Torque tools (Gun/Wrench) Market Outlook - 2027
Torque tools (Gun/Wrench) are the tools that are used to apply accurate amount of torque on a fastener such as nut or bolt, to prevent under or excess tightening. These tools serve great purposes where tightness of screws and bolts is critical. There are four types of torque tools available that are pneumatic torque wrenches, hydraulic torque wrenches, manual torque wrenches, and electronic wrenches. These type of tools allow the operator to accurately measure the torque applied on a fastener, such as nut or screw, in order to match to the conditions for a specific application. These tools hold major application in industries such as construction, automotive, aerospace, mining, manufacturing, and others.
COVID-19 Scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the torque tools industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of torque tools market significantly from last few months, as is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
Drivers, restraints, and opportunities
Notable growth in the end-use industries such as manufacturing, construction, and automotive in different countries is a major factor that is expected to drive the growth of the torque tools market in the upcoming years. Besides, increasing complex automobile designs can propel the demand for specialized tools and equipment to service the vehicles which is another key factor that can potentially fuel the growth of the torque tools market for the next few years. Moreover, growth in production of hybrid and electric vehicles can boost the demand for the torque tools in the market. However, need for skilled labor and high labor costs are the restraining factors that are hindering the market growth. On the contrary, key market players are focusing on advanced products with innovative designs and higher reliability and efficiency that is anticipated to provide lucrative growth opportunities for the torque tools market during the forecast period.
Trends in the torque tools market
Growing preference for electric vehicles
Stringent environmental regulations and initiatives by governments of many countries for environmental protection have resulted in increasing consumer preference for electric vehicles. Electric vehicle parts like electric motors, relays, solenoids, and more require torque tools for their assembly with the main frame which is a major factor that can raise the demand for the torque tools for manufacturing of electric vehicles. Moreover, the sales of light-duty plug-in electric vehicles have been multiplying every year in countries like China and the U.S. An annual sales report of light-duty plug-in electric vehicles shows that the annual sales of electric vehicles in China have jumped from 5,79,000 to 10,16,002 in 2018. The growth of electric vehicles at a fast pace is showing positive signs for the growth of the automotive industry in these countries that can eventually result in the positive growth of the torque tools (Gun/Wrench) market in the upcoming years.
New product developments to flourish the market
Manufacturers in the torque tools market are constantly upgrading their products and coming up with advanced features to differentiate their products from others and sustain the heavy competition market. To cite an instance, Norbar Torque Tools, a UK-based company, launched its new electronic torque wrench in 2020. This product is designed to meet demands of industries for product traceability and quality control. This tool has the capability to measure, display, store, and transmit torque and angle target results and receive configuration settings from torque data system computer software via a wireless interface. Emergence of such advanced products into the market can create a significant positive impact on the growth of the torque tools (Gun/Wrench) market during the forecast period.
Key benefits of the report:
- This study represents the analytical representation of the global torque tools market combined with the ongoing trends and future predictions to determine investment opportunities.
- The present market is thoroughly analyzed to enlighten the torque tools market growth.
- The report gives information regarding the important drivers, restraints, and opportunities provided with an in-depth analysis of the global torque tools market.
- Segmentation details of the global torque tools market.
- The report gives a comprehensive global torque tools market analysis based on competitiveness and how the performance of the competitors will take shape in the coming years.
Torque tools (Gun/Wrench) Market Report Highlights
By Product Type
Key Market Players
Snap-on Incorporated, Actuant Corporation, Stanley Black & Decker, Inc., ENERPAC TOOL GROUP, TOHNICHI Mfg. CO., LTD, Div. UNEX Corporation, HYTORC, FACOM Tools, Atlas Copco, K-Tool International (KTI), Apex Tool Group