Automotive Torque Converter Market Size Worth $11.04 Billion By 2032 | CAGR: 4.0%

The global automotive torque converter market size is expected to reach USD 11.04 billion by 2032, according to a new study by Polaris Market Research. The report “Automotive Torque Converter Market Share, Size, Trends, Industry Analysis Report, By Transmission Type (Continuously Variable Transmission, Automatic Transmission, Dual Clutch Transmission, and Others); By Application; By Vehicle Type; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The automotive torque converter market is subject to numerous factors, drivers, restraints, and opportunities that collectively shape its trajectory. As the automotive industry evolves to meet changing consumer demands and environmental standards, torque converter manufacturers and stakeholders must adapt and innovate to remain competitive in this dynamic landscape. With advancements in technology, increasing demand for automatic transmissions, and a growing global automotive market, the future holds promise for the torque converter industry. However, challenges such as cost concerns and competition from alternative technologies require thoughtful strategies to unlock the full potential of this critical automotive component.

Additionally the automotive industry's global reach provides opportunities for torque converter manufacturers to expand their presence in emerging markets. As these markets continue to grow, there is potential for increased demand for vehicles, driving the need for torque converters. Moreover, the aftermarket for automotive torque converters is a lucrative opportunity. As vehicles age and require replacement parts, torque converters are often upgraded or replaced, creating a steady stream of revenue for manufacturers.

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With the growth in global income levels and the persistent trend of urbanization, the rates of vehicle ownership are on the rise, particularly in emerging markets. This surge in vehicle possession, coupled with expanding disposable incomes, emerges as a key propeller of the torque converter market. The increasing number of vehicles on the road translates to a heightened demand for automatic transmissions, and consequently, for torque converters.

Furthermore, automotive torque converters play a central role in enhancing both fuel efficiency and vehicle performance. Manufacturers are motivated to engineer torque converters that curtail power losses and augment transmission efficiency. In the face of fluctuating fuel prices and mounting environmental concerns, these factors act as driving forces behind the innovation and adoption of cutting-edge torque converter technologies.

Automotive Torque Converter Market Report Highlights

• Automatic transmission segment is expected to grow at a highest CAGR during the projected period, on account of increasing consumer preference
• Passenger vehicle segment accounted for largest market share, which is mainly driven by rising disposable incomes and urbanization
• Hybrid Electric Vehicle segment held the significant market revenue share in 2023, mainly due to government incentives and environmental regulations
• North America region dominated the market with majority share in 2023, owing to stringent environmental regulations and emission standards in the region
• The global key market players include BorgWarner Inc., EXEDY Corporation, Fuji Machinery Co., Ltd., JATCO Ltd., LuK GmbH & Co. KG (Schaeffler Group)

Polaris Market Research has segmented the automotive torque converter market report based on transmission type, application, vehicle type, and region:

Automotive Torque Converter, Transmission Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Continuously Variable Transmission
• Automatic Transmission
• Dual Clutch Transmission
• Others                                                 

Automotive Torque Converter, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Commercial Vehicle
• Passenger Vehicle

Automotive Torque Converter, Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Plug-In Hybrid Electric Vehicle
• Hybrid Electric Vehicle

Automotive Torque Converter, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Automotive Torque Converter Market Report Scope