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(I-AutoNewsWire.com, November 28, 2019 ) The Torque Converter Market is driven by the high penetration of Automatic Transmission (AT) in mid- and premium segment cars. Also, the increasing penetration of Continuously Variable Transmission (CVT) in mid-level vehicles is expected to drive the market in developing countries. The increasing demand for luxury, comfort, and convenience is driving technological advancements in the market. The torque converter market is estimated to be at USD 5.90 Billion in 2016 and is projected to reach USD 9.88 Billion by 2025, at a CAGR of 5.78% during the forecast period.
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The market is segmented by transmission type into AT, Continuously Variable Transmission (CVT), and Dual-Clutch Transmission (DCT). The CVT, although fuel-efficient, has poor acceleration compared with AT. Torque converters provide a better acceleration in 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 DCT vehicles. As a result, the CVT torque converter segment is estimated to be the fastest growing market, by transmission.
The torque converter market is segmented by vehicle type into the passenger car and commercial vehicle. The penetration of automatics in passenger cars is higher as the driving experience is more important in passenger cars than commercial vehicles. Thus, the requirement of torque converters in passenger cars is significantly more than that in commercial vehicles.
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The market is segmented by hybrid vehicle into Hybrid Electric Vehicle (HEV) and Plug-In Hybrid Electric Vehicle (PHEV). A PHEV can be recharged from a charging station. This is the major advantage of a PHEV over an HEV. Due to favorable government initiatives, the sale of PHEVs is projected to increase significantly during the forecast period. As PHEVs are premium vehicles, the penetration of AT and thus torque converters are significantly higher. Thus, the PHEV torque converter segment is projected to be the fastest growing hybrid vehicle market.
The torque converter market is segmented by region into Asia Oceania, Europe, North America, and RoW. North America has the largest penetration of automatics making it the largest market for torque converters. The demand for CVT vehicles in developing nations, such as China and India, is on the rise. Due to the increasing automatic vehicle production and the increasing demand for CVT vehicles, Asia Oceania is projected to be the largest market for torque converters by 2025. In the US, AT vehicles were adopted in the 1960s; this has led the country to have the largest share of the North American market. Thus, the vehicle parc of AT is largest in North America when compared with other regions. As torque converters are necessary for AT vehicles, the aftermarket in North America is projected to remain the largest.
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The torque converter market is dominated by players such as Schaeffler (Germany), ZF (Germany), Aisin (Japan), Valeo (France), and BorgWarner (US). Schaeffler is one of the leading players in the market. The company has a wide product portfolio and supplies torque converters to several OEMs. This provides the company with a broad market as it operates in both the mass market as well as the aftermarket.
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Mr. Shelly Singh