Torque Converter Industry:
Torque converters are couplings which act as a bridge between transmission and the engine of a vehicle. It can magnify the torque according to the difference between the input and output of the engine’s rotation. The global torque converter market report by Market Research Future (MRFR) takes an investigative look at various drivers and challenges for the period of 2018 to 2023 (forecast period) while keeping into consideration the COVID-19 pandemic.
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Market Scope
The global torque converter market is predicted to gain an uptick in demand owing to sales of passenger and commercial vehicles. The winding roads and capacity to handle high instantaneous force is likely to drive market demand. Huge demand from driver assistance systems and need for automatic and high end vehicles can fuel market growth. The low maintenance and low frequency of refilling of transmission liquid coupled with stringent regulations on pollution levels by governments will benefit the market. In addition, government policies favoring the production of electric and hybrid vehicles will affect the demand.
The COVID-19 outbreak has negatively affected the torque converter industry owing to disruption in supply chains of raw materials and finished goods from China. The halt in production activities is expected to affect the market negatively. However, inclination towards stepless transmission and expensive nature of converters can hamper the market growth.
Segmentation
The global torque converter market is segmented by type, component, and vehicle type.
By type, it is segmented into dual-clutch transmission, automatic transmission, and continuously variable transmission. The continuously variable transmission (CVT) segment is expected to gain traction in the market owing to the rise in medium vehicles and acceleration challenges in automatic transmission can fuel the segment growth.
By component, it is segmented into stator, impeller, damper, clutch plate, and turbine.
By vehicle type, it is divided into commercial vehicle and passenger vehicle. The penetration of automatic transmission in passenger vehicles is predicted to bode drive the segment growth in the global torque converter market.
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Regional Analysis
The United States and Europe regions are expected to fuel the demand in the global torque converter market share. The immense demand of commercial vehicles in United States can provide lots of opportunities for market players. In addition, the integration of torque converters in medium-duty and heavy-duty trucks can positively affect the market demand. The growth of the European region is also driven by the presence of major auto manufacturers, which are mainly focusing on meeting the increasing demand for passenger and commercial vehicles.
APAC is expected to dominate in the global torque converter systems market due to the presence of the most populous countries of the world such as China and India. Aggressive growth in the Asian automotive market is expected to boost the demand in the torque converter market in this region due to integration of torque converters in heavy-duty trucks. The use of these trucks for logistic solutions and the looming holiday season are likely to favor the market in the coming years. Rising sales of passenger cars, emerging economies, shifting of global players to developing economies, and technological advancements are boosting the torque converter systems market. Recently, the Rapid AT launched by Skoda for customers in India has installed a 6-speed converter which provides an average speed of 16.24 km per liter.
Competitive Outlook
Valeo S.A., ZF Friedrichshafen, Sonnax Industries, Schaeffler, KAPEC, BorgWarner, Inc., EXEDY, Aisin, Transtar, and Yutaka Giken are key players of the global torque converter market.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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