Market Size of Automotive Torque Converter Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.50 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Torque Converter Market Analysis
The Automotive Torque Converter Market was valued at USD 16580 million in 2021 and is expected to reach USD 24192 million by 2027, registering a CAGR above 6.5% during the forecast period (2022 - 2027).
Recent COVID-19 has disrupted the market growth. With lockdowns and travel restrictions, the demand for vehicles has declined. As a result, the growth of automotive parts in the automotive industry has also declined in the past two years. This trend is seen in all segments related to the automotive industry.
Over the medium term increasing adoption of torque converters in commercial vehicles is expected to drive demand in the market over the forecast period. The increasing adoption of automatic transmission in commercial vehicles is driven by the increasing construction activities and rising freight and logistics sectors. Further, Ongoing technological advancements and increasing demand for hybrid electric vehicles are expected to further support demand in the market.
The torque converter in an automatic transmission serves a purpose similar to a clutch in a manual transmission. The demand for torque converters is directly related to the increased use of automatic transmission in modern vehicles.
Besides these factors, increasing vehicle fleet, development of efficient transportation and logistics industry, and the need to enhance the driving experience by manufacturers are expected to boost the Global Automotive Torque Converter Market growth in the forecast period. However, high maintenance costs and the risk of malfunctioning automotive torque converts may hinder the market growth in the forecast period.
North America, followed by Europe and Asia-Pacific region, anticipated significant growth during the forecast period, mainly due to the early adoption of these converters and the high demand for premium vehicles in the region. Additionally, the market growth in these regions is projected to be driven by the growing adoption of automatic transmission systems in medium and heavy-duty trucks over the forecast period.
