New York, United States , Aug. 19, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Torque Converter Market Size is to Grow from USD 7.89 Billion in 2023 to USD 11.81 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.12% during the projected period.
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A torque converter is a device that transfers torque from an energy source, such as a gasoline engine, to a rotating drive load. It is primarily used as a form of fluid coupling. Cars with automatic gearboxes do not have a clutch to separate the transmission from the engine. Instead, they use a torque converter. In an automatic gearbox car, the torque converter connects the primary engine to the automatic transmission, which powers the load. Thus, it is often located between the transmission and the engines flex plate. The key drivers fueling the market's expansion are rising sales of premium automobiles and the increasing adoption of automatic transmissions in mid-segment vehicles. Fuel efficiency is a primary driver of the automotive torque converter sector since it has a direct impact on entire vehicle performance and economy. Several difficulties, including high repair costs, restricted component availability, and the increasing use of automated manual transmissions, are hampering the torque converters industry's growth.
Browse key industry insights spread across 243 pages with 110 Market data tables and figures & charts from the report on the Global Automotive Torque Converter Market Size, Share, and COVID-19 Impact Analysis, By Type (Continuously Variable Transmission, Automatic Transmission, and Dual-Clutch Transmission), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), By Electric Vehicle (BEV, Plug-In Hybrid Electric Vehicle, and Hybrid Electric Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The dual-clutch transmission segment accounted for the largest revenue share of the automotive torque converter market during the projected timeframe.
Based on the type, the automotive torque converter market is divided into continuously variable transmission, automatic transmission, and dual-clutch transmission. Among these, the dual-clutch transmission segment accounted for the largest revenue share of the automotive torque converter market during the projected timeframe. Dual-clutch transmissions (DCTs) use two separate clutches for odd and even gear sets, allowing for faster and more efficient gear shifts than traditional automatic gearboxes. Torque converters in DCT devices are critical for ensuring smooth power transfer and gearbox shift. DCTs are common in performance vehicles and high-end passenger cars due to their ability to provide rapid acceleration and enhanced fuel efficiency.
The passenger vehicle segment is anticipated to grow at the highest CAGR of the automotive torque converter market during the projected timeframe.
Based on the technology, the automotive torque converter market is divided into passenger vehicle and commercial vehicle. Among these, the passenger vehicle segment is anticipated to grow at the highest CAGR of the automotive torque converter market during the projected timeframe. The passenger vehicle market is diversified, including sedans, hatchbacks, SUVs, and premium vehicles. Torque converters play a vital role in passenger vehicles by facilitating effortless power transfer, boosting driving comfort, and improving fuel efficiency.
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North America is expected to hold the largest share of the automotive torque converter market over the forecast period.
North America is expected to hold the largest share of the automotive torque converter market over the forecast period. North America, specifically the United States, has a well-established automotive industry with advanced production facilities, a strong supply chain, and top automotive OEMs. This infrastructure enables intensive research and development, which fosters innovation in automotive technologies such as torque converters. The presence of major automakers and gearbox manufacturers in the region promotes the broad use of modern torque converter technology, which increases vehicle performance and fuel efficiency. Furthermore, strict fuel economy and pollution rules in North America require automakers to use efficient torque converters to fulfill these standards. Furthermore, rising demand for passenger and commercial cars, combined with consumer preference for automatic gearboxes, is driving expansion in the torque converter industry.
Asia Pacific is predicted to grow at the fastest pace in the automotive torque converter market during the projected timeframe. In China and India, the vehicle torque converter market is quickly growing. As these countries continue to see robust economic growth, an expanding middle class, and increased urbanization, there is a greater demand for vehicles. Furthermore, restrictive environmental regulations stimulate the use of advanced torque converters, particularly in hybrid and electric vehicles. These factors, along with shifting consumer preferences, are key growth drivers in the Asia-Pacific vehicle torque converter market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the automotive torque converter market are Dynamic Manufacturing, Stewart & Stevenson, Raybestos Powertrain, LLC, Schaeffler Technologies AG & Co. KG, Magtorq Pvt. Ltd., Aisin Seiki Corporation, BorgWarner Inc., Allison Transmission Holdings, Inc., Fuji Machinery Co., Ltd., Sonnax Industries Inc., Precision Industries, Delphi Technologies, Exedy Corporation, Jatco, and Others Key vendors.
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Recent Developments
- In December 2023, Circle D Specialties, a supplier of high-performance torque converters and driveline components for the automotive aftermarket, officially released the expensive acquisition of Reid Racing.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive torque converter market based on the below-mentioned segments:
Global Automotive Torque Converter Market, By Type
- Automatic Transmission
- Continuously Variable Transmission
- Dual-Clutch Transmission
Global Automotive Torque Converter Market, By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Global Automotive Torque Converter Market, By Electric Vehicle
- BEV
- Plug-In Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Global Automotive Torque Converter Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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