Global Torque Wrench Market Growth 2023-2029

Global Torque Wrench Market Growth 2023-2029

A torque wrench is a tool used to precisely apply a specific torque to a fastener such as a nut or bolt. It is usually in the form of a socket wrench with special internal mechanisms.

A torque wrench is used where the tightness of screws and bolts is crucial. It allows the operator to measure the torque applied to the fastener so it can be matched to the specifications for a particular application. This permits proper tension and loading of all parts. A torque wrench measures torque as a proxy for bolt tension. The technique suffers from inaccuracy due to inconsistent or uncalibrated friction between the fastener and its mating hole. Measuring bolt tension (bolt stretch) is more accurate but often torque is the only practical means of measurement.

LPI (LP Information)' newest research report, the “Torque Wrench Industry Forecast” looks at past sales and reviews total world Torque Wrench sales in 2022, providing a comprehensive analysis by region and market sector of projected Torque Wrench sales for 2023 through 2029. With Torque Wrench sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Torque Wrench industry.

This Insight Report provides a comprehensive analysis of the global Torque Wrench landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Torque Wrench portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Torque Wrench market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Torque Wrench and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Torque Wrench.

The global Torque Wrench market size is projected to grow from US$ 283.7 million in 2022 to US$ 430 million in 2029; it is expected to grow at a CAGR of 430 from 2023 to 2029.

Global Torque Wrench key players include Snap-on (CDI), Norbar, Proto, TONE, Tohnichi, etc. Global five four manufacturers hold a share over 50%.

North America is the largest market, with a share over 40%, followed by Europe and Asia-Pacific, both have a share over 50%.

In terms of product, Manual Torque Wrench is the largest segment, with a share over 75%. And in terms of application, the largest application is Automotive, followed by Engineering and Construction, Shipping and Aerospace, etc.

This report presents a comprehensive overview, market shares, and growth opportunities of Torque Wrench market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type

Manual Torque Wrench

Pneumatic Torque Wrench

Electronic Torque Wrench

Segmentation by application

Automotive

Engineering and Construction

Shipping and Aerospace

Others

This report also splits the market by region:

Americas

United States

Canada

Mexico

Brazil

APAC

China

Japan

Korea

Southeast Asia

India

Australia

Europe

Germany

France

UK

Italy

Russia

Middle East & Africa

Egypt

South Africa

Israel

Turkey

GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.

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

Key Questions Addressed in this Report

What is the 10-year outlook for the global Torque Wrench market?

What factors are driving Torque Wrench market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Torque Wrench market opportunities vary by end market size?

How does Torque Wrench break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.