USD 4.01 Bn growth expected in Torque Converter Market | Driven by growing demand for automatic transmission systems | Technavio

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According to the recent market study by Technavio, the torque converter market size is expected to increase by USD 4.01 billion from 2021 to 2026, accelerating at a CAGR of 6.87% during the forecast period. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.

APAC will register the highest growth, occupying about 36% of the global market share. China, Japan, and India are the key markets for torque converters in APAC. The market growth in APAC will be slower than the growth of the market in Europe, North America, and South America.

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Vendor Insights-

The torque converter market is fragmented due to the presence of several domestic and international players. Vendors are focusing on launching new and innovative products that cater to the ongoing technological developments in the industry.

Aisin Corp.: The company offers a wide range of torque converters such as eAxle Offset Design (150kW), 1-motor hybrid transmission, High Torque Capacity RWD Multi Stage Hybrid Transmission, High Torque Capacity RWD 10-Speed Automatic Transmission, Direct Shift CVT, and others.

BorgWarner Inc.: The company offers a wide range of torque converters such as DualTronic Clutch System, One-Way Clutches (OWC), Torque Converter Clutch - Friction Disk, Single-Sided Friction Plates, On-Off and Pulse Modulated Solenoids, and others.

Continental AG: The company offers a wide range of torque converters that are innovative, powerful, and are based on the environmentally friendly concept.

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Regional Market Outlook

The torque converter market growth in APAC will be significant during the forecast period. The rising demand for passenger vehicles, increasing disposable incomes, rapid industrialization, and the high adoption of advanced industrial equipment are driving the growth of the torque converter market in APAC. In addition, the increasing adoption of electric vehicles and the imposition of stricter emission norms in countries such as China and India are contributing to the growth of the regional market.

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Latest Drivers & Trends Driving the Market-

• Torque Converter Market Driver:
• Globalization of the auto industry:

The globalization of the automobile industry has led many automotive OEMs to expand their operations in potential markets. For instance, APAC is recognized as the fastest-growing market for automobiles. This is attracting automotive OEMs across the globe to expand their operations by setting up manufacturing plants in countries such as China, India, Japan, and other Asian countries. Moreover, the presence of favorable regulatory policies, availability of low-cost labor and raw materials have made the region a prime offshore location for automotive manufacturing. This is resulting in the high production and demand for automotive components including automotive transmission systems, which will fuel the growth of the market in focus during the forecast period.

• Torque Converter Market Challenge:
• High replacement and repair costs:

Torque converters are generally inexpensive. But the replacement and repair of torque converters is both time and labor-intensive. Also, depending on the design or the complexity of the transmission system, either the engine or the transmission or both needs to be completely removed from the vehicle. Moreover, checking each individual component such as solenoid and clutch plates of the torque converter and repairing them increases the labor cost. Such challenges are expected to hinder the growth of the market to a certain extent.

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