The global automotive torque converter market to grow at a CAGR of 4.54% during the period 2017-2021.
Global Automotive Torque Converter Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is technological advances in torque converters. Manufacturers are working to optimize torque converters so that torque converters can enhance the vehicle operating efficiency. Some of the trends noticed in torque converter advances include the reduction in size and weight, a greater lockup range, and advanced manufacturing processes such as automated manufacturing.
According to the report, one driver in the market is rise in the demand for automatic transmission systems. Automatic transmission systems are gaining momentum because they are more efficient than the other transmission systems. Also, the increase in the demand for more comfort and safety is driving the technological shift from the manual transmission to the automatic transmission, globally.
Automatic transmission systems are usually more safe and comfortable than manual transmission systems, and they are more economical and resource-friendly. Also, these systems offer a better driving experience. Automatic transmissions come very handy in stop-and-go traffic as the driver has no longer to operate the clutch, which is very comfortable for the driver.
Further, the report states that one challenge in the market is high replacement and repair costs of torque converters. Torque converter replacements and repairs are associated with the high component and labor costs. Torque converters are generally inexpensive, but since the labor is extensive and takes time, it costs more for replacing or repairing the torque converter.
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.