What is Global Torque Wrench Market?
The Global Torque Wrench Market is a vast and dynamic sector that encompasses a wide range of tools used to apply a specific torque to a fastener such as a nut or bolt. Torque wrenches are essential in many industries, as they ensure that the proper amount of force is applied to fasteners, preventing over-tightening and under-tightening, which can lead to equipment failure or damage. The market is characterized by a variety of product types, including manual, pneumatic, and electronic torque wrenches, each with its own unique features and applications. The global market value for these indispensable tools stood at a substantial US$ 290 million in 2022. The market is projected to grow at a steady pace, with expectations to reach a value of US$ 435.2 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period of 2023-2029.
Manual Torque Wrench, Pneumatic Torque Wrench, Electronic Torque Wrench in the Global Torque Wrench Market:
Manual Torque Wrenches, Pneumatic Torque Wrenches, and Electronic Torque Wrenches are the three main types of torque wrenches available in the Global Torque Wrench Market. Manual Torque Wrenches are the most common and widely used type, accounting for over 75% of the market share. These wrenches require physical force to operate and are typically used for light to medium-duty tasks. They are popular due to their simplicity, reliability, and cost-effectiveness. Pneumatic Torque Wrenches, on the other hand, are powered by compressed air and are used for heavy-duty applications. They offer high torque output and are commonly used in industries such as automotive and construction. Electronic Torque Wrenches are the most advanced type. They are equipped with digital displays and offer features such as programmable torque settings and data logging. These wrenches are typically used in precision tasks where accuracy is paramount.
Automotive, Engineering and Construction, Shipping and Aerospace, Others in the Global Torque Wrench Market:
The Global Torque Wrench Market finds its application in a variety of sectors including Automotive, Engineering and Construction, Shipping and Aerospace, among others. In the automotive industry, torque wrenches are used in the assembly and maintenance of vehicles. They ensure that all parts are properly tightened, thus enhancing the safety and performance of the vehicle. In the engineering and construction sector, these tools are used in the assembly of machinery and structures. They ensure that all fasteners are tightened to the correct torque, thus preventing structural failures. In the shipping industry, torque wrenches are used in the maintenance and repair of ships and other marine vessels. They ensure that all parts are properly secured, thus enhancing the safety and efficiency of the vessels. In the aerospace industry, these tools are used in the assembly and maintenance of aircraft. They ensure that all parts are tightened to the precise torque, thus ensuring the safety and reliability of the aircraft.
Global Torque Wrench Market Outlook:
The Global Torque Wrench Market, which was valued at US$ 290 million in 2022, is expected to grow significantly and reach a value of US$ 435.2 million by 2029. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period of 2023-2029. The largest segment of this market is the Manual Torque Wrench, which holds a market share of over 75%. This segment's dominance is due to the simplicity, reliability, and cost-effectiveness of manual torque wrenches. These factors have led to their widespread use in various industries, contributing to the overall growth of the Global Torque Wrench Market.
| Report Metric | Details |
| Report Name | Torque Wrench Market |
| Accounted market size in 2023 | US$ 308.6 million |
| Forecasted market size in 2029 | US$ 435.2 million |
| CAGR | 5.9 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Snap-on (CDI), Norbar, Proto, TONE, Tohnichi, Enerpac, TEKTON, FACOM, SATA Tools, Armstrong, Precision Instruments, Craftsman, Powermaster, Hytorc, Plarad, Mountz, K-Tool, Primo Tools, Park Tool, Jinan Hanpu |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
