Torque Converter Market: Introduction
A torque converter can be identified as a device which acts as a link between the transmission and the engine, allowing a vehicle engine to spin separately from the transmission. The increase in the manufacture of automatic transmission (AT) vehicles has led to sight opportunities for torque converter market over the forecast period for its benefit of reduced use of clutches resulting to more ease in gear shifts. Thus, the global market place for torque converters in automobile is expected to grow temperately during the forecast period. Such convenience in driving is expected to attract more buyers globally for vehicles that have automatic transmission systems. Other benefits such as less-skill requirements, high-efficiency, ease in driving and lesser records of accidents are some of the factors to opt for automatic transmission systems in medium and heavy duty passenger vehicles and trucks. Thus it is anticipated to observe sturdy growth in torque converter market over the forecast period.
Also manufacturers are inclining towards optimizing torque converters to enhance its technology and operating efficiency by reducing weight and size of torque converter, better lock up range, automated manufacturing processes and other. Such emerging methodologies in manufacture of torque converter are expected to show solid evolution in torque converter market during the forecast period.
Torque Converter Market: Drivers and challenges
One of the prominent factor that aids in the growth of torque converter market during the forecast period is the recent advancement in powertrain mechanism The powertrain consists of the transmission, engine and the drivetrain of an vehicle where its primary function is to run power to the vehicle. Such recent development in powertrain mechanism has facilitated manufacturers in developing transmission systems which results into driving torque converter market.
Majority of customers preferring luxurious and premium vehicles with automatic transmission systems fitted with torque converters for its effortless driving and reduced efforts over the jammed stop and go driving conditions. Also smaller vehicles are expected to show rise in demand for torque converter market during the forecast period. Moreover increasing use of electronic gadgets in the vehicle would further amplify the growth in torque converter market globally.
However, frequent technical issues associated with torque converters may hinder the scenarios for torque converter market growth in near future. An inoperative torque converter indicates to the difficulties like vehicle shaking, transmission slippages and high-stall speed. Such major challenge could be faced by the torque converter market as cost related to labors for the replacements issues of torque converter is high.
Torque Converter Market: Segmentation
Torque converter market can be segmented on the basis of Automatic transmission type:
Torque converter market can be segmented on the basis of vehicle type:
Torque converter market can be segmented on the basis of end users:
Torque Converter Market: Region Wise Outlook
The Americas is expected to account remarkable market share in the torque converter market as adoption of automatic transmission in medium and heavy duty truck is observed at higher extent in his region. Being one of the prominent manufacturer of AT vehicles, North America has substantial number of passenger equipped with automatic transmission systems thus it is expected to remain prominent region for torque converter market during the forecast period.
The torque converter market is expected significant opportunities in Asia Pacific regions of fastest growing nations like India, Japan and China for its OEM segment to experience highest growth that demands automatic transmission during the forecast period. China being one the significant market for automotive have growing demand for automatic transmission systems for premium and luxury vehicles is expected to show noticeable growth in torque converter market over the forecast period.
Unlike Japan and North America, Europe opts for manual transmission vehicles which leads to low demand for AT system resulting to lean growth for torque converter market.
Torque converter market: Players
Some of the renowned players in torque converter market are listed below:
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