Increasing complexities in advanced automobile assemblies is driving automotive torque tools market outlook over the last few years. Continuous enhancement of the existing torque tools to improve performance along with rising automobile production have emerged as the most critical factors in ensuring rapid product penetration across various geographies.
The development of battery-powered torque tools which are able to operate in adverse conditions has been instrumental in expanding automotive torque tools industry share. These electric tools enable users to fasten critical joints safely, accurately, and rapidly. Moreover, increasing pace of technology advancement owing to sizeable investments in R&D activities is further helping the product to reach a wider consumer base.
When it comes to the types of automotive torque tools, it is imperative to take note of the popularity garnered by cordless torque tools which enhance the assembly process with diligent tracking mechanisms. Numerous major automotive torque tool manufacturers are launching new lightweight and compact cordless tools that provide high accuracy and ease of handling. A commendable instance of the new breed of cordless torque tools is the expanded version of Ingersoll Rand’s QX Series™ power tools.
These power tools apparently complement the existing range of Haz Tools, precision screwdrivers, and low-torque angle wrenches which cover high-torque applications. Apart from the new product range launched by Ingersoll Rand, there are many other firms that are involved in manufacturing highly efficient cordless torque tools – a factor that would strengthen the competitive hierarchy and assist automotive torque tools industry share to expand at a rapid pace. In fact, the cordless segment of this industry is growing at an unprecedented rate and is slated to hold a substantial revenue share of the overall automotive torque tools market in the years ahead.
In terms of geographical expansion, the Asia Pacific region is emerging as one of the most profitable growth terrains likely to drive overall automotive torque tools market size in the forecast years. Presence of leading automakers across the region along with increasing vehicle production and sales have been instrumental in accelerating the product demand. Home to around 3.9 billion people, the Asia Pacific region has been registering enormous economic growth over the past few years – a significant factor that has consequentially boosted the fortunes of the automotive sector.
According to reliable estimates, in 2017, around 40.7 million passenger cars were sold in the region, indicating the humongous demand for vehicles across various APAC nations. Moreover, numerous globally-renowned automakers are establishing new vehicle manufacturing facilities in these nations. For instance, in February 2019, the Chinese automotive giant SAIC announced that it would establish a second passenger car manufacturing plant in India with an additional investment of about USD 350 million. Needless to mention, all these developments are bound to fast-track the pace of product penetration and favor the growth prospects of automotive torque tools industry in the times to come.
Innovative ways of designing and manufacturing automotive tools with improved efficiency and reliability in bolt fastening applications is transforming automotive torque tools market trends. The regulatory bodies such as the International Organization for Standardization (ISO) are framing certain guidelines with respect to calibration, quality, design, and measurements of tools to ensure better performance of these tools. As these guidelines and its implementation keep evolving to suit the requirements of auto sector, the overall automotive torque tools industry share would witness considerable improvement in the years ahead.
As the auto sector evolves in the near future, the necessity of incorporating torque tools would certainly increase in the manufacturing and maintenance of new-age vehicles. The industry players such as Enerpac, Rad Torque Systems, Tekton, Atlas Copco, Torcstar, Norbar, Ingersoll Rand PLC, and GEDORE Werkzeugfabrik GMBH & Co. KG are focusing on advancing the existing technology which would drive the growth prospects of automotive torque tools market. According to a report by Global Market Insights, Inc., the remuneration portfolio of automotive torque tools industry would surpass USD 1.2 billion by 2025.