“Increased demand for automatics to drive the torque converter industry”
The torque converter market, by value, is projected to grow at a CAGR of 5.78% from 2017 to 2025, to reach USD 9.88 billion by 2025. The key factors driving the market growth include the increasing demand for automatics in mid-segment and premium segment vehicles. The rapid growth of the hybrid vehicles market is also expected to boost the demand for torque converters as these vehicles have a higher penetration of Automatic Transmission (AT) and torque converters are mandatory in vehicles with AT.
On the other hand, the major factors hindering the market growth of torque converters are the high cost of repairs and low availability of spare parts.
“Passenger cars to witness the fastest growth during the forecast period”
The market for passenger cars is projected to grow at the highest CAGR, in terms of value, during the forecast period. The increasing demand for premium segment automatics is expected to drive the demand for torque converters in passenger vehicles. China accounts for 30% of the global vehicle production according to OICA. Thus, the increasing demand for passenger cars in Asia Oceania is projected to drive the market for torque converters.
“CVT is expected to be the fastest growing market segment in the torque converter market”
Torque converters provide a better launch in Continuously Variable Transmission (CVT) vehicles which solves a major problem of CVT vehicles. With the increasing demand for premium segment CVT vehicles in Asia Oceania, the demand for torque converters used in CVT vehicles is expected to outpace the demand for torque converters used in AT and Dual-Clutch Transmission (DCT) vehicles. As a result, the CVT torque converters market is estimated to be the fastest growing market, by transmission.
"North America to dominate the aftermarket growth”
North America is estimated to see the fastest growth of the torque converter aftermarket, in terms of value. This growth is primarily driven by the huge vehicle parc of AT vehicles in the US. In the US, AT vehicles were adopted in the 1960s; this has led to them having the largest share of the North American market by transmission type. As torque converters are necessary for these vehicles, the aftermarket in this region is expected to grow faster compared to other regions.
The study contains insights provided by various industry experts.
The break-up of the primaries is as follows:
- By Company Type: Tier 1?35%, Tier 2?45%, and OEM?20%
- By Designation: C level?35%, D level?25%, and Others?40%
- By Region: North America?45%, Europe?20%, Asia Oceania?30%, and RoW?5%
The key players in the torque converter market are profiled in the study. These are Schaeffler (Germany), ZF (Germany), Aisin (Japan), Valeo (France), KAPEC (South Korea), Transtar (US), EXEDY (Japan), Yutaka Giken (Japan), BorgWarner (US), and Sonnax Industries (US).
The torque converter market is segmented by component (clutch plate, damper, impeller, stator, turbine, and others), transmission type (AT, CVT, and DCT), vehicle type (passenger car and commercial vehicle), hybrid vehicle (HEV and PHEV), region (Asia Oceania, Europe, North America, and RoW) and aftermarket by region (Asia Oceania, Europe, North America, and RoW).
Reasons To Buy the Report:
The report provides insights concerning the following points:
- Market Development: The report offers comprehensive information about lucrative emerging markets. The report analyzes the markets for torque converters across regions.
- Market Diversification: The report gives detailed information about untapped markets, investments, new products, and recent developments in the global torque converter market.
- Product Development/Innovation: The report provides detailed insights into R&D activities, upcoming technologies, and new product launches in the global torque converter market.
- Supplier Analysis: The report provides a brief analysis of Who Supplies Whom data for key torque converter component manufacturers and their clients (OEMs).