The report segments the global torque wrenches market by product (manual torque wrenches and powered torque wrenches), by end-user (general industry, automotive, construction, and aerospace), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global torque wrenches market, according to Technavio researchers:
- Growing automotive industry: a major market driver
- In 2017, the manual torque segment dominated the market by occupying more than 58% share
- APAC dominated the global torque wrenches market more than 52% share in 2017
- Actuant, Apex Tool Group, Atlas Copco, Snap-on, Stanley Black & Decker, and TOHNICHI Mfg. are some of the players in the market
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Growing automotive industry: a major market driver
Growing automotive industry is one of the major factors driving the global torque wrenches market. The automotive industry is the single largest end-user of torque wrenches across the globe. Torque wrenches are widely used in automobile production facilities and for repair and maintenance of vehicles in workshops and home. Thus, the growth in global automobile production and sales during the forecast period is expected to substantially accelerate the demand for wrenches.
According to a senior analyst at Technavio for research on engineering tools, “The automotive industry is a huge and diverse sector. It comprises of both the manufacturing and the service units. With the increase in complexities in vehicle design, specialized tools and equipment are increasingly being required for servicing of these vehicles. As the age of the vehicle increases, the demand for replacement or repair and service will also increase.”
Many companies are introducing electric and hybrid cars, and this is bringing new opportunities to the market. Therefore, growth in sales and demand for automobiles and the hike in investments in the automotive sector will fuel the demand for torque wrenches.
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APAC: largest torque wrenches market
APAC dominated the global torque wrenches market, accounting for more than 52% of the market share in 2017. The region will continue to dominate the market through 2022, with 1% incremental growth in terms of market share. It was followed by the Americas and the EMEA respectively in terms of market share.
Product innovations: emerging market trend
Over the years, the global torque wrenches market has witnessed numerous innovations in the torque wrenches design and the material used for manufacturing them, making them more reliable and efficient in fastening applications. These innovations permit greater differentiation between product offerings from different vendors, which is leading to the growth of the market.
For instance, in 2015, Mountz, a prominent vendor in the global torque wrenches market, introduced the EPT Torque Wrench. The EPT allows the operator to manually adjust the torque output value up to a limit of 750 foot-pounds of torque. The torque wrench has an extremely durable construction and is designed for rugged applications, long service life, and low-maintenance requirement. The body of the tool is constructed out of a specialized chromium-molybdenum (Cr-Mo) steel alloy that has superior strength characteristics than conventional carbon steel alloy. The wrench’s internal cam-set is contained in an aluminum bronze housing that minimizes the wear and tear due to friction.
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