Automotive Torque Tool Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, Netherlands, Sweden, China, Japan, India, South Korea, Singapore, Australia, Brazil, Mexico, Argentina, Saudi Arabia, Qatar, UAE, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI3311
Automotive Torque Tool Market size is predicted to exhibit lucrative growth in the coming years owing to increasing automobile production and complexities in automobile engines for offering superior performance and efficiency. The incorporation of advanced manufacturing technologies along with increasing investments to upgrade existing facilities further expands the business share.
Rising automobiles demand is enabling industry participants to significantly invest in technologies for improving the production output along with maintaining operational efficiency. The incorporation of DC torque tools offering electrically operated capabilities along with offering pre-programmed torque and rotations further expands the automotive torque tool market share over the projected timeframe.
Technological advancements along with rising investments in R&D for developing innovative automotive torque tool are boosting the automotive torque tool market over the projected timeframe. For instance, in 2015, Mountz launched its EPT adjustable click wrench with one-piece pawl rachet technology, that improves tool strength significantly and avoids any flex during the torque process.
The precise calibration of automotive torque tools is required for operating appropriately across diversified working environment. Stringent standards by regulatory bodies including the International Organization for Standardization (ISO) offers guidelines including the ISO 6789-1:2017 and 6789-2:2017. These standards are concerned with multiple operating standards including design, quality conformance testing, measurement uncertainty, and calibration requirements of such tools.
The higher costs associated with the acquisition and maintenance of such tools may limit the market share over the projected timeframe. Moreover, the requirement of skilled technicians for operating such tools for automobile manufacturing and repair operations may further restrict the automotive torque tool market expansion over the projected timeframe.
The automotive torque tools market share based on type can be segmented into electronic torque wrench and hydraulic torque wrench. The growth in the electronic torque wrench segment can be credited to the benefits offered by these tools including faster operations along with easier handling capabilities. Moreover, the requirement for lower pressure on such electronic torque tools along with incorporation of electronic chips for assessing records later further contributes towards improving the industry share over the study timeframe.
Based on material, the automotive torque tool market share can be segmented into steel manganese alloy, titanium, and chromium vanadium alloy. The steel manganese alloy tools will account for a significant share owing to the lower component costs compared to the counterparts. Titanium will showcase a significant growth rate owing to benefits offered by the materials including lower weight, higher durability and improved flexibility.
North America will account for a significant share in the automotive torque tool market share. This can be attributed to the improving manufacturing and infrastructure industry across the region. Moreover, advancements in technologies and increasing investments in advancing manufacturing tools and machineries further expands the regional share. Rising preference for do-it-yourself consumer segments along with increasing automobile production are further expanding the industry share over the forecast timeframe.
Asia Pacific will exhibit a significant growth in the automotive torque tools market share. This can be credited to the rising automobile production across the region. The increasing preference for personal mobility solutions along with improving manufacturing activities further expands the market size. The presence of multiple automobile players including Suzuki, Toyota, Honda, and Tata among others having their manufacturing plants and continuously producing cars provides a positive outlook for the regional expansion.
Few of the major players operating in the automotive torque tool market size include Bosch, Apex Tool Group, LLC, Atlas Copco AB, Stanley Black & Decker Inc., New World Technologies Inc., and Gedore Group. Industry players are continuously investing in R&D for developing advanced new tools for targeting a wide customer base and increase their market share. For instance, in 2014, Norbar Torque Tools launched their electronic torque wrench NorTronic with integrated OLED display along with the ability to receive configuration sweetings from Torque Data System (TDS).
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