Torque Converter Market Size is Forecast to Grow at CAGR of 5.65% During 2020-2025
iCrowdNewswire Jan 14, 2020 3:09 AM ET
Torque Converter Market size is forecast to reach $9.40 billion by 2025, after growing at a CAGR of 5.65% during 2020-2025. The growth of the torque converter market
is majorly attributed to the growth of automatic transmission vehicle market. The rapid growth in the demand of CVT passenger vehicles and automatic hydraulic transmission vehicles in the developed parts of the world is majorly anticipated to have positive impact on the growth of the market during the forecast period as these torque converters are used for ultimately enhancing the vehicles performance. The rising usage of fluid coupling and torque converter in automatic transmission vehicles in place of the clutch is set to drive the Torque Converter market over the next few years.
- North America dominated the market of torque convertor, owing to the high adoption of the advanced technology.
- The high demand of passenger cars in developed countries such as the U.S, Germany and Canada is contributing towards the growth of the market.
- The growing demand of the Duel Clutch and automatic Transmission system along with the torque converter is contributing towards the growth of the market.
Transmission Type – Segment Analysis
Duel Clutch segment held the largest market share in the fuel Torque Converter Market in 2018. The growing deployment of the duel clutch in most of the vehicles (passenger vehicle/commercial vehicle) is significantly contributing towards the growth of the Torque Converter market. In 2018, Hyundai launched a new duel clutch model specifically designed for passenger vehicles. The launch of new products is anticipated to raise the growth of the market during the forecast period.
Vehicle Type – Segment Analysis
By the type of vehicle the market is broadly categorized into two major types: Passenger Vehicles and Commercial Vehicles. These passenger vehicle is estimated to grow at a faster pace during the forecast period. According to OICA, China held 35% market share in global passenger cars sales in 2017. The growing sales of the passenger vehicles is anticipated to raise the growth of the market during the forecast period. The growing demand of the passenger cars is significantly attributed to the high penetration of automatics in the passenger cars. The high demand of passenger cars in the regions such as North America (United States and Canada) and APAC (China, Japan, Australia) is anticipated to raise the growth of the market during the f
Geography – Segment Analysis
North America denominated the market of Torque Convertor with a market share more than 30%, followed by Europe in 2018. The high growth rate in these regions is mostly attributed to the technological advancement and easy adoption of the new technology in countries such as U.S, Canada, Germany, U.K., France and other regions. The high demand of the commercial vehicles in United States is significantly contributing towards the rising demand of the Torque Convertor System in the market. By the end of September 2019, the total number of passenger cars manufactured in Germany was 415,500 units, which was an increase of about 4% since previous year (2018). The growing production is attributed to the growing demand of these vehicles across the globe. The increase in production of these passenger cars is anticipated to raise the deployment of these torque converter system which is contributing towards growth of the market during the forecast period.
Drivers – Torque Converter Market
- Growing demand for Passenger cars and luxurious vehicles:
The growing demand of the passenger cars and luxurious vehicles in the developed parts of the globe is significantly increasing the deployment of the duel clutch and automatic transmission systems along with torque convertors in the vehicles. The deployment of these advanced systems results in effortless driving and reduces efforts over the jammed stop and go conditions. The high demand of such advanced system is driving the growth of the market.
- Advancements In Power Trains:
One of the major factor driving the growth of the torque convertor market is the recent advancements made in the powertrain mechanism. Powertrain consists of transmission, engine to run the power to the vehicle. Such advancements are anticipated to raise the growth of the market during the forecast period.
Challenges – Torque Convertor Market
- Growing number of technical issues in the torque convertors:
One of the major cause hindering the growth of the torque convertor market is the growing number of technical issues with the torque convertors. The malfunctioning of the torque convertors causes difficulty like transmission slippage and high-Stall Speed. Moreover, the high repair and replacement cost hinders the growth of the market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Torque Converter market. In 2018, the market of Torque Convertor has been consolidated by the top five players accounting for 41.6% of the market share. Major players in the Torque Convertor Market are Aisin, Borgwarner, Exedy, Kapec, Schaeffler, Sonnax Industries, among others.
- In 2019, Ricardo launched its new high performance transverse Duel Clutch System specifically designed for the supercar transmission. The launch of new products is anticipated to raise the growth of the market during the forecast period.
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