Automotive Torque Tools Market Size worth $1.2bn by 2025
Published Date: June 14, 2019 Authors: Kiran Pulidindi, Sayan Mukherjee
Automotive Torque Tools Market size is estimated to exceed USD 1.2 Billion by 2025; according to a new research report by Global Market Insights, Inc.
Rising automobiles production and complexities in advanced automobile assemblies will drive the automotive torque tools market share over the study timeframe. Continuous upgradation of existing torque tools to enhance performance is escalating the product demand. The electric tools allow users to fasten critical joints rapidly, accurately and safely. In December 2016, Enerpac launched new electric torque wrench with 7’’ touchscreen to accurately fastening the critical joints.
Development of tools to operate in adverse conditions will positively influence the market growth. The development of battery powered products enable user to operate in areas devoid of electricity and compressed air. In 2017, RAD torque systems introduced Digital B-RAD PLUS series with automatic release arm and accuracy of torque wrench setting up to 1 Nm.
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Increasing R&D investments and advancement in technology is anticipated to drive the automotive torque tools market size. The industry players are focused on merger and acquisition to strengthen their market presence. For instance, in June 2016, Gedore Group incorporated Losomat UK company to strengthen high torque bolting technology with a range of 60 Nm to 54,000 Nm in order to meet the customer requirements.
The regulatory bodies including International Organization for Standardization (ISO) offers various guidelines regarding quality, design, measurements and calibration of tool for superior performance. The upgradation of standards to enhance recalibration of products will support the automotive torque tools market growth over forecast timeframe. For instance, in 2017, the organization upgraded ISO 6789 that describes the test methods and perform recalibration procedure.
Browse key industry insights spread across 250 pages with 385 market data tables & 11 figures & charts from the report, “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” in detail along with the table of contents:
Torque screwdrivers will witness steady growth in the automotive torque tools market size owing to multiple benefits offered including ergonomic hand grip design, higher accuracy and reliability tightening. The screwdriver provides micrometer adjustability with functioning in wide operating conditions. Moreover, the manufacturers are incorporating components to enhance accuracy and achieve the required torque.
The electronic torque tools segment is expected to witness significant growth owing to multiple benefits including faster and easier operations along with the smooth handling capabilities. The product is well suited for complex jobs that demand precision and traceability. Additionally, these tools feature an automatic mode, which helps to simplify and automate complex jobs.
The cordless segment holds substantial share in the automotive torque tools market size owing to high power and compactness. The industry participants are introducing lightweight products to strengthen the segment penetration. For instance, in October 2018, Chicago Pneumatic introduced impact wrench used in maintenance, repair and overhaul. The wrench is compact, and seven percent lighter than the other tools.
The adjustable torque tool will witness significant growth owing to changeable torque setting options coupled with higher productivity. The tools are ideal for field service and production applications as it provides manufacturers with superior flexibility. Further, the convenience of different torque setting choices in various applications will drive the automotive torque tools market size over the study timeframe.
Asia Pacific leads the industry size owing to the presence of multiple automobile manufacturing facilities. According to OICA, in 2018, the automobile production increased by over 9% as compared to 2013. Growing presence of automotive manufacturers in region will drive the product demand over the study timeframe. In June 2017, SAIC announced to establish passenger car manufacturing plant in India with commencement in 2019.
The key industry players operating in the automotive torque tools market include Norbar, Torcstar, Tone Co., Ltd, Atlas Copco AB, Tekton, Rad Torque Systems, and Enerpac. The other notable participants include Power master Engineers Pvt. Ltd, GEDORE Werkzeugfabrik GMBH & Co. KG, Ingersoll Rand PLC, Torque Master Tools Private LTD, and Yokota & Red Rooster. Product launch are among key strategy adopted by participants to enhance their market revenue. For instance, in May 2015, Ingersoll Rand launched high torque angle wrench for vehicle assembly plants.
The automotive torque tools market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2025, for the following segments:
- Torque Screwdrivers
- Torque Wrench
- Torque Multiplier
By Operating mechanism:
By Torque Setting:
- Adjustable torque tool
- Preset torque tool
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Saudi Arabia
- South Africa