Automotive Torque Tools Market is segmented by Tools Type (Torque Screwdrivers, Torque Wrench, Torque Multiplier, and Nutrunner), Operating Mechanism Type (Manual, Pneumatic, Electronic, and Hydraulic), Type (Corded, Cordless), Torque Setting Type (Adjustable Torque Tool, Preset Torque Tool), and Region (North America, Europe, Asia-Pacific, and Rest of the World).
Automotive Torque Tools Market is segmented by Tools Type (Torque Screwdrivers, Torque Wrench, Torque Multiplier, and Nutrunner), Operating Mechanism Type (Manual, Pneumatic, Electronic, and Hydraulic), Type...
The Automotive Torque Tools Market was estimated at US$ 832.28 million in 2022 and is expected to grow at a CAGR of 5.2% during 2023-2028 to reach US$ 1134.56 million by 2028.
Automotive torque tools are precision instruments essential for tightening fasteners in the automotive industry. They apply specific torque levels to bolts and nuts, ensuring components are securely and accurately fastened. These tools, including torque wrenches and screwdrivers, feature mechanisms that signal when the preset torque is reached, preventing over-tightening or under-tightening, which can lead to mechanical issues.
In automotive maintenance and assembly, torque tools are indispensable. They maintain safety, prevent structural damage, and optimize vehicle performance by adhering to manufacturer-recommended torque specifications. Properly torqued components are vital for vehicle reliability and longevity, making these tools a fundamental part of any automotive technician's toolkit.
Market Drivers
Growing automotive sales globally, increasing investments by the industry players in vehicle technologies, the rising need for torque applications in vehicle engines to offer enhanced performance and efficiency, and the emergence of electric & hybrid vehicles requiring customized torque wrenches are some of the major factors driving the growth of the market during the forecast period.
Segments Analysis
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By Tools Type
The automotive torque tools market is segmented as torque screwdrivers, torque wrenches, torque multipliers, and nutrunner. Nutrunner is projected to register a strong growth ratein the market during the forecast period owing to its capability of achieving torque capacity at an optimum speed. It offers high durability and does not require high maintenance, fueling the segment’s growth during the forecast period.
On the other hand, the cordless type is also estimated to witness significant growth on account of the increasing development of new products with compact size and enhanced power capacity.
By Operating Mechanism Type
The market is segmented as manual, pneumatic, electronic, and hydraulic. Electronic torque is estimated to witness a high growth ratein the market due to various advantages, such as easier handling abilities and quick operations provided by these tools. Moreover, electronic tools requiring lower pressure and the installation of electronic chips to evaluate records are further expected to boost the overall market growth during the forecast period.
By Type
The market is segmented as corded and cordless. The corded type is projected to be the leading segment of the market owing to its capability of providing higher torque. It offers very precise control on the amount of torque to be applied to a bolt without any loss of capacity and generates minimum vibration, offering a quieter and safer work environment, and boosting the segment’s growth during the forecast period.
On the other hand, the cordless type is also estimated to witness significant growth on account of the increasing development of new products with compact size and enhanced power capacity.
By Torque Setting Type
The market is segmented into adjustable torque tools and preset torque. The adjustable torque tool is anticipated to witness a significant growth rate in the market during the forecast period owing to its capability to provide greater torque and easier handling. Factors such as large tools requirement for service and maintenance of heavy vehicles coupled with control and consistency provided by these products, and frequent launch of adjustable tools by the industry players to expand their market presence are further expected to fuel the overall industry growth during the forecast period.
On the other hand, the preset torque tool is estimated to register a substantial growth rate on account of minimized bolting time, cost, and enhanced accuracy for critical joints during the forecast period.
Regional Analysis
In terms of regions, Asia-Pacific is estimated to be the dominating region in the market owing to growing automotive production during the forecast period. Factors such as a higher concentration of automotive manufacturers increasing the tools’ demand, and the establishment of manufacturing plants in Japan, China, and India coupled with increasing preference for personal vehicles are further expected to fuel the regional market growth during the forecast period.
Also, North America is expected to witness a significant growth rate in the market owing to technological advancements in automotive parts & components over the forecast period.
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Key Players
Some of the key players in the automotive torque tools market are-
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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In-depth Analysis of the Automotive Torque Tools Market
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The market forecast and trend data and emerging trends
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Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market Segment Analysis and Forecast
Who are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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Atlas Copco AB, Norbar Torque Tools Ltd., Rad Torque Systems, Shingare Industries Pvt. Ltd., Stanley Black & Decker, Inc., Tekton, Tone Co., Ltd., Toptul, Torc Star Bolting Tools, and Torque Master Tools Pvt. Ltd are among the key players in the Automotive Torque Tools Market.