The torque converter market share is expected to increase by USD 4.01 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.87%.

This torque converter market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers torque converter market segmentation by customer landscape (automotive, industrial, and others) and geography (APAC, Europe, North America, South America, and MEA). The torque converter market report also offers information on several market vendors, including Aisin Corp., BorgWarner Inc., Continental AG, EXEDY Corp., Isuzu Motors Ltd., Precision Industries, Renault s.a.s, Schaeffler AG, Valeo SA, and ZEPPELIN GmbH among others.

What will the Torque Converter Market Size be During the Forecast Period?

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"APAC has some of the fastest-growing economies in the world, including China, India, Thailand, Indonesia, and South Korea."

Torque Converter Market: Key Drivers and Trends

The growing demand for automatic transmission systems is notably driving the torque converter market growth, although factors such as high replacement and repair costs may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the torque converter industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Torque Converter Market Driver

The growing demand for automatic transmission systems is one of the key drivers for supporting torque converter market size growth. OEMs are focusing on expanding their market globally. Meanwhile, the governments of Asian countries are encouraging the expansion of the automotive industry. Simultaneously, these countries are also the major producers of raw materials and are considered as one of the largest pools of experienced talent. On the other hand, developing countries require low manufacturing costs with large volume demand. To attain globalization, the demand for torque converters is increasing worldwide.

Key Torque Converter Market Challenge

High replacement and repair costs will hamper the torque converter market size growth in the coming years. They are generally inexpensive, but as the labor is extensive and takes time, replacing or repairing the torque converter costs more. To get the job done, depending on the design, either the engine or the transmission (or both) needs to be completely removed from the vehicle. The job of repairing and replacing the torque converter is cheaper for rear-wheel-drive automatic transmission vehicles than for front-wheel-drive or four-wheel-drive automatic transmission vehicles. Repairing a torque converter, on average, takes 8-9 hours for a mechanic or technician. 

This torque converter market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Market Overview

The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. The global industrial machinery market is expected to grow at a moderate pace. 

Who are the Major Torque Converter Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Aisin Corp.
• BorgWarner Inc.
• Continental AG
• EXEDY Corp.
• Isuzu Motors Ltd.
• Precision Industries
• Renault s.a.s
• Schaeffler AG
• Valeo SA
• ZEPPELIN GmbH

This statistical study of the torque converter market encompasses successful business strategies deployed by the key vendors. The torque converter market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The torque converter market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Torque Converter Market?

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36% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for torque converter market in APAC. Market growth in this region will be slower than the growth of the market in MEA.

Rapid industrialization will facilitate the torque converter market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Industry Application Segments in the Torque Converter Market?

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The torque converter market share growth by the automotive segment will be significant during the forecast period. As per the increasing demand for vehicle production and advanced industrial machinery, the automotive sectors will contribute to the growth of the market.

This report provides an accurate prediction of the contribution of all the segments to the growth of the torque converter market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Torque Converter Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive torque converter market growth during the next five years
• Precise estimation of the torque converter market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the torque converter industry across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of torque converter market vendors

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