Growing usage of automatic transmission in automobile to drive global automotive torque converter market until 2026.
According to TechSci Research report, “Automotive Torque Converter Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026”, Global automotive torque converter market was valued at over USD15357 million in 2021 and is forecast to grow at a CAGR of 6.02% to reach USD22736 million by 2026. Increasing the use of automatic transmission over manual transmission is driving the growth of the automotive torque converter market. Automatic transmission makes use of torque converters and increasing sales of commercial vehicles and passenger cars are pushing the growth of the market through 2026.
Difficulty in driving caused by crowded traffic conditions, particularly in urban areas, is driving up demand for automatic transmission vehicles around the world. The increasing number of automatic transmission vehicles, especially in countries like the USA, Japan, India, and China, is producing considerable demand for torque converters. When compared to manual transmission vehicles with a clutch, automatic transmission vehicles generate more torque, which helps in smooth transmission. The torque converter changes the gear ratio from 3:1 to 1:1 in an infinite number of phases, resulting in smooth acceleration. This enables the car to start and stop without difficulty.
In an automatic transmission, the torque converter functions similarly to a clutch in a manual transmission. This reduces the clutch plate assembly cost in the vehicle. Torque converter functions as an automatic clutch and serves the purpose of an automatic gearbox to increase torque. Furthermore, torque converters tend to act as an inertial flywheel, since they are so heavy and due to this flywheel effect, torque converter vehicles have more consistent and smoother operations than clutch vehicles.
Browse 159 market Figures spread through 214 Pages and an in-depth TOC on "Global Automotive Torque Converter Market”.
Global automotive torque converter market is segmented on the basis of vehicle, transmission, stage, propulsion, and regional distribution. On the basis of vehicle, the market is segmented into passenger cars, light commercial vehicles and medium & heavy commercial vehicles. The demand for automotive torque converters in the passenger car segment increased significantly in the past few years globally. The passenger car automotive torque converter segment accounted for 75.48% market share, in terms of volume, in 2020 and the segment’s share is projected to reach around 76.30% by 2026. High penetration of automatic transmission systems in passenger cars makes it the major demand creator for automotive torque converters.
Leading players operating in the global automotive torque converter market include:
- Sonnax Transmission Company, Inc.
- Schaeffler Technologies AG & Co. KG
- ZF Friedrichshafen AG
- Exedy Corporation
- Yutaka Giken Company Limited.
- Dynax Corporation
- Jatco Ltd.
- Jeon Woo Precision Co,. Ltd.
- BorgWarner Inc.
- Precision Industries
- Valeo Group
- Aisin Corporation
- Shaanxi Aerospace Power Hi-tech Co., Ltd
- Dana Limited
- Allison Transmission Inc.
- Transtar Industries Inc.
- Unipres Corporation.
- RevMax Performance Converters
- TCI Automotive LLC
- A-1 Performance Trans & Converters
“Asia-Pacific region holds the largest share in the automotive torque converter market with 45.59% share in 2020 in terms of volume, led by China, as the country holds the major share in the Asia-Pacific region with 51.10% share in 2020. The Asia-Pacific region is the key automobile manufacturing hub across the world. According to the International Organization of Motor Vehicle Manufacturers (OICA) statistical data, a total of 44,289.90 thousand automobiles were produced in 2020, which proportionally leads to the majority of demand for automotive torque converters in the region. Moreover, the region is witnessing a high penetration rate of the automatic transmission system in the vehicles produced, further creating greater demand for automotive torque converters.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.