Automotive Torque Tools Market Size

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.

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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.