Asia-Pacific Torque Converter Market Segments growth forecast driven by tech innovations
Asia-Pacific Torque Converter Market
The Asia-Pacific torque converter market is experiencing rapid growth, fueled by the region’s expanding automotive industry and the increasing adoption of automatic transmission systems. Countries such as China, Japan, South Korea, and India are key players in the market, where automatic transmissions are becoming more popular in both passenger and commercial vehicles. China, being the largest automotive market globally, is witnessing significant demand for torque converters, driven by rising vehicle ownership and the shift towards automatic transmissions.
Japanese automakers such as Toyota, Nissan, and Honda have long been leaders in automatic transmission technology, with a focus on improving fuel efficiency and driving comfort. The growing popularity of hybrid and electric vehicles in the region is also driving advancements in torque converter technology, as manufacturers seek to develop more efficient and lightweight components. The Asia-Pacific torque converter market is expected to continue growing as vehicle production and consumer demand for automatic transmissions increase.
The torque converter market is a crucial segment of the global automotive industry, playing a key role in the smooth operation and performance of automatic transmissions. A torque converter is a hydrodynamic device that transfers power from the engine to the transmission, allowing for smooth gear shifting and improved driving comfort.
In this article, we will explore the torque converter market, including market trends, types of torque converters, key drivers and challenges, regional insights, and the future outlook.
Market overview:
The global torque converter market will grow at a CAGR of 5.78% to USD 4,261 million. To improve vehicle performance, torque converters market function under higher internal pressure and greater expeditious force. The global torque converter market is expected to grow rapidly during the forecast period. The growth of the torque converter market is heavily attributed to the growth of the automatic transmission vehicle market. With the rise in automatic transmission vehicles, the demand for passenger vehicles is also rapidly increasing, which is expected to positively impact the torque converter market.
The major manufacturers’ investments in the torque market to increase vehicle efficiency and the development of torque converter technologies are expected to drive market growth over the next five years. Rising demand for high-end vehicles, automatic vehicles, driver assistance systems, and increased use of electronic vehicles will drive growth in the global torque converter market.
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Because of the decreased demand in the automobile sector, the COVID-19 pandemic has had an impact on the torque converter market. More population means more demand for vehicles, but there is no demand for torque converters due to covid-19. Original equipment manufacturers (OEMs) have also ceased production, reducing demand in the torque converter market. The ongoing COVID-19 outbreak has had a negative impact on the showcase business and the growth of the torque converter market. The outbreak of COVID-19 has caused manufacturers to halt production.
Key Companies in the Torque Converter market include
Aisin Seiki Corporation
BorgWarner Inc.
Continental AG
Delphi Technologies
Exedy Corporation
Isuzu Motors Ltd.
Jatco Ltd
Precision Industries
Schaeffler Technologies AG & Co. Kg
Sonnax Transmission Company, Inc.
Recent developments:
Torque converter manufacturers include Schaeffler (Germany), Aisin (Japan), ZF (Germany), BorgWarner (US) and Valeo (France). Schaeffler is one of the market’s most prominent players. The company’s diverse product portfolio provides torque converters to several OEMs. This gives the company a broad market because it operates in both the mass and aftermarket markets.
In 2023, Ricardo introduced a new high-performance dual-clutch system for supercar transmissions.
Regional analysis:
The torque converter market is divided into five regions: Oceania, Asia, Europe, North America, and the Rest of the World. North America has the highest automatic penetration, making it the largest market for torque converters. CVT vehicle demand is increasing in developing countries such as China and India. Asia Oceania is expected to be the largest market for torque converters by 2032, owing to increased automatic vehicle production and demand for CVT vehicles.
AT vehicles were first used in the United States in the 1960s, and the country now has the largest share of the North American market. As a result, when compared to other regions, North America has the largest AT vehicles. Because torque converters are required for AT vehicles, the North American aftermarket is expected to remain the largest.
Market segmentation:
The worldwide torque converter market is segmented into the automatic transmission, vehicle, component, hybrid vehicle and end-user types.
By Automatic Transmission Type:
DCT (Dual-Clutch Transmission)
AMT (Automated Manual Transmission)
CVT (continuously variable transmission)
By Vehicle Type:
HCV (Heavy Commercial vehicles)
Passenger car
LCV (Low Commercial vehicles)
By Component:
Clutch plate
Impeller
Damper
Turbine
Stator
Others
By Hybrid Vehicle:
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
By End Users:
Aftermarket
Original equipment manufacturer (OEM)
The torque converter market plays a critical role in ensuring smooth and efficient power transfer in automatic transmissions. As technology evolves and the automotive industry advances, the market is expected to grow and adapt, offering innovative solutions to meet the demands of the modern automotive landscape.
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