Global Torque Converter Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

In 2022, around 11 Mn commercial vehicles were sold in the United States, down from approximately 12 Mn units as reported in 2021

• The torque converter is a critical component in modern automotive and industrial machinery, enabling the transfer of power between the engine and the transmission system. It plays a crucial role in the smooth operation of vehicles and machinery by allowing for efficient torque multiplication, smooth engagement of gears, and torque isolation. The global torque converter market has witnessed significant growth in recent years, driven by factors such as the increasing demand for automatic transmissions, the growth of the automotive industry, and the rising adoption of heavy machinery in various sectors. The automotive industry represents a substantial portion of the torque converter market. The demand for passenger and commercial vehicles equipped with automatic transmissions has been steadily rising due to factors such as shifting consumer preferences, improved driving comfort, and enhanced fuel efficiency. Torque converters play a vital role in automatic transmissions by transmitting power smoothly and efficiently, ensuring optimal performance and reducing wear and tear. The increasing production of automobiles, especially in emerging economies, is driving the demand for torque converters in the automotive sector. Moreover, the torque converter market is influenced by the growth of the industrial machinery sector. Various industries, including construction, mining, agriculture, and material handling, rely on heavy machinery for their operations. Torque converters are widely used in these applications, powering equipment such as loaders, excavators, tractors, and forklifts. The demand for heavy machinery is driven by infrastructure development, urbanization, and industrialization across different regions, leading to increased demand for torque converters. Furthermore, technological advancements are shaping the torque converter market. Manufacturers are continuously investing in research and development to improve torque converter efficiency, reduce power losses, and enhance overall performance. The development of lock-up torque converters, which provide direct mechanical coupling at high speeds, has gained traction due to its fuel-saving benefits. Additionally, the integration of electronic control systems and advanced sensors in torque converters enables better responsiveness and adaptability to varying operating conditions. The global torque converter market is also influenced by environmental regulations and the pursuit of sustainable technologies. The automotive industry, in particular, is focusing on reducing emissions and improving fuel efficiency. Torque converters play a role in achieving these goals by enabling smoother power delivery and optimizing engine performance. As a result, manufacturers are developing torque converters that are lighter, more compact, and more efficient, contributing to the overall sustainability of vehicles. The global torque converter market is experiencing significant growth due to the increasing demand for automatic transmissions in the automotive sector, the growth of the industrial machinery sector, and technological advancements in torque converter design. As the automotive industry continues to evolve towards electrification and automation, torque converters will play a crucial role in enabling efficient power transmission. Furthermore, the demand for torque converters in various industrial applications is expected to grow as infrastructure development and industrialization continue worldwide. The ongoing focus on sustainability and fuel efficiency will further drive innovations in torque converter technology, presenting opportunities for industry players and contributing to the advancement of automotive and industrial machinery sectors.

Market Segmentations

• The Global Torque Converter Market is segmented based on Type, Vehicle, Component, and Geography.
• By Type, the market is classified into Automatic Transmission, Continuously Variable Transmission, and Dual-clutch Transmission. Automatic transmissions are the most common type of transmission in use today, and they account for the largest share of the torque converter market. This is due to the fact that automatic transmissions offer a number of advantages over manual transmissions, such as smoother shifting and easier driving.
• By Vehicle, the market is classified into Passenger and Commercial. Passenger cars account for the largest share of the torque converter market. This is due to the fact that most passenger cars are equipped with automatic transmissions.
• By Component, the market is classified into Clutch Plate, Damper, Impeller, and Turbine. The clutch plate is the component that connects the engine to the torque converter. It is the most important component in the torque converter, and it accounts for the largest share of the market.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. The Americas are the largest market for torque converters. This is because the United States and Canada are two of the largest markets for automobiles in the world. However, Asia-Pacific is expected to grow at the highest CAGR for torque converters. This is because Asia is a major market for automobiles, and it has a large population of car owners.

Recent Development

• Valeo announced that it had started production of its new dry dual-clutch torque converter for hybrid vehicles. The new torque converter is designed to improve fuel economy and emissions performance - June 2023
• BorgWarner announced that it had opened a new torque converter manufacturing plant in China. The plant is expected to have an annual production capacity of 1 Mn torque converters - June 2023

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Torque Converter Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Torque Converter Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Torque Converter Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market