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Automotive Torque Tools Market Share

Report ID: GMI3311
Published Date: Sep 2024
Report Format: PDF

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Automotive Torque Tools Market Share

The automotive torque tools industry is fragmented, with prominent players holding a market share of 5%-10% of the total market share. Companies in the automotive torque tools industry are increasingly focusing on innovation, quality, and sustainability to maintain competitive advantages. With the rise of electric vehicles and advancements in automotive technology, manufacturers are investing in smart and automated torque tools that integrate digital capabilities for enhanced precision and efficiency in assembly processes.

Automotive Torque Tools Market Companies

Major players operating in the automotive torque tools industry include:

Apex Tool Group, LLC
Atlas Copco AB
Emerson Electric Co.
Hilti Corporation
Lowe's Companies, Inc.
Makita Corporation
Milwaukee
Norbar
PTC
Robert Bosch GmbH
Snap-on Incorporated
Stanley Black & Decker, Inc.
Techtronic Industries Co. Ltd.
The Home Depot, Inc.
Wera Werkzeuge GmbH

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive torque tools reached USD 3.2 billion in 2023 and is set to register a CAGR of 5.5% between 2024 and 2032, led by the expansion of vehicle production and the rising demand for electric vehicles (EVs).

The torque screwdrivers segment generated approximately USD 1.3 billion revenue in 2023 and is expected to grow at a CAGR of 5.9% during 2024 to 2032. This segment is crucial for ensuring precision and control during the assembly of automotive components, maintaining the integrity and safety of vehicle structures and systems.

The pneumatic operating mechanism dominated the market in 2023, holding around 50.7% of the total market share, and is expected to grow at a CAGR of 5.8% till 2032.

The Asia Pacific region generated substantial revenue of around USD 1 billion in 2023 and is expected to grow at a CAGR of 6.1% through 2032, driven by the robust automotive manufacturing sector in countries like China, Japan, South Korea, and India.