Automotive Torque Tools Market Global Demand, Research and Top Leading Player to 2027
Stratview Research delivers key insights on the global Automotive Torque Tools Market. According to Stratview Research, the market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027.
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The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Key Players
The following are some of the key players in the Automotive Torque Tools Market:
• Atlas Copco AB
• Norbar Torque Tools Ltd.
• Rad Torque Systems
• Shingare Industries Pvt. Ltd.
• Stanley Black & Decker, Inc.
• Tekton
• Tone Co., Ltd.
• Toptul
• Torc Star Bolting Tools
• Torque Master Tools Pvt. Ltd.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Automotive Torque Tools Market value and growth drivers over the trend period of 2022-27. According to the report -
Automotive Torque Tools Market is likely to witness an impressive CAGR of 5.2% during the forecast period. Growing automotive sales globally, increasing investments by the industry players in vehicle technologies, rising need for torque applications in vehicle engines to offer enhanced performance and efficiency, and emergence of electric & hybrid vehicles requiring customized torque wrench are some of the major factors driving the growth of the market during the forecast period.
Segment Analysis:
Based on by Tools Type:
Based on the tools type, the market is segmented as torque screwdrivers, torque wrench, torque multiplier, and nutrunner. Nutrunner is projected to register strong growth rate in the market during the forecast period owing to its capability of achieving torque capacity at an optimum speed. It offers high durability and does not require high maintenance, fueling the segment’s growth during the forecast period. On the other hand, torque wrench is estimated to account for a significant share of the market owing to its growing usage in tightening nuts and bolts during the forecast period.
Based on Regional:
In terms of regions, Asia-Pacific is estimated to be the dominating region in the market owing to growing automotive production during the forecast period. Factors such as higher concentration of automotive manufacturers increasing the tools’ demand, and establishment of manufacturing plants in Japan, China, and India coupled with increasing preference for personal vehicles are further expected to fuel the regional market growth during the forecast period. Also, North America is expected to witness significant growth rate in the market owing to technological advancements in automotive parts & components over the forecast period.
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FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Automotive Torque Tools Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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