Torque Tools (Gun/Wrench) Market size shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
Torque tools are tools that enable the fastening and tightening of bolts and screws while preventing over-tightening and under-tightening. There are four types; pneumatic, electronic, manual and hydraulic.
They are applied mainly in automotive industries who are the biggest consumers of torque wrenches globally. They are used in the production of automobiles and in their maintenance and repairs in homes and garages. Other applications are in aerospace, construction, mining, engineering, and machinery manufacturing industries.
Torque wrenches have made great advancements in their designs and type of materials used to make them thereby increasing their reliability and efficiency. This has been a form of product differentiation that market players use as a strategy to counter competition. For instance, the EPT Torque Wrench introduced by Mountz in 2015 that is highly durable due to its design and aluminium material that reduces frictional wear and tear. APAC is the market dominator followed by Americas and EMEA. Manual torques take up biggest market share.
In 2017, Snap-on International, a leading manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions, announced its acquisition of Norbar Torque Holdings Limited, along with its U.S. and Chinese joint ventures for approximately $72million. Norbar, a leading European manufacturer of torque products, was acquired by Snap-on as an expansion strategy of Snap-ons torque offerings.
Torque Tools (Gun/Wrench) Market Growth and Trends
Driving factors for the industry :
• Growth in the Torque Tools(Gun/Wrench) market are primarily based by particular applied areas like Oil and Gas, Aeronautical Engineering, Workshops/Work station, Aerospace Industries, Aviation, Heavy duty equipment and engines.
• Basically the market of Torque wrench depends on various other factors like growing automotive industry, manufacturing industry and also the construction industry as well. Ask this industries witness a high growth rated growth, which will indirectly increase the demand of the torque tool market and to apply its properties in these industry.
• Now a days the automotive, construction, manufacturing industries, automobile production and various hybrid vehicle are growing in the market and which will surely boost the use of torque tools(Gun/Wrench).
• Consistent rise in product innovation have led manufacturers incorporating numerous innovations in the design of torque tools and improving their efficiency and reliability, fuelling the torque tools (gun/wrench) market across the globe
• Increase in complexities of automobile design is estimated to push the demand for specialized equipment and tools to service the vehicles. This will boost the demand for torque tool (gun/wrench) market in the near future.
• A torque wrench indirectly measures torque as a proxy for bolt tension.This technique can suffer from little inaccuracy owing to non calibrated or inconsistent friction between the fastener tool and its mating hole.
• Diverse innovations in the torque wrenches material make them more efficient and reliable in fastening tools applications. These innovations allowing product offerings from various vendors, which will feed the market growth of the torque wrench market.
• The automotive industry is one of the largest end-use industries of torque wrenches over the globe. Torque wrenches are extensively used in automobile industry to perform production, repairing and maintenance of vehicles. Thus, the growth in global automobile sales and production during the forecast period is expected to accelerate the demand for wrenches.
Challenges for the industry :
• Torque tools (gun/wrench) are mechanical complex devices and skilled labour with proper training and experience is required to use or operate them. This increases the labour cost and thereby hampering the demand for the torque tools (gun/wrench) market products.
• However, uncertainty and volatility in the prices of the raw materials required in the manufacturing, repair and maintenance of the torque tools (gun, wrench) products , is also a major risk factor that is anticipated to hamper and restrain the market.
Torque Tools (Gun/Wrench) Market Regional Analysis
Torque Tools (Gun/Wrench) Market Share and Competition
Key companies operating in this industry are: Actuant Corporation, Apex Tool Group, Atlas Copco, Snap-on Incorporated, Stanley Black & Decker, Inc., TOHNICHI Mfg. CO., LTD., ENERPAC TOOL GROUP, FACOM Tool, HYTORC, Div. UNEX Corporation, K-Tool International (KTI), Maschinenfabrik Wagner GmbH & Co. KG, Mountz, Inc., Norbar Torque Tools Ltd., Park Tool Company, Powermaster Engineers Pvt. Ltd., and Tone Co., Ltd.
Torque Tools (Gun/Wrench) Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2020 - 2027)
• Manual Torque Wrenches
• Pneumatic Torque Wrenches
• Electronic Torque Wrenches
• Hydraulic Torque Wrench
Industry Analysis (Revenue, USD Million, 2020 - 2027)
• Automotive
• Construction
• Aerospace
• Mining
• Engineering & Machinery Manufacturing
• Others
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Torque Tools (Gun/Wrench) Market Companies
• Actuant Corporation
• Apex Tool Group
• Atlas Copco
• Snap-on Incorporated
• Stanley Black & Decker, Inc.
• TOHNICHI Mfg. CO., LTD.
• ENERPAC TOOL GROUP
• FACOM Tool
• HYTORC, Div. UNEX Corporation
• K-Tool International (KTI)
• Maschinenfabrik Wagner GmbH & Co. KG
• Mountz, Inc.
• Norbar Torque Tools Ltd.
• Park Tool Company
• Powermaster Engineers Pvt. Ltd.
• Tone Co., Ltd.
Available Versions: -
United States Torque Tools (Gun/Wrench) Market Research Report
Europe Torque Tools (Gun/Wrench) Market Research Report
Asia Pacific Torque Tools (Gun/Wrench) Market Research Report
India Torque Tools (Gun/Wrench) Market Research Report
