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Automotive Torque Tools Market Trends

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

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Automotive Torque Tools Market Trends

The automotive torque tools industry is experiencing several significant trends. The integration of smart and digital technologies into torque tools is a prominent development. With the advent of Industry 4.0 and increased automation in manufacturing, there has been a rise in the adoption of smart torque tools equipped with sensors and data analytics capabilities. These tools can monitor and record torque data in real-time, ensuring precision and traceability during vehicle assembly.

Automotive manufacturers are utilizing these tools to reduce errors, enhance quality control, and improve operational efficiency while minimizing the need for manual intervention. Another notable trend is the shift towards cordless and battery-operated torque tools.

Advancements in battery technology have made cordless torque tools more efficient, powerful, and versatile, making them suitable for a wide range of automotive applications. These tools offer greater mobility and ease of use on assembly lines compared to traditional pneumatic or wired tools that require fixed connections. The demand for cordless solutions is increasing as automotive manufacturers seek more flexible and ergonomic options to streamline their production processes. The reduced maintenance requirements and improved portability of these tools are further contributing to their growing popularity in the automotive sector.

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.