According to a recent market study published by Growth Market Reports, titled, Global Wireless Digital Torque Wrenches Market, by Technology, Drive Size, End Use, Sales Channel, and Region: Size, Share, Trends and Opportunity Analysis, 2016-2031, the market was valued at USD 2,512.0 Million in 2022 and is anticipated to expand at a growth rate of 8.8% by 2031.

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Wireless digital torque wrench is a digitally-powered torque wrench. A digital torque wrench typically has a fully digital interface, unlike a traditional needle gauge. Some models of this wrench provide both visual & audio feedback signals, some models have electric motors, and advanced models are connected to a computer & other industrial appliance. It has a much higher torque output than traditional wrenches operated by humans. They also operate far more quickly than wrenches that require human power. This makes them suitable for heavy-duty industrial applications that were previously limited by the physical capabilities of humans when using manual wrenches.

The wireless digital torque wrenches market has been divided into technology, drive size, end-use, and sales channel. On the basis of technology, the market is segmented into Bluetooth and LAN Network. Based on drive size, the global wireless digital torque wrenches market is categorized as 1/4 inch, 3/8 inch, 1/2 inch, 3/4 inch, and 1 inch. Based on end use, the market is categorized into automotive, construction, aircraft, marine, and others. On the basis of sales channel, the market is segmented into offline and online. Based on region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Key factors that are anticipated to fuel the wireless digital torque wrenches market during the forecast period include the increasing demand for efficient and technological advance industrial tools in various industries. Wireless digital torque wrenches offer far higher precision than analog ones. Wireless digital torque wrenches play a crucial role in the various industries as the demand for precision increases. The industry such as aerospace requires accuracy with different tools, which increases the demand for wireless digital torque wrenches, contributing to the market growth.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, created global interdependence, and challenged various governments. Manufacturers of wireless digital torque wrenches faced high fluctuations in raw material supply during the pandemic. Manufacturing units were shut down during the pandemic, which restrained the market. This decreased the demand for various raw materials used to manufacture wireless digital torque wrenches. Furthermore, supply chain disruption led to delays in the production and delivery of wireless digital torque wrenches, thus affecting the overall market.

According to the Growth Market Reports industry analyst, Partha Paul, wireless digital torque wrenches are becoming an essential component in end-use industries such as automotive, aerospace, and construction.

In different industries, precise value help building and working of an efficient machine. These wireless digital torque wrenches help in getting those precise values. Furthermore, manufactured goods are strictly regulated and have standards that they have to pass before they enter the market in many countries, which influences the use of wireless digital torque wrenches. There are even additional certifications that need to be conformed to on top of national standards, such as in Europe.

The market in Asia Pacific is expected to expand at a significant CAGR during the forecast period. The demand for technologically advanced measuring industrial tools in this region is driven by rapid industrialization. The governments in the region are driving the market expansion by making significant investments in the construction industry, automotive industry, aerospace industry, and others. The demand for wireless digital torque wrenches in the region is anticipated to increase during the projected period, due to the rising industrialization and need for smart industrial tools for accurate results.

A supply chain is a network between a manufacturer and suppliers to produce and distribute a specific product to the final buyers. This network includes different people, regulatory bodies, entities, information, and resources. Various components are used to manufacture wireless digital torque wrenches. These components are procured from raw material suppliers and stored at warehouses or manufacturing sites. Raw materials are inspected to ensure their quality. Quality checks are performed throughout the production process by manufacturers to ensure the quality of the product. The finished products are then supplied to the distributors. Distributors store finished products in large inventories and are mediators in the supply chain. They directly obtain the products from the manufacturers and pass them midstream. End-users of wireless digital torque wrenches include automotive, aerospace, construction, marine, and others.

Key Takeaways from the Study:

  • The players in the Wireless Digital Torque Wrenches market include IMADA, Inc, Tohnichi Mfg. Co., Ltd., Snap-On, INSIZE CO., LTD., EGAMASTER S.L., Gruppo Kistler, Atlas Copco, eTork, and CPS Products, which held a significant market share in 2022.

  • Based on technology, the wireless digital torque wrenches market is bifurcated into Bluetooth and LAN Network. Bluetooth enables short-range data transmission between instruments or devices. For example, digital torque wrenches with Bluetooth connectivity are linked to tablets or smartphones. It blends data-logging capabilities and convenience of current technology with the accuracy of a conventional torque wrench.

  • On the basis of drive size, the wireless digital torque wrenches market is segmented into 1/4 inch, 3/8 inch, 1/2 inch, 3/4 inch, and 1 inch. 3/4 Inch wrenches are commonly found digital torque wrenches. This tool is used for industrial purposes and not for personal use. They are often used in huge machinery as well as in the maintenance of vehicles as large as airplanes and large trucks. The 1/4 inch wireless digital torque wrenches segment is expected to expand at a CAGR of XX% during the forecast period. It is the smallest size among common wrenches, and they are appropriate for small-size nuts and bolts. These wrenches are typically used for small objects such as electronics, furniture, and small vehicles such as bicycles and motorcycles.

  • On the basis of end use, the market is categorized into into automotive, construction, aircraft, marine, and others. Wireless digital torque wrenches are widely used in the automotive industry for tightening of nuts and bolts. Digital wrenches ensure accurate tightening to manufacturers specification. These digital wrenches provide accurate data recording capabilities, which minimize the need for rework due to human error.

  • On the basis of sales channel, the market is categorized into into online and offline sales. The online segment includes selling of product either through manufacture or distributor website. Online retail is a subset of eCommerce, in which a company uses a website to offer products or services to customers directly. The website is either a company-owned or belong to a merchant or marketplace. Online channel provides a wide variety of different types of wireless digital wrenches options at different prices.

  • In terms of region, the wireless digital torque wrenches market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. The market in Asia Pacific is expected to expand at a CAGR of 9.4% during the forecast period, due to the high demand for wireless digital torque wrenches from the automotive, aerospace, construction, marine and other industries in the region. Emerging economies, such as India and China, are focusing on industrialization and investing heavily in such industries. North America held a significant market share in 2022. The region has one of the fastest growing technological advancement adoption rate across the globe. These regions are highly investing in the automotive and aerospace industries, which boosts the demand for wireless digital torque wrenches.

Report Scope:

Report Metric

Details

Market Value in 2022

USD 2,512.0 Million

Market Growth Rate (from 2023 to 2031)

8.8%

Historical Data

2016 - 2021

Base Year

2022

Forecast Period

2023 – 2031

Units Considered

Value (USD Million)

Market Segments

Technology, Drive Size, End Use, Sales Channel, and Region

Key Companies Profiled

IMADA, Inc, Tohnichi Mfg. Co., Ltd., Snap-On, INSIZE CO., LTD., EGAMASTER S.L., Gruppo Kistler, Atlas Copco, eTork, CPS Products.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

 

Target Audience:

  • Supply-side: Manufacturer and distributors.

  • Demand Side: Automotive, Aerospace, Construction, and Others

  • Regulatory Side: Concerned government authorities, and other approval regulatory bodies

  • Associations and Industry Bodies: NTMA, Tooling & Manufacturing Association, and AMTMA