Latest News- Automotive Torque Converter Market: Passenger cars is expected to lead the Application segment during 2024-2028
The Automotive Torque Converter Market is being driven by Globalization of auto industry to increase demand for automatic transmission vehicles in APAC
The Automotive Torque Converter Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1263.8 million. The global automotive industry is undergoing a transformation, with a focus on enhancing the design and configuration of internal combustion engines. A powertrain comprises an automobile's engine, transmission, and drivetrain, responsible for delivering power to the vehicle. Traditional transmission systems were characterized by numerous mechanical components. However, the adoption of advanced technologies has led to the replacement of mechanical components with electronic ones, resulting in improved transmission system efficiency. We project that electronic components will constitute approximately 45% of the powertrain in both gasoline and diesel vehicles by the forecast period. These technological advancements have enabled manufacturers to develop transmission systems capable of managing higher internal pressures and instantaneous forces.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Passenger cars, Commercial vehicles) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Automotive Torque Converter Market Research Report
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The Automotive Torque Converter Market encompasses the production and sale of torque converters, a power train mechanism utilized in automatic transmission vehicles, including luxury and passenger cars. Dual clutch transmission and continuously variable transmission systems also utilize torque converters. These devices enhance vehicle performance and fuel efficiency, while addressing pollution regulations and government mandates. Comprised of an impeller, turbine, stator, damper, and clutch plate, torque converters facilitate smooth acceleration and seamless gear shifting, benefiting both automatic transmission automobiles and trucks. Fuel consumption and engine torque are optimized through advanced manufacturing processes.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various automobile categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers in the automotive parts and equipment sector include the surge in electronic components utilization in automobiles, fueled by the rising sales of EVs, motorcycles, and PCs, leading to a substantial increase in demand for electronic control units (ECUs) and other electrical components over the past decade. Additionally, the adoption of advanced power train mechanisms, such as dual clutch transmissions and automatic transmissions, in both luxury and mass-market vehicles, is expected to further fuel market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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