Torque converters play a crucial part in the automobile industry, notably in vehicles with automatic transmissions. Torque converters are fluid coupling devices that transfer engine power to the transmission, allowing for smooth and efficient operation.
Automatic transmissions are popular among customers because they provide convenience, simplicity of usage, and greater fuel economy. Consumers in these regions are increasingly opting for automobiles with automatic transmissions as disposable incomes rise and economies expand. This change in customer preferences has benefited the torque converters industry, propelling it forward.
Market Analysis
In recent years, the global torque converters market has witnessed a series of product launches and approvals that have contributed to its growth. DataM Intelligence's in-depth market analysis reveals the major torque converters market drivers, challenges, trends, and opportunities.
Our market intelligence report evaluates the market size, growth, and share, providing crucial insights for businesses to make informed decisions and capitalize on the existing and upcoming opportunities in the torque converters market.
Growth Factor
- 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.
Market Restraint
Some of the problems limiting market expansion include CO2 emissions and vehicle overheating caused by torque converters.
Emerging Market Trends
Continuously Variable Transmissions
- Continuously variable transmissions have grown in favour because of their smooth and efficient power delivery. The rising popularity of CVTs in passenger cars and light commercial vehicles provides an opportunity for torque converter manufacturers to modify their technology and cater to this market.
Shifting Consumer Preferences
- Consumer preferences, such as rising desire for sportier and more performance-oriented automobiles, may have an influence on the torque converter systems industry. Demand for high-performance transmissions, particularly torque converter systems with increased responsiveness and economy, may rise as customers seek better driving experiences.
Key Development
Hyundai Motor Company and Kia Corporation sold 174,043 cars in the United States in May 2021, surpassing Ford Motor Company, which sold 13,523 units for the first time since their entry into the market 35 years ago.
Market Key Players
Significant players of the global torque converters market are Hyundai, Luk, ZF, TATA, BorgWarner Aisin, and Schaeffler.
The major players in the torque converters market adopt several growth strategies such as joint ventures, research tie-ups, up-gradation of existing products, new product launches, collaborations, mergers and acquisitions, thereby contributing to global growth in the industry.
