Torque Converter Market Size To Expand at a Notable CAGR During 2019 – 2023. Global Torque Converter Market Information Report by battery Type (AT, CVT, and DCT), Component (Clutch Plate, Damper, Impeller, Turbine, and Stator), Vehicle (Passenger Car and Commercial Vehicle), and by Regions – Global Forecast To 2023.
Torque Converters are devices that act as a bridge between the transmission and the engine. The growth of the torque converter market is directly proportional to the growth in the automatic transmission vehicle market. With automatic transmission vehicles, specifically passenger vehicles are witnessing rapid growth in demand, which is expected to positively impact the torque converter market. With major manufacturers gunning toward enhanced vehicle efficiency, and technological developments in the torque converter, market is expected to propel the demand in the market.
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The market for torque converter systems is expected to grow with an increase in demand for automobile, majorly in the United States and the European region. There is an immense demand of commercial vehicles in United States. With the increase in demand of commercial vehicles there is an increase in demand for torque converter systems market. Additionally, with manufacturers increasingly integrating torque converters in medium-duty and heavy-duty trucks the torque converter market is expected to register high growth rate in this region. The growth of the European region is also driven by the presence of major auto manufacturers, which are mainly focusing on meeting the increasing demand for passenger and commercial vehicles. Owing to all these factors, the market is expected to witness rapid growth.
With torque converters that can function under higher internal pressure and greater instantaneous force, ultimately enhancing the vehicles performance, the market is poised for rapid growth in the forecast period. Increasing demand for automatic vehicles and high end vehicles is also expected to significantly contribute in the growth of the market. The rising demand for driver assistance systems, along with the increased use of electronics in vehicles, will further augment the demand for torque converters.
Due to the presence of the most populous countries of the world such as China and India, the dominance of APAC becomes evident in the global Torque Converter systems market value. Aggressive growth in the Asian automotive market, is expected to boost the demand in the Torque Converter market in this region. The market has been experiencing rapid growth in the last two years owing to the rising sales of passenger cars, emerging economies, shifting of global players and technological advancements are giving a much needed thrust to the Torque Converter systems market. Rampant rise in vehicle production in the Asia Pacific region, is also expected to be the major contributor in the growth of the torque converter market.
More Details On This Report @ https://www.marketwatch.com/press-release/torque-converter-market-for-automotive-2018-global-growth-size-share-industry-trends-opportunities-competitive-analysis-and-regional-forecast-to-2023-2018-11-15
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