Torque converters Market Expansion: Capitalizing on Opportunities, Confronting Challenges
Market overview: During the forecast period 20 23 - 2030, the global torque converter market will grow at a CAGR of 5.78% to USD 4,261 million. To improve vehicle performance, torque converters market function under higher internal pressure and greater expeditious force. The global torque converter market is expected to grow rapidly during the forecast period. The growth of the torque converter market is heavily attributed to the growth of the automatic transmission vehicle market. With the rise in automatic transmission vehicles, the demand for passenger vehicles is also rapidly increasing, which is expected to positively impact the torque converter market. The major manufacturers' investments in the torque market to increase vehicle efficiency and the development of torque converter technologies are expected to drive market growth over the next five years. Rising demand for high-end vehicles, automatic vehicles, driver assistance systems, and increased use of electronic veh