Torque Wrench Market Size, Share, Growth, and Global Industry Growth, By Type (Manual Torque Wrench, Pneumatic Torque Wrench, and Electronic Torque Wrench), By Application (Automotive, Engineering, and Construction, Shipping and Aerospace, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2023 To 2031

Updated On: 13 November 2023

TORQUE WRENCH MARKET REPORT OVERVIEW

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The global torque wrench market size was USD 308.6 million in 2022 and is projected to touch USD 516.86 million by 2031, exhibiting a CAGR of 5.9% during the forecast period.

Torque wrenches are the devices used to employ a particular torque to the fastener tools such as bolts, nuts, and others to avert excess or less-tightening. These tools have significant importance in tightening screws and bolts is crucial. Generally, four types of torque tools are available in the market. Those types are pneumatic torque wrenches, electronic, manual, and hydraulic torque wrenches. These tools allow the operator to measure the applied torque on a fastener such as nuts or screws to match the conditions for specific applications. 

Torque wrenches are extensively used in industrial applications such as automotive, mining, aerospace, construction, and others. These wrenches are used in automobile production activities to maintain and repair vehicles. It allows the operator to measure or estimate the torque that is supposed to be applied to the fastener tools to balance with the specific application’s specification. The torque also allows loading and precise tension to all the parts of the machine where it is implemented. 

COVID-19 Impact: Lack of Equipment and Workforce Retarded Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with torque wrench experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the torque wrench market growth and demand returning to pre-pandemic levels once the pandemic is over. 

The pandemic impacted every market and the machinery and equipment sector was also not an exception. The spread of COVID-19 resulted in stringent rules and guidelines to avoid the virus spread. These guidelines included shutting down the manufacturing industries, which affected the market's growth rate. Disruption in manufacturing and supply chain was noticed. The workforce witnessed a downfall due to their health concerns. Even though the pandemic supplemented most workforce to work from their homes, the limited budget deemed the work rate. The demand for machinery and equipment witnessed a downfall due to low manufacturing and supply

LATEST TRENDS

"Growing Automotive Industries to Escalate Market Trends"

Consistently rising demand for vehicles and electric vehicles is anticipated to bolster torque wrench market growth. The sales of light-duty plug-in electric vehicles have been on the constant rise, which is forecasted to escalate product demand in the forthcoming years. The installation of the wrench offers electrically operated abilities coupled with delivering durability and accuracy for optimizing the rate of vehicle production is anticipated to augment growth in the market. The growth of electric vehicles in emerging countries such as India, China, and Japan is estimated to boost growth in the market. 

TORQUE WRENCH MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into a manual torque wrench, a pneumatic torque wrench, and an electronic torque wrench.

The manual torque wrench is expected to dominate other segments by over 75% in the market.

• By Application Analysis

Based on application, the market is classified into automotive, engineering and construction, shipping and aerospace, and others. 

DRIVING FACTORS

"Rising Preference for Electric Vehicles to Boost the Product Demand"

Stringent government regulations and initiatives of various countries for the protection of the environment are expected to rise in the consumer’s preference for electric vehicles and boost the market. Additionally, electric vehicle parts such as relays, electric motors, solenoids, and others require torque tools to assemble with the mainframe, which is anticipated to boost the product demand in the global market. Additionally, technological advancements coupled with rising investments in research and development of the product to surge growth in the market.

"Adoption of Products in Various Industries to Escalate Market Growth"

Steady development in end-user industries such as construction, automotive, and manufacturing in various countries is forecasted to surge growth in the global market. Additionally, rising complex designs of the automobile are likely to propel the product demand for specialized equipment and tools to service the vehicles, which is anticipated to expand the torque wrench market share. The adoption of electronic wrenches is also anticipated to escalate growth in the market. These electronic tools offer higher accuracy and precision with the least tolerance of clockwise tightening.

RESTRAINING FACTORS

"High Costs Associated with Products to Hinder Market Growth"

The higher cost of the product is anticipated to limit the growth of the market. Moreover, the maintenance and acquisition of the product costs high, which is anticipated to limit the growth of the market. Additionally, the lack of skilled and trained laborers in the market is expected to limit the growth of the market. 

TORQUE WRENCH MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market Due to Adoption of Electric Vehicles"

Asia Pacific is likely to hold the maximum market share due to the immense growth of the countries existing in the region. The rising job opportunities in some emerging countries such as India and China are anticipated to surge demand in the regional market. Additionally, the growth of the region is expected to be backed by the rising adoption of electric vehicles in the countries. 

Europe is forecasted to show sizeable growth in the market due to huge machinery and wind turbines. Additionally, the presence of key aerospace manufacturers is also anticipated to surge growth in the region.  

KEY INDUSTRY PLAYERS

"New Product Development to Escalate Market Growth"

Key manufacturers are focused on constantly upgrading their product portfolio by launching advanced features to differentiate their products from other companies' products. Competitors also emphasize sustaining the market of heavy competition.  The key competitors are making various analytical approaches. Major players also emphasize boosting their presence through investments, partnerships, agreements, joint ventures, expansions & investments, and partnerships. The emergence of advanced products is expected to increase product demand and support the torque wrench market growth.  

List of Market Players Profiled

• Snap-on (CDI) (U.S.)
• Norbar (England)
• Proto (Canada)
• TONE (U.S.)
• Tohnichi (U.S.)
• Enerpac (U.S.)
• TEKTON (U.S.)
• FACOM (U.K.)
• SATA Tools (U.S.)
• Armstrong (U.S.)
• Precision Instruments (U.S.)
• Craftsman (U.S.)
• Powermaster (Israel)
• Hytorc (U.K.)
• Plarad (Germany)
• Mountz (U.S.)
• K-Tool (U.S.)
• Primo Tools (China)
• Park Tool (U.S.)
• Jinan Hanpu (China)

REPORT COVERAGE

The report gives an overview of the research methodology, market dynamics, and an industry value chain analysis. The report covers market drivers and the challenges expected to hinder market growth. Additionally, the report includes an assessment of the pandemic and the segmentation of the market based on type and applications. Furthermore, the report represents the dominant segment, and it also covers the reason that supports the dominating segment.