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

Q: What is the global market size of Torque Converter Market?

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).

Report ID: SQMIG20I2214 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 89 | Figures: 76

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.

Torque Converter Market Report Snapshots

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FAQs

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 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. '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)', 'Sonnax Transmission Company, Inc. (US)', 'Transtar Industries (US)', 'Yutaka Technologies Co., Ltd. (Japan)', 'ACC Performance Products (US)', 'Twin Disc Incorporated (US)', 'Dana Incorporated (US)', 'Eaton Corporation (US)'

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.

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.

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.

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Torque Converter Market Dynamics

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