Automotive wrenches are tools which are used to provide grip and applying torque (measure of turning force on an object) to turn, fasten, and tighten nuts and bolts. The automotive wrenches that are coated with chromium to prevent corrosion are frequently made to undergo a process of forging under hot and cold temperatures. The market for wrenches is mainly driven by the rise in production of vehicles globally. Wrenches are found in variety of styles and used for various applications. Some are designed to be used as fasteners and others are designed to be used for metric applications.
Automotive wrenches which are mainly used in vehicles during maintenance and repairing are likely to find enhanced application with the increased number of vehicles being produced. Macro- economic well- being of a nation is also to be taken into consideration for the growth of this market. Since growth of the manufacturing sector in a country is influenced by economic prosperity, technological advancement, and presence of skilled labor, all these factors play a crucial role in driving the growth of the automotive wrenches market indirectly. Within developing nations, a high GDP and a population with high purchasing power and standard of living will contribute to the rising demand for vehicles. With the growing number of vehicles, the need for repairing and maintenance will also grow. Therefore, growth of the manufacturing sector, coupled with economic well-being, and large population with sufficient purchasing power will drive the automotive industry which in turn is expected drive the automotive wrenches market. Automotive wrenches prevent the use of electricity since they can be used manually (apart from pneumatic wrenches).These manually used wrenches are relatively cheaper models which are extensively used in homes. Ease of use, small size, and long durability also support the growth of this market.
The market can be segmented based on types of automotive wrenches, application, vehicle type, and geography. Some of the types of wrenches that are used in automotive applications are open end wrench, box end wrench, combination wrench, flare nut wrench, pipe wrench, line wrench, and spanner wrench among others. Open end wrenches are characterized by having fixed open jaws usually on one and sometimes on both the ends. It also has parallel jaws at both ends of the handle. These tools are the most commonly used devices which permits rotation of hexagonal nuts at a swing of 30-degrees.
However, these devices cannot be used to fasten the nuts in case they are very tight or frozen. Box end wrenches are featured with ends which completely encloses the nut. They are useful for fastening nuts which are otherwise hard to do with open end wrenches. Combination wrenches are double ended wrenches, with one end having the features of an open-end wrench and the other end showcasing features of a box end wrench. Pipe wrenches are adjustable in nature, used for turning soft rounded surfaces. Line wrenches are used to work with any type of fitting which could be linear, fuel line, brake line, and others.
Based on type of vehicles, the market can be segmented into two wheelers, passenger cars, light commercial vehicles, heavy commercial vehicles, aircrafts, and others.
By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America.
Some of the leading players operating in this market are Tone Co., Ltd. (U.S), Eastman (U.S.), Stahlwille Tools (U.S), Stanley Automotive Tools (U.S.), Sonic Tools (U.S.), and Ningbo Shildai Machinery Manufacturer Co., Ltd (China), among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.