Global Torque Wrenches Market 2018-2022
About Torque Wrenches
A torque wrench is a fastening or bolting tool used to apply an appropriate amount of torque or limit the amount of torque that is applied on the fastener, to prevent excess or under-tightening.
Technavio’s analysts forecast the global torque wrenches market to grow at a CAGR of 4.69% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global torque wrenches market for 2018-2022. To calculate the market size, the report considers the trade and sales of torque wrenches.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Torque Wrenches Market 2018-2022
Technavio recognizes the following companies as the key players in the global torque wrenches market: Actuant, Apex Tool Group, Atlas Copco, Snap-on, Stanley Black & Decker, andTOHNICHI Mfg.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is product innovations. Over the years, the global torque wrenches market has witnessed several innovations in the design of torque wrenches and the material used for manufacturing them, making them more reliable and efficient in fastening applications. These innovations allow greater differentiation between product offerings from different vendors, leading to the growth of the market.”
According to the report, one of the major drivers for this market is growing automotive industry. The automotive industry is the single largest end-user of torque wrenches globally, which are extensively used in automobile production facilities, and for repair and maintenance of vehicles in workshops and home. Therefore, the growth in global automobile production and sales during the forecast period is expected to significantly accelerate the demand for wrenches.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in raw material prices and rising labor costs. The volatility in prices of raw materials used in the construction of torque wrenches and the increase in manufacturing labor costs represent a significant challenge for torque wrench manufacturers and are expected to affect their earnings during the forecast period.
Actuant, Apex Tool Group, Atlas Copco, Snap-on, Stanley Black & Decker, andTOHNICHI Mfg.