February 21, 2020
As per the latest study titled ‘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 – 2025’ available with Market Study Report LLC, the global automotive torque tools market is expected to gain substantial traction by 2025.
A steady rise in the production of automobiles across the world is set to foster automotive torque tools market in the coming years. As per the 2018 reports by International Organization of Motor Vehicle Manufacturers, the number of vehicles produced in the United States was over 11 million. The manufacturing plants and assembly are using tolls for reducing time lag and efforts between the consecutive activities. Steady rate of technological advancements, growing manufacturing activities, in tandem with supportive government initiatives are supporting the automotive torque tools market growth.
As per the report, electronic wrench segment is anticipated to register decent growth over the forecast period, owing to its ability to provide excellent connectivity and integrity in comparison with a manually operating mechanism. It tends to offer enhanced modifying and controlling force that helps in the tightening operation. The tool’s portability feature shall boost its demand in the future.
Based on the type, corded tools segment is expected to hold a large market share during 2019-2025, due to a spurt in demand for pneumatic and hydraulic tools. Corded tools are known for offering efficient power transmission as well as require minimum maintenance.
Speaking of the type of tool, nutrunner segment of automotive torque tools market is predicted to witness significant demand over the analysis timeframe, cites the report. The tool offers increased speed, accuracy, and ease of operation that will contribute to its strong market growth in the future. Current advancements have changed the industry dynamics by developing tools with increased power, higher accuracy, improved torque to weight ratio, and longer durability.
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Geographically, Asia Pacific automotive torque tools market is estimated to garner massive revenues by the year 2025, pertaining to the heavy presence of automotive manufacturers across the region. Industry majors like Honda, Suzuki, and Toyota are expanding their manufacturing capacities to meet rising vehicle demand, thereby bolstering the Asia Pacific market share.
Some prominent players of automotive torque tools market are Shingare Industries, Tone Co. Ltd., Enerpac Co., Torque Master Tools Pvt. Ltd., Yokota & Res Rooster, Rad Torque Systems, Norbar, Atlas Copco AB, and Ingersoll Rand PLC.
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