USD 7.6 billion
Torque Converter Market Size, Share, Growth Analysis, By Type(Fluid Coupling, Hydraulic Torque Converter, Toroidal or CVT Torque Converter), By Transmission Type(Continuously Variable Transmission (CVT), Semi-Automatic), By Vehicle Type(Passenger Vehicles, Commercial Vehicles, Electric Vehicles), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2214 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
89
|Figures:
76
Torque Converter Market Insights
Global Torque Converter Market size was valued at USD 7.6 billion in 2022 and is poised to grow from USD 7.93 billion in 2023 to USD 11.08 billion by 2031, growing at a CAGR of 4.28% during the forecast period (2024-2031).
The global Torque Converter market is experiencing full-size increase, pushed with the aid of key elements within the automotive industry. Increasing demand for automated transmissions, specially in passenger vehicles, is a chief catalyst for the market's growth. The developing manufacturing of electric and hybrid motors also contributes to torque converter demand. Additionally, advancements in torque converter era, together with the improvement of lock-up torque converters for more suitable gas efficiency, are influencing market dynamics.
The aftermarket section is witnessing growth due to the replacement of getting older torque converters. Regionally, Asia-Pacific is a dominant market, reflecting the robust automotive industry in international locations like China and India. These insights underscore a dynamic market responding to evolving automotive developments and purchaser possibilities.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automatic
Fastest Growth
Continuously Variable Transmission (CVT)
Growth Rate
4.28% CAGR
Global Torque Converter Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Torque Converter Market Segmental Analysis
The global Torque Converter market is segmented into four major segments i.e. by Type, Transmission Type, Vehicle Type, and region. Based on Type, it is divided into Fluid Coupling, Hydraulic Torque Converter, Toroidal or CVT Torque Converter. Based on Transmission Type Automatic, Continuously Variable Transmission (CVT), Semi-Automatic. Based on Vehicle Type it is segregated into, Passenger Vehicles, Commercial Vehicles, Electric Vehicles. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Analysis by Type
Hydraulic Torque Converters are predicted to dominate the marketplace. It converters are the most usually used kind in numerous automobiles, specially in conventional automatic transmissions, contributing to their dominance. Hydraulic torque converters are versatile and can be implemented throughout a broad variety of motors, such as each passenger and business motors.
Toroidal or Continuously Variable Transmission (CVT) Torque Converters are anticipated to be the quickest-growing. The growing adoption of CVTs in passenger automobiles, especially in compact and gas-green cars, is driving the demand for toroidal or CVT torque converters. Toroidal or CVT torque converters contribute to progressed gasoline performance, aligning with the automotive enterprise's awareness on gasoline economy and emission reduction.
Analysis by Transmission
Automatic transmissions are anticipated to dominate the market. Automatic transmissions are extensively desired by using clients for his or her comfort and ease of use, in particular in passenger motors. This preference contributes to the dominance of automated transmissions inside the standard market. Many unique system producers (OEMs) are increasingly more incorporating automated transmissions of their car models, in addition solidifying the dominance of this transmission kind.
Continuously Variable Transmissions (CVTs) are expected to be the fastest-developing transmission kind. CVTs make contributions to advanced gasoline performance with the aid of imparting a unbroken and non-stop range of equipment ratios. As gas economy turns into a paramount concern, the demand for CVTs is expected to upward thrust.
Global Torque Converter Market By Transmission
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Torque Converter Market Regional Insights
Asia-Pacific is expected to dominate the Torque Converter market. The region, mainly international locations like China and India, has a thriving automobile industry with significant car production and sales, using the demand for torque converters.
North America is expected to be the fastest-developing area in the Torque Converter marketplace. The region is at the vanguard of adopting and integrating advanced automotive technologies, including the modern torque converter innovations. The growing marketplace for electric vehicles in North America, which often utilize torque converters of their transmissions, contributes to the area's speedy-paced increase.
Global Torque Converter Market By Region
- Largest
- Fastest
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Torque Converter Market Dynamics
Drivers
Increasing Demand For Automatic Transmissions
- The increasing call for for computerized transmissions, specifically in passenger automobiles, stands as a number one motive force. As consumers globally prefer the convenience and ease of automatic transmissions, the call for for torque converters, essential to these systems, is consequently at the upward push. Additionally, the developing production and adoption of electric and hybrid automobiles make contributions drastically to the torque converter marketplace, as these motors regularly incorporate torque converters in their transmissions.
Restraints
High Increasing Popularity Of Electric Vehicles (Evs)
- The aggressive environment of the Torque Converter market is dynamic and marked with the aid of extreme competition amongst key gamers vying for marketplace percentage and technological leadership. The groups focus on studies and improvement to introduce advanced torque converter technology, enhance gas efficiency, and cater to the evolving demands of the car region. Strategic collaborations with automobile producers, regional expansions, and acquisitions are commonplace techniques hired with the aid of key players to reinforce their market role.
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Torque Converter Market Competitive Landscape
The competitive environment of the Torque Converter market is dynamic and marked by intense competition among key players vying for market share and technological leadership. The companies focus on research and development to introduce advanced torque converter technologies, enhance fuel efficiency, and cater to the evolving demands of the automotive sector. Strategic collaborations with automotive manufacturers, regional expansions, and acquisitions are common strategies employed by key players to strengthen their market position.
Top Player’s Company Profiles
- Schaeffler Group (Germany)
- ZF Friedrichshafen AG (Germany)
- Aisin AW (Japan)
- BorgWarner Inc. (US)
- Valeo Group (France)
- Exedy Corporation (Japan)
- Jatco Ltd. (Japan)
- Isuzu Motors Ltd. (Japan)
- Subaru Corporation (Japan)
- Voith Turbo-Transmissions (Germany)
- Precision Industries (US)
- Shantui Construction Machinery Co., Ltd. (China)
- LuK USA LLC (Germany)
- Transtar Industries (US)
- Yutaka Technologies Co., Ltd. (Japan)
- ACC Performance Products (US)
- Twin Disc Incorporated (US)
- Dana Incorporated (US)
- Eaton Corporation (US)
Recent Developments
- December 2023: Standard Drivetrain, LLC., a distinguished and rapidly advancing participant in the burgeoning driveline performance aftermarket, joyfully publicizes the performed acquisition of Precision Industries.
- December 2023: Circle D Specialties, a producer of high-overall performance torque converters and driveline components inside the car aftermarket, has officially announced the a success acquisition of Reid Racing.
Torque Converter Key Market Trends
- Rising Trend Towards The Integration Of Advanced Materials: The developing trend in the direction of the combination of superior materials and technology in torque converter layout, enhancing their performance and durability. The market is also experiencing a shift towards the improvement of more fuel-green torque converters to align with the automobile enterprise's cognizance on environmental sustainability.
Torque Converter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global Torque Converter marketplace evaluation famous a dynamic market with a number of standout traits and problems. The market is pushed by using the increasing call for for automated transmissions, mainly in passenger motors, and the growing adoption of electrical and hybrid cars. However, the marketplace faces restraints due to the rise of opportunity transmission technologies and stringent emissions policies.
In phrases of product types, hydraulic torque converters dominate, even as toroidal or CVT torque converters witness the fastest increase. Asia-Pacific leads the marketplace, propelled by using a sturdy automotive enterprise. Key developments consist of advancements in torque converter era, a shift towards gas-green designs, and a developing aftermarket segment supplying remanufactured solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.6 billion |
| Market size value in 2031 | USD 11.08 billion |
| Growth Rate | 4.28% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Torque Converter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Torque Converter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Torque Converter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Torque Converter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Torque Converter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Torque Converter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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