Market overview:
During the forecast period 2023 - 2030, the global torque converter market will grow at a CAGR of 5.78% to USD 4,261 million. To improve vehicle performance, torque converters market function under higher internal pressure and greater expeditious force. The global torque converter market is expected to grow rapidly during the forecast period. The growth of the torque converter market is heavily attributed to the growth of the automatic transmission vehicle market. With the rise in automatic transmission vehicles, the demand for passenger vehicles is also rapidly increasing, which is expected to positively impact the torque converter market.
The major manufacturers' investments in the torque market to increase vehicle efficiency and the development of torque converter technologies are expected to drive market growth over the next five years. Rising demand for high-end vehicles, automatic vehicles, driver assistance systems, and increased use of electronic vehicles will drive growth in the global torque converter market.
Because of the decreased demand in the automobile sector, the COVID-19 pandemic has had an impact on the torque converter market. More population means more demand for vehicles, but there is no demand for torque converters due to covid-19. Original equipment manufacturers (OEMs) have also ceased production, reducing demand in the torque converter market. The ongoing COVID-19 outbreak has had a negative impact on the showcase business and the growth of the torque converter market. The outbreak of COVID-19 has caused manufacturers to halt production.
Market segmentation:
The worldwide torque converter market is segmented into the automatic transmission, vehicle, component, hybrid vehicle and end-user types.
By Automatic Transmission Type:
· DCT (Dual-Clutch Transmission)
· AMT (Automated Manual Transmission)
· CVT (continuously variable transmission)
By Vehicle Type:
· HCV (Heavy Commercial vehicles)
· Passenger car
· LCV (Low Commercial vehicles)
By Component:
· Clutch plate
· Impeller
· Damper
· Turbine
· Stator
· Others
By Hybrid Vehicle:
· Plug-In Hybrid Electric Vehicle (PHEV)
· Hybrid Electric Vehicle (HEV)
By End Users:
· Aftermarket
· Original equipment manufacturer (OEM)
Regional analysis:
The torque converter market is divided into five regions: Oceania, Asia, Europe, North America, and the Rest of the World. North America has the highest automatic penetration, making it the largest market for torque converters. CVT vehicle demand is increasing in developing countries such as China and India. Asia Oceania is expected to be the largest market for torque converters by 2025, owing to increased automatic vehicle production and demand for CVT vehicles. AT vehicles were first used in the United States in the 1960s, and the country now has the largest share of the North American market. As a result, when compared to other regions, North America has the largest AT vehicles. Because torque converters are required for AT vehicles, the North American aftermarket is expected to remain the largest.
Recent developments:
· Torque converter manufacturers include Schaeffler (Germany), Aisin (Japan), ZF (Germany), BorgWarner (US) and Valeo (France). Schaeffler is one of the market's most prominent players. The company's diverse product portfolio provides torque converters to several OEMs. This gives the company a broad market because it operates in both the mass and aftermarket markets.
· In 2019, Ricardo introduced a new high-performance dual-clutch system for supercar transmissions.
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