instance, on Aug.09, 2022, Indian carmaker Tata Motors announced that it is all set to introduce mid-size SUV Harrier’s facelifted model next year. The company recently started testing the facelifted SUV that would come with a blind spot camera. Powered by a 2 L Fiat Multijet turbo diesel engine, the Harrier Facelift will be mated to a 6-speed manual transmission and torque converter automatic gearbox.
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Dominant Key Players on Torque Converter Market Covered are:
- ZF Friedrichshafen (Germany)
- Schaeffler (Germany)
- Aisin (Japan)
- KAPEC (South Korea)
- Valeo S.A. (France)
- Transtar (US)
- Yutaka Giken (Japan)
- EXEDY (Japan)
- BorgWarner Inc. (US)
- Sonnax Industries (US)
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