What is Global Automotive Torque Tools Market?
The Global Automotive Torque Tools Market is a vast and dynamic sector that encompasses a wide range of tools used in the automotive industry. These tools are designed to apply a specific amount of torque to a fastener such as a nut or bolt, ensuring the components of a vehicle are properly tightened and secure. The market's value was estimated at US$ 21330 million in 2023, and it's projected to grow to US$ 27050 million by 2030. This growth is driven by the increasing demand for vehicles worldwide, advancements in automotive technology, and the need for high-quality, reliable tools in vehicle manufacturing and maintenance. The market includes various types of torque tools, each with its unique features and applications.
Torque Screwdrivers, Torque Wrench, Torque Multiplier, Nutrunner in the Global Automotive Torque Tools Market:
The Global Automotive Torque Tools Market includes a variety of tools such as Torque Screwdrivers, Torque Wrenches, Torque Multipliers, and Nutrunners. Torque Screwdrivers are used for precise applications where the correct torque is crucial. They are commonly used in electronic, aerospace, and automotive industries. Torque Wrenches, on the other hand, are used to apply a specific torque to a fastener and are commonly used in automotive, construction, and industrial applications. Torque Multipliers are used when a large amount of torque is needed to tighten or loosen a bolt or nut. Nutrunners are power tools used to tighten nuts and bolts and are commonly used in assembly lines. Each of these tools plays a vital role in the automotive industry, contributing to the overall growth of the Global Automotive Torque Tools Market.
Commercial Vehicle, Private Vehicle in the Global Automotive Torque Tools Market:
The Global Automotive Torque Tools Market finds its application in various areas, including Commercial and Private Vehicles. In Commercial Vehicles, these tools are used in the assembly and maintenance of trucks, buses, and other heavy vehicles. They ensure the vehicles are assembled correctly and safely, contributing to the overall performance and longevity of the vehicle. In Private Vehicles, these tools are used in the maintenance and repair of cars, motorcycles, and other personal vehicles. They help in ensuring the vehicles are safe for use and perform optimally. The use of these tools in both Commercial and Private Vehicles underscores their importance in the automotive industry.
Global Automotive Torque Tools Market Outlook:
Looking at the market outlook, the Global Automotive Torque Tools Market was valued at a significant US$ 21330 million in 2023. The market is expected to witness a steady growth, reaching an estimated value of US$ 27050 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 3.5% during the forecast period from 2024 to 2030. The growth can be attributed to the increasing demand for vehicles, advancements in automotive technology, and the need for high-quality, reliable tools in vehicle manufacturing and maintenance.
| Report Metric | Details |
| Report Name | Automotive Torque Tools Market |
| Accounted market size in 2023 | US$ 21330 million |
| Forecasted market size in 2030 | US$ 27050 million |
| CAGR | 3.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Norbar, Torcstar, Tone Co., Ltd, Atlas Copco AB, Tekton, Enerpac（Actuant）, Rad Torque Systems |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
