globalization of auto industry to increase demand for automatic transmission vehicles in apac is driving the Torque Converter Market
Technavio analyzes that the Torque Converter Market is expected to grow at a CAGR of 6.8% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3971 million.There are various factors that contribute to the growth of the market. The globalization of the automotive industry has significantly increased the demand for automatic transmission vehicles in the Asia-Pacific region. This trend is driven by the growing middle class population and urbanization, leading to an increased preference for convenience and comfort in personal transportation. The torque converter market in APAC is poised to grow as automatic transmissions become increasingly popular, with countries like China and India expected to lead the way due to their large markets and rapid industrialization.
In the automotive industry, the torque converter is a vital component for Continuous Variable Transmission (CVT) and hydraulic automatic transmission vehicles. This device enables the engine to rotate independently from the transmission, allowing for improved vehicle fuel efficiency during idle conditions. During the stall and acceleration phases, the torque converter utilizes a lock-up clutch and friction clutch, respectively, to maximize torque multiplication and minimize slippage. In the coupling phase, the torque converter transmits power from the engine to the transmission, enhancing vehicle acceleration. The converter housing houses these essential components, ensuring efficient and reliable performance.
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Torque Converter Market Segmentation
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The Torque Converter, a key component in automatic transmissions for cars, converts potential energy from the engine's crankshaft into kinetic energy for the transmission shaft during the acceleration phase. It functions as a fluid coupling, with an impeller, turbine, and stator, transmitting power from the engine to the transmission. The converter housing contains the impeller and turbine, which rotate due to the pressure of the transmission fluid. The lock-up clutch engages during the coupling phase to improve vehicle fuel efficiency by eliminating power loss. The fluid coupling's tilted blades facilitate smooth transitions between engine RPMs during stall and normal operation.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle 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 this sector include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the rising sales of EVs, motorcycles, and PCs over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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