The adoption of Torque Converters Market is expected to increase at a CAGR of 4.0% during the forecast period. The torque converter market size is anticipated to rise from USD 5.5 billion in 2023 to USD 8.1 billion in 2033.
The torque converters play a crucial role in the automotive market, particularly in vehicles equipped with automatic transmissions. Torque converters are fluid coupling devices that transmit power from the engine to the transmission, enabling smooth and efficient operation.
Automatic transmissions offer convenience, ease of use, and improved fuel efficiency, leading to their popularity among consumers. As disposable incomes increase and economies develop, consumers in these regions increasingly opt for vehicles equipped with automatic transmissions. This shift in consumer preferences has positively impacted the torque converters market, driving its growth.
Technological advancements have played a vital role in the evolution of the torque converters industry. Efforts are being made to develop lightweight torque converters that contribute to overall vehicle weight reduction and fuel economy improvements.
Advancements in materials, such as advanced composites, are also being explored to enhance the durability and efficiency of torque converters.
| Attribute | Details |
|---|---|
| Market Estimated Size (2023) | USD 5.5 billion |
| Market CAGR (2023 to 2033) | 4.0% |
| Market Forecasted Size (2033) | USD 8.1 billion |
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According to the FMI, the market recorded a 5.5% CAGR from 2018 to 2022. The sales analysis of torque converter systems indicates significant growth, driven by the increasing demand for automatic transmissions, technological advancements, and the expansion of the global automotive market.
However, the industry outlook for 2023 to 2033 presents both opportunities and challenges. The shift towards electrification, advancements in transmission technologies, evolving consumer preferences, and the focus on efficiency and environmental regulations may shape the future of the industry.
Adapting to these trends and investing in research and development is essential for companies to thrive in this evolving landscape.
This technology has gained popularity, especially in compact and entry-level vehicles, due to its cost-effectiveness compared to conventional automatic transmissions. While AMTs do not use torque converters, their presence in the market has influenced the torque converter market dynamics.
In some cases, AMTs have emerged as alternatives to torque converter-equipped automatic transmissions, particularly in lower-priced vehicle segments.
The AMT technology allows for smoother gear shifts and enhanced fuel efficiency compared to manual transmissions, attracting consumers seeking affordable automatic transmission options.
Passenger cars to record an optimistic 3.7% CAGR during the analysis period.
Passenger cars have a high demand globally, making them a substantial market for torque converters. These vehicles cater to individual and family transportation needs, and their popularity has led to a significant volume of passenger car production.
The passenger car segment represents a vast and diverse market, encompassing various vehicle types, including sedans, hatchbacks, SUVs, and crossovers.
This diversity creates a robust demand for torque converters, as different vehicle models require specific torque converter configurations based on factors such as engine power, vehicle weight, and intended use. The broad range of passenger car models ensures a consistent demand for torque converters across the segment.
The region's large population, growing economies, and increasing vehicle production make it a key hub for the automotive industry.
China Market Size: By the end of the forecast period 2033, the torque converter market in China is projected to reach a market size of nearly USD 1.8 billion. China's automotive industry has experienced rapid growth, driven by increasing consumer demand, a growing middle class, and government initiatives to promote domestic automobile production.
The significant market size reflects the country's large population and the strong demand for vehicles equipped with automatic transmissions, where torque converters are essential components.
Japan Market Size: Japan has a well-established automotive industry known for its technological advancements and high-quality vehicles. Japanese automakers are at the forefront of developing innovative transmission technologies, including torque converters.
The market size reflects the demand for torque converters in the country's domestic automotive market as well as the presence of Japanese manufacturers supplying torque converters globally. By the end of the forecast period in 2033, the torque converter market in Japan is expected to reach a market size of around USD 1.5 billion.
Market Size: By the end of the forecast period in 2033, the torque converters market in the United States is expected to reach a size of around USD 1.5 billion.
Absolute Dollar Growth: The market is expected to grow by around USD 475.9 million, reflecting the incremental increase in market value during this period.
Factors contributing to this growth include the strong demand for vehicles equipped with automatic transmissions, continuous technological advancements in torque converter designs, and the country's robust automotive industry.
American manufacturers of torque converters have a global presence and export their products to various markets worldwide. The reputation of United States manufacturers for producing reliable and high-performance torque converters has facilitated their expansion into international markets.
The United States remains competitive in the global torque converters market, exporting its products to meet the demand of other countries.
By the end of the forecast period 2033, the United Kingdom torque converters market is anticipated to reach around USD 271 million, with the CAGR expected to be 3.7%.
The United Kingdom has a well-established automotive industry with a focus on technological advancements and manufacturing excellence. The presence of renowned automakers and suppliers creates a favorable environment for torque converter manufacturers to cater to the domestic market.
The United Kingdom market for torque converters is competitive, with domestic and international players vying for market share. Manufacturers in the United Kingdom focus on product differentiation, quality, and customer satisfaction to maintain a competitive edge.
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The competitive landscape in the torque converters market comprises established players, emerging competitors, a diverse product range, technological advancements, emphasis on quality, strong customer relationships, competitive pricing, and regional or global presence.
Prominent firms continuously innovate, adapt to market demands, and strive to exceed customer expectations to maintain a competitive position in the dynamic torque converters market.
Recent Developments in the Torque Converter Market
Aisin delivered a hybrid gearbox and an active front spoiler for the Toyota Tundra in March 2022. Aisin Corporation (Aisin) announced the adoption of their hybrid gearbox and active front spoiler for the Toyota Tundra.
The FR 1 Motor Hybrid Transmission is a key component of the iFORCE MAX powertrain. The Tundra's first hybrid model specification powertrain, and is a hybridized product with a drive motor mounted on a 10-speed AT as a foundation.
| Attributes | Details |
|---|---|
| Growth Rate | CAGR of 4.0% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Transmission Type, By Component Type, End-user Industry, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Infineon Technologies AG; NXP Semiconductors NV; Texas Instruments; Inc.; Toshiba Corp.; Intel Corporation; Maxim Integrated; Broadcom Inc.; Qualcomm Inc.; Analog Devices, Inc. |
| Customization & Pricing | Available upon Request |
The torque converters market is estimated to secure a valuation of USD 5.5 billion in 2023.
The global market size is expected to reach USD 8.1 billion by 2033.
The growth potential of the market is 4% through 2033.
Surging demand for EVs and popularization of CVTs are bolstering the sales of torque converters.
Surging demand for sportier, performance-oriented vehicles is creating new promising prospects for the product.
| Market CAGR (2023 to 2033) | 5.7% |
|---|---|
| Market Size (2023) | USD 3.51 billion |
| Market Size (2033) | USD 6.13 billion |
| Estimated Market Value (2023) | USD 21,996 million |
|---|---|
| Projected Market Size (2033) | USD 289,542 million |
| Value CAGR (2023 to 2033) | 30.1% |
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Torque Converters Market
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