The torque converter market is projected to register a CAGR of 4.0% during the forecast period, with the market size expected to reach USD 8.1 billion in 2033 from USD 5.5 billion in 2023.
Torque converters play a crucial role in vehicles with automatic transmissions, enabling smooth power transmission. The increasing adoption of automatic transmissions, driven by consumer preferences for convenience and fuel efficiency, has positively impacted the torque converter market. Technological advancements focus on developing lightweight and durable torque converters, utilizing advanced materials to improve efficiency and fuel economy.
Key market trends include the rise of electric vehicles, which may affect torque converter demand in the long run. However, hybrid and plug-in electric vehicles still rely on torque converters.
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Continuously variable transmissions have gained popularity, presenting opportunities for torque converter manufacturers to cater to this segment. Market consolidation through acquisitions and partnerships enhances competition and drives innovation.
Shifting consumer preferences, such as the demand for sportier vehicles, may drive the need for high-performance torque converter systems. The automotive industry’s focus on efficiency and environmental regulations also shapes the torque converter systems market.
Key Takeaways:
- Automated Manual Transmission (AMT) technology is projected to experience a 3.8% growth between 2023 and 2033. AMTs have gained popularity in compact and entry-level vehicles due to their cost-effectiveness compared to conventional automatic transmissions.
- Passenger cars are a significant segment of the torque converter market, with a projected 3.7% CAGR during the analysis period. The diverse range of passenger car models necessitates specific torque converter configurations based on factors like engine power and vehicle weight. The consistent demand for torque converters across the passenger car segment is driven by the popularity of these vehicles for individual and family transportation needs.
- The market in China is expected to reach around USD 1.8 billion by 2033, reflecting the country’s rapid automotive industry growth and strong demand for vehicles with automatic transmissions.
- In Japan, known for its technological advancements and high-quality vehicles, the market is projected to reach around USD 1.5 billion by 2033.
- The United States is expected to perform well in the global market, with a market size of around US$ 1.5 billion by 2033 and an absolute dollar growth of around USD 475.9 million. Factors contributing to this growth include strong demand for vehicles with automatic transmissions, continuous technological advancements, and the reputation of United States manufacturers for producing reliable and high-performance torque converters.
- The United Kingdom torque converter market is projected to reach USD 271 million by 2033, with a CAGR of 3.7%. The United Kingdom has a well-established automotive industry is home to renowned automakers and suppliers, creating a favorable environment for torque converter manufacturers.
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Competitive Landscape
The market for vehicle automatic transmissions is extremely concentrated, with leading players such as Exedy, Borgwarner, Aisin Seiki, Valeo, and others. These firms are concentrating on developing various growth strategies to increase their market share.
- The Skoda Rapid automatic was launched in India with an automatic gearbox and turbo petrol engines in September 2020. The Hyundai Verna turbo DCT, Honda City CVT, and Toyota Yaris CVT may compete with the Rapid AT. The Maruti Suzuki Ciaz is the only other torque converter automatic, though it has a 4-speed AT.
- Daimler Buses announced in April 2022 that the Mercedes-Benz Intouro K hybrid inter-city bus is now available for all two-axle versions with automatic gearbox and torque converter from the extensive Intouro range. The Mercedes-Benz OM 936 engine is as small as the bus itself. With a displacement of 7.7 liters, it produces 260 kW (354 hp). It is linked to a Mercedes-Benz hypoid axle and the ZF Ecolife 2 automatic gearbox with a torque converter.
Key Players
- Infineon Technologies AG
- NXP Semiconductors NV
- Texas Instruments; Inc.
- Toshiba Corp.
- Intel Corporation
- Maxim Integrated
- Broadcom Inc.
- Qualcomm Inc.
- Analog Devices, Inc.
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Key Segments Covered in the Torque Converter Market Report
By Transmission Type:
- Automated Manual Transmission (AMT)
- Dual-Clutch Transmission (DCT)
- Continuously Variable Transmission (CVT)
- Others
By Component:
- Clutch Plate
- Damper
- Impeller
- Turbine
- Stator
- Others
By End Use:
- Passenger Cars
- Commercial Vehicles
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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