Automotive Torque Tool market size is valued at US$ 780 million in 2019 and is projected to register a CAGR of 3.4% during the forecast period. These are the tools designed to apply specific torque to a fastener including nuts and bolts. In the last few years, automotive ecosystem has flourished to a great extent. This has paved way for allied industry to flourish including torque tools (wrench). Sales of these torque tools has been steady since last many years and is expected to create an incremental opportunity of US$ 283 million between 2019 and 2028.
Key Trends and Factors Driving the Global Automotive Torque Tool Market Revenue
- Since 2014, the automotive industry is registering record high sales that has helped allied industry to flourish. Over 276 million cars has been sold since 2014. Aftermarket maintenance activities is expected to fuel the demand for torque wrench worldwide. These are extensively used in maintenance and repairing activities.
- Product innovation has also helped these torque wrench to grow at significant rate. Companies are focusing on improving the design and features in order to differentiate the products. In 2017, ITH announced the launch of battery powered torque that can wrench up to 4,000 Nm with external electronic data control. In 2014, Norbar Torque Tools launched electronic torque wrench with OLED display. Several such technological advancement will continue to bolster growth during the forecast period.
- Emergence of electric and hybrid vehicles will be a disruptive factor for the industry players. Higher demand for electric vehicles will require customized torque wrench and as such will create higher addressable market opportunity for industry players.
Global Automotive Torque Tool Market Size and Forecast: Product Type Analysis
Hydraulic automotive torque accounted for 61% of global sales in 2018.
Based on the product type, the automotive torque is segmented into electronic and hydraulic. Hydraulic segment accounted for the highest share owing to comparatively lower prices. These hydraulic torque tools are easily available and can be found with many small scale end-use shops as well as consumers. Electronic torque tools is gaining prominence and is expected to surpass hydraulic based torque wrench by 2027. Better precision, light weight and easier maneuverability are the key factors driving the demand for electronic torque wrench worldwide.
Global Automotive Torque Tool Market Size and Forecast: Regional Analysis
North America Automotive Torque Tool market accounted for 37% of global sales in 2018
While Asia Pacific accounts for highest automotive sales worldwide, North America register itself as the market leader in torque tools sale globally. This is primarily attributed to higher consumer spending patter, consumer awareness, and better infrastructure facilities propelling the overall sales of torque wrench in the region. Increasing investment in industrial and automotive manufacturing sector will further propel the demand. Automakers are investing heavily to make region self-sufficient and reduce the overall vehicle cost. FCA US, General Motors and Ford announced nearly US$ 35 billion towards various automotive business value systems in United States. Such move is expected to further solidify the growth of allied industry in the region.
Asia Pacific will surpass the North America torque tool market by 2022. Growth in the region will be propelled by manufacturing capability in China and higher investment in infrastructure. Presence of large number of car manufacturers in China, South Korea, Japan and India has created favorable ecosystem for allied industry sectors.
Global Automotive Torque Tool Market Size and Forecast: Competition Landscape
Some key Automotive Torque Tool market players are:
- Stanley Black & Decker Inc.
- New World Technologies Inc.
- Core Tool Technologies
- Dobco Equipment Ltd.
- Design Tool, Inc.
- Atlas Copco AB
- Ingersoll Rand Company Ltd.
- Apex Tool Group, LLC
By Product Type:
By Handling Type:
What Will You Discover in the Report?
- An in-depth analysis of the Automotive Torque Tool market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Automotive Torque Tool market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Automotive Torque Tool market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Automotive Torque Tool industry during the forecast period
- Who are the Automotive Torque Tool industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Automotive Torque Tool Industry Suppliers
- Automotive Torque Tool Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
Analyst access with Bekryl Market Analysts
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