Torque Converter Market Research Report – Global Forecast to 2032

Impact of COVID-19 on the Global Torque Converter Market

A torque converter is a device that converts the torque produced by an engine. The increasing adoption of automatic transmission vehicles is responsible for the growth of the torque converters market. Besides, the exponential growth in the demand for passenger cars has also boosted the growth of the market. However, the spread of COVID-19 across the globe has profoundly affected the automotive industry. China is a production hub for raw materials, auto products, finished goods, but it is also the place where the virus originated. The disrupted supply chains from China to other countries of the world as well as the halted production of raw materials has drastically impacted the production of passenger and commercial vehicles, as well as other automatic and high-end vehicles, which in turn, has decreased the adoption of torque converters, impacting the growth of the market. The outbreak of COVID-19 has forced many automotive companies to halt business operations for complying with government regulations, as the lockdowns have placed restrictions on manufacturing operations. This halt in the activities has reduced the sales of the torque converters. Besides, the slowdown caused in the production of torque converters has also affected the growth of the torque converters market.

According to the MRFR analysis, the Asia-Pacific region holds the largest share in the market. The demand for torque converters is expected to rise post-pandemic owing to their increasing integration in heavy-duty trucks. The growing consumer preference for e-commerce platforms to avoid physical proximity and interaction is expected to increase the demand for the heavy-duty trucks for logistics, which in turn, is estimated to drive the growth of the market over the review period. Consumers in developed countries are likely to buy products from e-commerce platforms, which will lead to an increase in the volume of goods transported by cargo trucks. This increase is likely to fuel the adoption of torque converters in trucks. The resumption of manufacturing operations is expected to boost the production and sales of vehicles, which will, in turn, boost the market growth.

Global Automatic Transmission Vehicles Production, 2010–2019 (Units in Million)