Torque Tools (Gun/Wrench): Introduction
- Torque wrench is a tool used to accurately apply an appropriate torque to a fastener such as a bolt or nut, to prevent excess or under-tightening. Torque tools is used where the tightness of bolts and screws is critical.
- These type of tools allow the machinist to measure the torque applied to the fastener, such as screw or nut, so that it can be matched to the conditions for a particular application.
- In 1918, Conrad Bahr invented the torque wrench to prevent excessive tightening of bolts while repairing the steam or water pipe.
- There are four types of torque tools (gun/wrench): manual torque wrenches, pneumatic torque wrenches, electronic torque wrenches, and hydraulic torque wrench
- The global torque tools (gun/wrench) market is estimated to expand at a rapid pace during the forecast period, owing to an increase in the demand for torque tools (gun/wrench) in different industries such as automotive and construction. Torque tools are extensively utilized during the maintenance and repair of vehicles and in automobile production activities.
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Global Torque Tools (Gun/Wrench) Market: Dynamics
Global Torque Tools (Gun/Wrench) Market: Key Drivers and Restraints
- Expansion of automotive, manufacturing, and construction industries is anticipated to propel the torque tools (gun/wrench) market during the forecast period. This is primarily owing to its application in these industries.
- Furthermore, rising product innovation, such as manufacturers incorporating numerous innovations in the design of torque tools and improving their efficiency and reliability, is anticipated to fuel the torque tools (gun/wrench) market across the globe
- Increase in production of electric and hybrid vehicles is projected to offer an opportunity to the manufacturers torque tool (gun/wrench) globally
- Increase in complexities of automobile design is estimated to propel the demand for specialized equipment and tools to service the vehicles. This in turn is anticipated to boost the demand for torque tool (gun/wrench) market in the near future.
- Torque tools (gun/wrench) are mechanical devices and skilled labor is required to use or operate them. This increases the labor cost, thereby hampering the demand for torque tools (gun/wrench). However, volatility in raw material prices is also a major factor that is anticipated to hamper the market.
Torque Tools (Gun/Wrench) Market in Asia Pacific to Expand Rapidly
- Asia Pacific is expected to witness significantly high demand for torque tools (gun/wrench) from 2019 to 2027. This is primarily due to the demand from automotive and manufacturing industries in leading production countries such as China, India, and Japan. Additionally, expansion of the automotive industry in Asia Pacific is expected to propel the demand for torque tools (gun/wrench) in order to boost the quality of production of industrial parts and automotive parts during the forecast period.
- Europe held a prominent share of the global torque tools (gun/wrench) market. This is largely due to rising export and import and adoption of advanced technology in the region. Additionally, Europe is a hub for the automotive industry, owing to the presence of top manufacturers with high production capacities, such as BMW, Volvo, and Audi, in the region.
Global Torque Tools (Gun/Wrench) Market: Competition Landscape
Key Players Operating in Global Torque Tools (Gun/Wrench) Market
Numerous regional and international players operate in the torque tools (gun/wrench) market. Hence, the market is fairly fragmented, and the bargaining power of suppliers is low. The degree of competition among market players is also high. Torque tools (gun/wrench) manufacturers are adopting two vital strategies ? new product development and acquisition ? to cater to the needs of different end-users. Key players operating in the global torque tools (gun/wrench) market are:
- Actuant Corporation
- Apex Tool Group
- Atlas Copco
- Snap-on Incorporated
- Stanley Black & Decker, Inc.
- TOHNICHI Mfg. CO., LTD.
- ENERPAC TOOL GROUP
- FACOM Tool
- HYTORC, Div. UNEX Corporation
- K-Tool International (KTI)
- Maschinenfabrik Wagner GmbH & Co. KG
- Mountz, Inc.
- Norbar Torque Tools Ltd.
- Park Tool Company
- Powermaster Engineers Pvt. Ltd.
- Tone Co., Ltd.
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Global Torque Tools (Gun/Wrench) Market: Research Scope
Global Torque Tools (Gun/Wrench) Market Segmentation, by Product Type
- Manual Torque Wrenches
- Pneumatic Torque Wrenches
- Electronic Torque Wrenches
- Hydraulic Torque Wrench
Global Torque Tools (Gun/Wrench) Market Segmentation, by Industry
- Engineering & Machinery Manufacturing
Global Torque Tools (Gun/Wrench) Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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.