PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616736
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1616736
Automotive Torque Tools Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Automotive Torque Tools Market, valued at USD 3.2 billion in 2023, is projected to grow at a CAGR of 5.5% from 2024 to 2032, driven by the surge in vehicle production and the need for precision in automotive assembly. As the demand for electric vehicles (EVs) rises, manufacturers are relying on advanced torque tools to ensure safety, accuracy, and consistency throughout the production process. These tools are integral in fastening applications, particularly in areas such as engines and chassis, where maintaining precise torque is essential to optimize performance and safety. The growing complexity of vehicles, particularly with advancements in EV technology and autonomous systems, is further fueling the demand for specialized torque tools.
The integration of high-tech components, like battery systems and advanced electronics, necessitates precise assembly, driving automotive manufacturers to invest in automated and intelligent torque tools. These tools provide real-time monitoring and adjustments, reducing errors and boosting production efficiency. Additionally, the trend towards lightweight materials in vehicle manufacturing, such as aluminum and composites, requires torque tools that can offer enhanced control to prevent damage while ensuring secure assembly. With the automotive sector placing a strong emphasis on quality and compliance, torque tools have become vital for meeting safety standards and maintaining high-quality production.
In terms of tool type, the market is segmented into torque wrenches, torque screwdrivers, torque multipliers, and nutrunners. Torque screwdrivers, which commanded a revenue of approximately USD 1.3 billion in 2023, are expected to grow at a CAGR of 5.9%. These tools offer precision and control during assembly, and technological advancements like digital torque measurement are enhancing their accuracy and repeatability. The market is also categorized by operating mechanism into manual, pneumatic, electronic, and hydraulic.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $3.2 Billion |
| Forecast Value | $5.1 Billion |
| CAGR | 5.5% |
The pneumatic segment, which held around 50.7% of the market in 2023, is expected to grow at a CAGR of 5.8%. Pneumatic torque tools deliver consistent power and are popular in heavy-duty applications due to their reliability and freedom from electrical cords. Asia Pacific dominated the market in 2023, generating USD 1 billion in revenue and is forecasted to expand at a CAGR of 6.1%. The region's growth is driven by its robust automotive manufacturing sector, with China, Japan, South Korea, and India at the forefront.The increasing production of vehicles, especially EVs, fuels demand for torque tools across these countries, further supported by their emphasis on innovation and advanced technologies.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Factors affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.1.7 Retailers
- 3.2 Impact forces
- 3.2.1 Growth drivers
- 3.2.1.1 Increasing vehicle production
- 3.2.1.2 Technological advancements
- 3.2.1.3 Focus on quality and safety
- 3.2.2 Industry pitfalls & challenges
- 3.2.2.1 Market saturation in developed regions
- 3.2.2.2 Price pressure and competition
- 3.2.1 Growth drivers
- 3.3 Growth potential analysis
- 3.4 Regulatory landscape
- 3.5 Pricing analysis
- 3.6 Technological overview
- 3.7 Porter's analysis
- 3.8 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Tool Type, 2021 - 2032, (USD Billion) (Thousand Units)
- 5.1 Key trends
- 5.2 Torque screwdrivers
- 5.3 Torque wrench
- 5.4 Torque multiplier
- 5.5 Nutrunner
Chapter 6 Market Estimates & Forecast, By Operating Mechanism, 2021 - 2032, (USD Billion) (Thousand Units)
- 6.1 Key trends
- 6.2 Manual
- 6.3 Pneumatic
- 6.4 Electronic
- 6.5 Hydraulic
Chapter 7 Market Estimates & Forecast, By Type, 2021 - 2032, (USD Billion) (Thousand Units)
- 7.1 Key trends
- 7.2 Corded
- 7.3 Cordless
Chapter 8 Market Estimates & Forecast, By Torque Setting, 2021 - 2032, (USD Billion) (Thousand Units)
- 8.1 Key trends
- 8.2 Adjustable torque tool
- 8.3 Preset torque tool
Chapter 9 Market Estimates & Forecast, By Distribution Channel, 2021 - 2032, (USD Billion) (Thousand Units)
- 9.1 Key trends
- 9.2 OEM
- 9.3 Aftermarket
Chapter 10 Market Estimates & Forecast, By Region, 2021 - 2032, (USD Billion) (Thousand Units)
- 10.1 Key trends
- 10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
- 10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 Australia
- 10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.6 MEA
- 10.6.1 Saudi Arabia
- 10.6.2 UAE
- 10.6.3 South Africa
Chapter 11 Company Profiles
- 11.1 Apex Tool Group, LLC
- 11.2 Atlas Copco AB
- 11.3 Emerson Electric Co.
- 11.4 Hilti Corporation
- 11.5 Lowe's Companies, Inc.
- 11.6 Makita Corporation
- 11.7 Milwaukee
- 11.8 Norbar
- 11.9 PTC
- 11.10 Robert Bosch GmbH
- 11.11 Snap-on Incorporated
- 11.12 Stanley Black & Decker, Inc.
- 11.13 Techtronic Industries Co. Ltd.
- 11.14 The Home Depot, Inc.
- 11.15 Wera Werkzeuge GmbH
