Automotive Torque Tools Market Size By Tools (Torque Screwdrivers, Torque Wrench, Torque Multiplier, Nutrunner), By Operating Mechanism (Manual, Pneumatic, Electronic, Hydraulic), By Type (Corded, Cordless), By Torque Setting (Adjustable Torque Tool, Preset Torque Tool) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Automotive Torque Tools Market Size

Automotive Torque Tools Market size valued at over USD 870 million in 2018 and is estimated to exhibit around 5.5% CAGR from 2019 to 2025.
 

Increasing automotive sales across the globe is enabling industry players to invest substantially in vehicle technologies and equipment to improve the production output coupled with sustaining operational efficiency. Rising complexities in vehicle engines for offering enhanced performance and efficiency requires precise torque applications which in turns drives the automotive torque tools market share over the forecast period. Emergence of electric & hybrid vehicles will require customized torque wrench that will create higher opportunity for industry participants.
 

International standards for precise adjustment to increase the operational efficiency are significantly contributing towards increasing market penetration. For instance, stringent standards established by regulatory bodies such as the International Organization for Standardization (ISO) provides ISO 6789-1:2017 guidelines regarding assembling tools for nuts and screws. These guidelines are concerned with numerous operating standards including quality, design, measurement uncertainty, conformance testing, and calibration requirements of these tools.
 

Installation of DC torque tools providing electrically operated abilities along with delivering accuracy, ergonomics, and durability to optimize the vehicle production rate will augment the automotive torque tools market size. However, the higher costs associated with the maintenance and acquisition of these products may restrict the industry share over the forecast period.
 

Technological advancements along with increasing investment in R&D to develop advanced products are propelling the automotive torque tool market size over the projected time frame. For instance, in January 2016, Apex Tool Group, LLC launched advanced electronic torque wrenches that provides increased breadth to the torque wrench line. Additionally, it provides higher accuracy, and precision with a tolerance of ±2% of clockwise tightening.
 

Automotive Torque Tools Market Analysis

Nutrunner will witness strong growth in the automotive torque tools market size owing to its ability to achieve torque capacity at an optimum speed. The tool offers high durability and requires low maintenance thereby increasing the product demand. Ongoing product developments such as angle-lever nutrunner for assembly of heavy-duty trucks will support the industry proliferation. For instance, in May 2019, Stanley Engineered Fastening launched B44L angle-lever nutrunner with 60-volt DEWALT Flexvolt battery.
 

Torque wrenches will witness significant revenue share in the market share owing to its increasing usage in tightening nuts and bolts. In addition, the development of new battery powered wrenches will offer optimum power to weight ratio along with automatic shutoff facility when target value is reached. For instance, in March 2016 ITH Bolting Technology launched battery powered torque wrench for bolted connections bigger than M16 used in heavy construction machineries.
 

Electronic torque share will witness over 6% CAGR owing to benefits provided by these tools such as easier handling capabilities coupled with quick operations. Additionally, lower pressure requirements on these electronic tools along with installation of electronic chips for evaluating records further accelerates the automotive torque tools market share over the study timeframe.
 

In 2018, the hydraulic torque segment accounted for around USD 100 million on account of easy availability of hydraulic products. In addition, these tools are available in several profiles including W-series low profile hexagon models and S-series square drive to enhance productivity and operator safety.
 

Corded type will lead the automotive torque tools market size with its ability to provide higher torque capabilities. The toll offers more precise control on amount of torque applied to a bolt without losing any capacity. Further, the tools generate minimum vibration and offer quieter and safe work environment.
 

Codeless segment will witness significant growth in automotive torque tools market size owing to development of new products with compact size and improved power capacity. The industry participants are launching new product with advanced features such as power selection display to know which setting is selected and impact is in forward or reverse mode. In addition, these tools are incorporating thermo plastic rubber in handle to provide firm grip. For instance, in June 2018, Chicago Pneumatic launched cordless wrench with 2 shut-off position and display.
 

Adjustable tool will showcase a substantial growth in the automotive torque tools market on account of providing greater torque and easy handling. The requirement of large tools for service and maintenance of heavy vehicles along with control and consistency provided by these products will enhance market penetration. The industry participants are frequently launching adjustable tools to expand their market presence. For instance, in January 2019, BIW Industrial launched adjustable torque wrench that cover a range up to 1,000 Nm.
 

Pre-set tools segment will account for considerable growth in the market size. This can be attributed to reduced bolting time & cost and improved accuracy for critical joints. OEMs are expanding their pre-set tools range by introducing new products. For instance, in May 2015, Ingersoll Rand expanded series of pre-set power tools by launching high torque angle wrench for assembly.
 

North America will exhibit a significant growth in the automotive torque tool market size over the projected timeframe owing to technological advancements in automotive parts & components. Growing investments by domestic players in designing and manufacturing automotive tools and machinery will drive the industry growth.
 

Asia Pacific will hold the dominance in the automotive torque tools market size on account of increasing automotive production. Higher concentration of automotive manufacturers such as Toyota, Honda, and Suzuki increase the tools demand. Additionally, establishment of manufacturing plants in China, Japan and India along with rising preference for personal vehicles are escalating the regional share. For instance, in May 2019, SCS Concept opened a new manufacturing facility in China to offer direct customized solutions to customers for installation, quote, maintenance and repair, and calibration.
 

Automotive Torque Tools Market Share

The notable industry players in the automotive torque tool market size include:

• Norbar
• Rad Torque Systems
• Ingersoll Rand PLC
• Atlas Copco AB
• Shingare Industries
• Enerpac Co. Ltd.
• TONE CO., LTD
• Torque Master Tools Private LTD
• YOKOTA & RED ROOSTER

Merger & acquisition and product portfolio expansion and are among the key strategies adopted by industry participants. For instance, in May 2017, Snap-on Incorporated announced the acquisition of Norbar Torque Tools Ltd that enabled company to enhance its existing automotive torque offerings, especially in powered torque products.
 

Industry Background

Industry players are introducing innovative assembly controllers to reduce the time in their assembly process that is fostering the market share. For instance, in February 2018, Ingersoll Rand introduced INSIGHTqc controller for assembly manufacturing application in automotive segment. INSIGHTqc assist OEMs in improving their fastening strategies to regulate their assembly processes rapidly and maximize productivity.