Torque tools (Gun/Wrench) Market Outlook - 2027 | By Type, Application, COVID-19 Scenario Analysis

Torque tools (Gun/Wrench) Market Outlook - 2027

Torque tools (Gun/Wrench) are the tools that are used to apply the accurate amount of torque on a fastener such as a nut or a bolt, to prevent under or excess tightening. These tools serve great purposes where the 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 types of tools allow the operator to accurately measure the torque applied on a fastener, such as a nut or a screw, in order to match the conditions for a specific application. These tools hold the major application in industries such as construction, automotive, aerospace, mining, manufacturing, and others.

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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 mainframe which is a major factor that can raise the demand for the torque tools for the 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.

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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 the 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. The 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.

By Region

North America (U.S., Mexico, and Canada), Europe (Germany, UK, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa)

Key Players

Major players analyzed include Actuant Corporation, Atlas Copco, Apex Tool Group, Snap-on Incorporated, TOHNICHI Mfg. CO., LTD., Stanley Black & Decker, Inc., ENERPAC TOOL GROUP, HYTORC, Div. UNEX Corporation, K-Tool International (KTI), and FACOM Tools

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