Torque Converter Market Size, Share & Trends Analysis Report By Transmission Type (Automatic, CVT, DVT), By Component (Clutch Plate, Impeller), By Vehicle Type (Passenger Vehicle), By End Use, By Region, And Segment Forecasts, 2024 - 2030

Torque Converter Market Size, Share & Trends Analysis Report By Transmission Type (Automatic, CVT, DVT), By Component (Clutch Plate, Impeller), By Vehicle Type (Passenger Vehicle), By End Use, By Region, And Segment Forecasts, 2024 - 2030

Torque Converter Market Size & Trends

The global torque converter market size was estimated at USD 7.32 billion in 2023 and is projected to grow at a CAGR of 5.0% from 2024 to 2030. The market is experiencing robust growth driven by the surging demand for passenger and luxury vehicles globally. Advancements in torque converter technology, enhancing efficiency and performance, are further fueling market expansion. As consumers increasingly prefer the convenience of automatic transmissions, the demand for torque converters is expected to remain strong in the coming years, benefiting from the growing automotive industry.

According to the International Organization of Motor Vehicle Manufacturers 2023 report, there has been a notable increase in automotive production across Japan, South Korea, Thailand, Indonesia, and Malaysia. Specifically, production volumes in units rose from 8.1 million, 3.5 million, 1.4 million, 0.7 million, and 0.5 million in 2020 to 9.0 million, 4.2 million, 1.8 million, 1.4 million, and 0.8 million in 2023, respectively. In contrast, the automotive industry in Vietnam and the Philippines showed minimal growth in production volumes from 2020 to 2023. The rising automotive production in Asia Pacific is significantly driving the demand for torque converter in the region.

Torque converters play a pivotal role in enhancing the driving experience of both passenger and commercial vehicles by smoothly transferring the engine's power to the transmission. For instance, in passenger cars like the Toyota Camry or the Ford Escape, the torque converter allows for seamless acceleration from a stop and efficient power delivery during highway cruising, making drives more comfortable and engaging. In the realm of commercial vehicles, such as the Ford Transit or the Freightliner Cascadia, torque converters are essential for handling heavy loads and demanding work conditions, providing the necessary torque multiplication for improving fuel efficiency and reducing strain on the engine during start-up, towing, and uphill drives. These examples underscore the versatility and critical function of torque converters across various vehicle categories.

Global Torque Converter Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global torque converter market report on the basis of transmission type, component, vehicle type, and region:

• Transmission Type Outlook (Revenue, USD Billion, 2018 - 2030)
• Automatic
• CVT
• DVT
• Component Outlook (Revenue, USD Billion, 2018 - 2030)
• Clutch plate
• Damper
• Impeller
• Turbine
• Others
• Vehicle Type Outlook (Revenue, USD Billion, 2018 - 2030)
• Passenger Vehicle
• Commercial Vehicle
• End Use Outlook (Revenue, USD Billion, 2018 - 2030)
• Aftermarket
• OEM
• Regional Outlook (Revenue, USD Billion, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Please note The report will be delivered in 4-8 business days upon order notification.