Market Trends of Automotive Torque Converter Industry
This section covers the major market trends shaping the Automotive Torque Converter Market according to our research experts:
Increasing Adoption of Automatic Transmissions in Commercial Vehicles
With the improvement in technology, fully automatic commercial vehicles are as fuel-efficient as manual commercial vehicles. The automatic transmission provides the user with a fatigue-free experience as the user is free from frequent gear shifting. Ease of driving, especially in heavy traffic, is creating a demand for an automatic transmission. Over the years, many major automotive companies have been focusing on technologies to improve automatic transmission in commercial vehicles.
- In Jan 2022, The iTC torque converter from Schaeffler represents an entirely new generation of components that are lighter and reduce vibrations. A key feature of the TC - or 'integrated torque converter,' to give it its full name - is a lock-up clutch that is integrated into the converter's turbine. This not only makes the system lighter it also creates space for more efficient torsion dampers, such as the centrifugal pendulum-type absorber.
In the light of increasing commercial vehicle sales and higher penetration of automatic transmission systems, key players have introduced some innovative solutions for commercial vehicles. For instance,
- ZF's TraXon offers more torque, an optimal gear ratio spread, and the best efficiency in its class, thus setting the bar for transmissions designed for cranes and commercial and special vehicles. The TraXon Torque variant integrates a torque converter with a dry clutch as a launch element.
Such aforementioned factors and developments are anticipated to poise a positive outlook for the market over the forecast period.
North America Likely to Play Significant Role in the Development of Market
North America was estimated to play a key role in the development of the market during the forecast period. The prospects for growth of the torque converter market in America will be significantly affected by the increased adoption of automatic transmission in passenger cars and heavy-duty and medium-duty commercial vehicles. For instance,
- In 2021, Around 12 million commercial vehicles were sold in the United States, up from approximately 11.5 million units reported in 2020. This type of vehicle includes motor vehicles used for transporting goods or paid passengers. Further, In 2021 the year started positively for the USA market. In fact, in Q1, 3.97 million units were sold, reporting a 13.2%, followed by an impressive 46.9% increase in sales in Q2 with 4,35 million units compared to the previous year.
High fuel efficiency, comfort, ease of driving, and low driving skill requirement will compel the fleet owners to opt for automatic transmission in these vehicles. The high growth rate in these regions is mainly attributed to the technological advancement and easy adoption of the new technology in countries such as the U.S, Canada, etc. Apart from North America, Europe and Asia-Pacific regions are also witnessing notable growth supported by the active engagement of key players and automotive OEMs launching of latest car models with these torque converter technologies to attract consumers. For instance,
- Volkswagen unveiled the 2022 Virtus in India with some changes compared to the model, which is on sale in the international markets. Volkswagen to offer two petrol engines with the Virtus. The 1.0L turbo petrol engine will produce 110PS of power and 175Nm of torque, mated to either a 6-speed manual or a 6-speed torque converter automatic transmission. The 1.5L turbo petrol engine will produce 150PS of power and 250Nm of torque, mated to either a 6-speed manual or a 7-speed dual-clutch automatic transmission.
Thus, the aforementioned factors indicate the active progressions happening across these regions, and hence such developments are expected to contribute to the overall development of the market during the forecast period.
