A torque converter is a kind of fluid coupling which primarily transfers rotating power from a prime mover to a rotating driven load. A prime mover may be an internal combustion engine. High penetration of automatic transmission in mid-level as well as premium-level car segments is driving the demand for torque converters all over the world. Torque converter market is predicted to grow drastically in many developing countries of Asia Pacific region in coming years.
MARKET SCOPE
The "Global Torque Converter Market Analysis to 2028" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the torque converter market with detailed market segmentation by transmission type, component, vehicle type, and geography. The report provides key statistics on the market status of the leading torque converter market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on transmission type, the global torque converter market is segmented into automatic transmission (AT), continuously variable transmission (CVT) and dual-clutch transmission (DCT).
- On the basis of component, the market is segmented into impeller, stator, turbine, damper, lock-up clutch, and others.
- Based on vehicle type, the market is bifurcated into passenger car and commercial vehicle.
MARKET DYNAMICS
Drivers:
- Rapidly rising demand for electric vehicles all over the world.
- Rising urbanization and increasing per capita disposable income to boost market growth of torque converters.
Restraints:
- Unorganized retail sector in some developing countries
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The torque converter market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the torque converter market in these regions.
IMPACT OF COVID-19 ON TORQUE CONVERTER MARKET
The outbreak of the COVID-19 has severely impacted the automotive, transportation and other related industries adversely. The emergence of COVID-19 virus across the globe which led to lockdown scenarios has led to unprecedented series of border closures across the globe. This disruption of global supply chain has left an adverse impact on the automotive industry. This pandemic restricted movement of people from one place to another. Owing to salary cuts or job losses, purchasing capacity of the consumer got affected. Restrictions like limited workforce at production site also affected the market from supply side. All the mentioned factors have impacted the torque converter market negatively.
MARKET PLAYERS
The report covers key developments in the torque converter market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from torque converter market are anticipated to lucrative growth opportunities in the future with the rising demand for torque converter in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the torque converter market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- ACC Performance
- Aisin Europe S.A.
- Dynamic Manufacturing
- EXEDY Corporation
- Precision Industries
- Schaeffler AG
- Transtar Industries Inc.
- Valeo
- Yutaka Giken Company Limited
- ZF Friedrichshafen AG