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 (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Netherlands, China, India, Japan, Australia, South Korea, Thailand, Indonesia, Brazil, Mexico, Argentina, Chile, Saudi Arabia, UAE, Iran, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025Increasing automobile production across the globe will drive the automotive torque tools market growth over the study timeframe. According to International Organization of Motor Vehicle Manufacturers, in 2018, the vehicle production in the U.S. rose to over 11 million. The assembly and manufacturing plants are employing tolls to reduce efforts and time lag between consecutive activities. Increasing complexities in automobiles will drive the industry size.
Technological advancement and expansion of manufacturing facilities is positively influencing the automotive torque tools market. The government organizations in conjunction with private players are taking initiatives to support the automotive industry. According to Society of Automobile Manufacturers (SIAM), the Indian automobile industry witnessed around 7% CAGR between 2013-2018 with emergence of “Make in India” initiative.
Rising labor cost, elongated working hours and accuracy in automobile systems are generating the requirement of automated tools thereby escalating the automotive torque tools market share. Industry participants are continuously investing in R&D to provide more efficient and precise tooling portfolio. For instance, in September 2019, Norbar torque tools launched automatic torque wrench calibrator, a wrench loading system for performing calibration and testing.
Nutrunner will experience strong growth over the forecast period owing to ease of operation, increase speed and accuracy. Ongoing advancements including improved torque to weight ratio, increased power, higher durability and accuracy will enhance automotive torque tools market. For instance, In May 2017, ITH bolting technology introduced battery operated 4000 Nm nutrunner inclusive of wireless external data control system. This allows the tool for vast range of operational torque and applicability on all connections greater than M16.
Electronic wrench will experience substantial growth over the study timeframe owning its higher portability. The tool offers superior integrity and connectivity as compared to manual operating mechanism. The wrench provides superior controlling and modifying force for tightening operation. Hydraulic automotive torque tools market will gain traction with its ability to impart high pressure with minimal effort.
Corded tools will dominate the industry share with rising demand for hydraulic and pneumatic tools. The product offers effective power transmission and need minimal maintenance. Cordless segment will foresee substantial growth owing to higher degree of freedom. The cordless devices enable workers to work in multiple positions without hinderance. However, limited accuracy and requirement of battery changes will limit cordless automotive torque tools market expansion.
Adjustable torque tools hold significant share owing to vast operation range and ease of handling. Increase in DIY trends and proliferation of small and backyard garages will contribute positively towards market acceleration. Improved quality and durability with better control and consistency will escalate its application. Industry participants are actively upgrading their adjustable wrench tools by increasing torque range. For instance, In January 2019, BIW Industrial introduced wrench with adjustable range up to 1,000Nm.
Asia Pacific leads the automotive torque tools market share with presence of multiple production facilities. The major automotive manufacturers including Suzuki, Honda and Toyota expanding their production facilities meet vehicle demand. In 2017, MG motor made an initial investment of over USD 29 million to establish production plant in Gujrat, India. Further the company announced an investment of USD 350 million in association with SAIC motor corporation.
Major automotive torque tools market players include encompass Ingersoll Rand PLC, Atlas Corpco AB, Norbar, Rad torque systems, Yokota and Res Rooster, Torque Master Tools Pvt. Ltd., Enerpac Co, Tone Co. Ltd and Shingare Industries. Industry participants are expanding the product portfolio and undergoing merger and acquisitions to strengthen their foothold. For instance, in May 2017, Snap-on Inc acquired Norbar Torque Tools to enhance their geographical presence and expand their product portfolio.
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