New York, NY, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Automotive Torque Converter Market Share, Size, Trends, Industry Analysis Report, By Transmission Type (Continuously Variable Transmission, Automatic Transmission, Dual Clutch Transmission, and Others); By Application; By Vehicle Type; By Region; Segment Forecast, 2024 - 2032" in its research database.
According to Polaris Market Research, the global automotive torque converter market size and share was valued at USD 7.76 billion in 2023 and is predicted to reach USD 11.04 billion by 2032. Also, the study states that the market reveals a robust 4.0% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2024-2032.
What is an Automotive Torque Converter? How Big is Automotive Torque Converter Market Share?
- An Introduction and Overview
A torque converter is a mechanical device that uses a fluid coupling, also referred to as a fluid loop process, to convey power. It is an element that serves as a conduit between the engine and the transmission, enabling the car's engine to run separately from the transmission. It helps a rotating driven load transfer its rotating power from a combustion engine. Similar to the clutch in manual gearboxes, the torque converter isolates the engine from the load when the car is stopped. With the use of a torque converter, we can effortlessly achieve different speeds while reducing mechanical effort.
Moreover, torque converters are what make automobiles with automatic transmissions functional. These cars used to be quite costly despite being extremely inefficient, jerky, and poorly suited for changing gears. Torque converters have made it possible for current transmission cars to fulfill similar functions to those of a clutch in manual gearboxes while also enhancing overall durability, fuel efficiency, and performance, which is expanding the automotive torque converter market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
What are the Key Findings of the Report?
- The increased utilization of automatic transmissions in modern cars has expanded the demand for torque converters.
- The automotive torque converter market segmentation is mainly based on the application, transmission type, region, and vehicle type.
- North America dominated the market with the largest share in 2023.
Who Makes the Best Torque Converter?
- Aisin Seiki Co., Ltd.
- Allison Transmission Holdings, Inc.
- BorgWarner Inc.
- EXEDY Corporation
- Fuji Machinery Co., Ltd.
- JATCO Ltd.
- LuK GmbH & Co. KG (Schaeffler Group)
- Magtorq Pvt. Ltd.
- Precision of New Hampton, Inc.
- Raybestos Powertrain, LLC
- Schaeffler Technologies AG & Co. KG
- Sonnax Industries, Inc.
- STMicroelectronics N.V.
- Top-Auto Technology Co., Ltd.
- Transtar Industries, Inc.
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Market Dynamics
- Which Factors are Driving the Market Growth?
The persistent growth of the worldwide automotive sector is driving the automotive torque converter market demand ahead. Torque converters are becoming more and more necessary due to the increasing number of vehicles being produced worldwide, including cars, trucks, and off-road equipment.
Furthermore, the preference for automated gearboxes over manual counterparts has been steadily increasing. Automatic gearboxes are easy to use and convenient, especially in crowded metropolitan environments. The need for torque converters, a crucial part of automatic transmission systems, has sharply increased as a result of this shift. Thereby contributing to the development of the automotive torque converter market size.
- What are the Latest Market Trends and Opportunities?
The automotive torque converter market has a lot of potential due to the increase in the production of hybrid and electric vehicles. Because these cars need specific torque converters to transfer power as efficiently as possible, manufacturers may take advantage of this expanding market. Manufacturers of torque converters have the chance to spend money on R&D to produce lighter, more efficient systems. Innovative material technologies, such as improved composites, can lower costs while enhancing performance overall.
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Overview of the Top Segments
- Automatic Transmission Sector Witnesses Highest Growth
The automotive torque converter market share is expanding significantly in the automatic gearbox segment. The growing inclination of consumers towards automatic gearboxes owing to their user-friendliness and convenience is the driving force behind this expansion. Automatic transmissions are now the preferred option in crowded and metropolitan areas, which has greatly aided in this segment's expansion.
Furthermore, continuous technical development has produced automatic transmission systems that are more sensitive and efficient, improving driving dynamics and fuel economy.
- Hybrid Electric Vehicle Sector Holds Significant Revenue Share
The expanding global trend toward greener and more sustainable modes of transportation is the main force behind this expansion. In order to maximize power transfer between internal combustion engines and electric propulsion, hybrid electric vehicles, or HEVs, rely on sophisticated torque converters.
Furthermore, automakers and customers have been encouraged to adopt HEVs by government subsidies and environmental legislation that aim to reduce carbon emissions. The need for torque converters made especially for these hybrid powertrains has significantly increased as a result of this trend. The torque converter is essential to the expansion of the hybrid electric vehicle (HEV) market because it allows for the seamless mixing of power sources, improved fuel efficiency, and a better driving experience.
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Automotive Torque Converter Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 11.04 Billion |
| Market size value in 2024 | USD 8.05 Billion |
| Expected CAGR Growth | 4.0% from 2024 – 2032 |
| Forecast Year | 2024 – 2032 |
| Segments Covered | By Transmission Type, By Application, By Vehicle Type, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Landscape
North America: The region dominated the automotive torque converter market with the largest market share in 2023 and is anticipated to maintain its authority over the anticipated period. The sector market has grown due in large part to rising consumer spending power and a preference for larger cars, especially trucks and SUVs, which have increased demand for torque converter-equipped automatic transmissions.
Asia Pacific: The automotive torque converter market in Asia Pacific is experiencing incredible growth. The demand for cars is rising as a result of the continuing strong economic growth, growing middle class, and rising urbanization in India and China. Furthermore, the use of sophisticated torque converters is being pushed by stricter emissions rules, especially in hybrid and electric cars.
Browse the Detail Report “Automotive Torque Converter Market Share, Size, Trends, Industry Analysis Report, By Transmission Type (Continuously Variable Transmission, Automatic Transmission, Dual Clutch Transmission, and Others); By Application; By Vehicle Type; By Region; Segment Forecast, 2024 - 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/automotive-torque-converter-market
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Current Progresses
- The upcoming October 2023 introduction of the Kia Sonet in India is causing a great deal of enthusiasm, mainly because of the many innovative features that it will bring to the subcompact SUV market. Significantly, the Sonet will introduce the class's first torque converter diesel automatic drivetrain. Interestingly, this gearbox will produce a stronger power output than its manual diesel cousin.
Report Answers to the Following Questions
- What is the estimated market size & growth rate of the automotive torque converter market?
Ans: The global automotive torque converter market was valued at USD 7.76 billion in 2023 and is expected to grow to USD 11.04 billion at a CAGR of 4.0% during the forecast period.
- Which all market segments are covered in the report?
Ans: The market segmentation is mainly based on the application, transmission type, region, and vehicle type.
- What is increasing the market demand?
Ans: The increased utilization of automatic transmissions in modern cars has expanded the demand for torque converters.
Polaris Market Research has segmented the automotive torque converter market report based on transmission type, application, vehicle type, and region:
By Transmission Type Outlook
- Continuously Variable Transmission
- Automatic Transmission
- Dual Clutch Transmission
- Others
By Application Outlook
- Commercial Vehicle
- Passenger Vehicle
By Vehicle Type Outlook
- Plug-In Hybrid Electric Vehicle
- Hybrid Electric Vehicle
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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