Wireless Digital Torque Wrenches Market Size, Analysis 2031

Report Description

Market Outlook:

The global wireless digital torque wrenches market size was valued at USD 2,512.0 Million in 2022 and is anticipated to reach USD 5,226.3 Million by 2031, expanding at a CAGR of 8.8% during the forecast period.

The industrial sector develops with the rapidly changing technologies to invent products that are more affordable and effective than the current ones. For example, a torque wrench is used to tighten nuts and bolts to a specified torque value. Industrial tools, even the basic ones such as torque wrenches, are going to be digitised in the coming years. Digital and analogue torque wrenches are the two types wrenches. A digital torque wrench runs on electricity and is charged by an electric wire or batteries. It uses digital technology. A digital torque wrench typically has a fully digital interface unlike a traditional needle gauge. Some models provide both visual and audio feedback signals; conversely, some expensive models are integrated with computers and other industrial appliances.

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Macro-economic Factors

Technological Advancements

Technology has made it possible for people to have access to different resources. Further, technology is also being used to equip people, who need a certain type of assistance, to improve their quality of life and help them avail opportunities that otherwise are inaccessible. These technological advancements are happening in every industry and industrial products, such as torque wrench. Many manufacturers have been digitalizing torque wrenches. Digitizing torque wrenches have many benefits to the end user, as it is able to produce far more torque than conventional human-powered wrenches. Furthermore, they are faster than human-powered wrenches as well. Many manufacturers are focusing on the investing in the production of such tools to provide precise calculations.

Rapid Industrialization

The industrial sector plays a key role in fostering socioeconomic resilience. Industrialization is driven by factors such as government policy, labor-saving inventions, entrepreneurial ambitions, and the rising demand for goods & services. Industrialization has a significant impact on the mass production of goods and services across the globe. Thus, industrialization contributes to the economic growth by enhancing productivity, innovations, and exports across the globe. For instance, the automotive and aerospace industries are changing rapidly. Many vendors in automotive, aerospace, and any other manufacturing sectors are gaining interest in using precise tools, as the technology changes rapidly. These changes are increasing the demand for wireless digital torque wrenches.

Inflation

Inflation is referred to the rate at which prices rise over a given period of time and reduce the purchasing power of consumers & companies. Inflation is a major factor in every industry. It has an impact on the cost of materials, production, debt, and general product & market operations. Therefore, inflation has a big impact on both price and the market growth across the globe. The rate of inflation globally rose by almost 8% in 2022. The cost of wireless digital torque wrenches is affected by inflation, which also affects the end-use industries. Certain end-use industries with little capital investment have less purchasing power, due to unevenly rising production material prices. Thus, the analysis of the inflation rate is an important factor in the study of the market.

Economic Growth

Economic growth refers to an increase in the level of economic activity in a country or region over the time. Typically, it is quantified by a gain in gross domestic product (GDP). Economic expansion is a crucial macroeconomic aspect that has a substantial impact on the wireless digital torque wrenches market. This is attributed to the growing economy often resulting in the expansion and investment of firms in new projects. This increases the demand for fast and efficient equipment, thereby increasing the demand for wireless digital torque wrenches. According to the Asian Development Bank, the gross domestic product (GDP) of India is expected to reach 6.4% in fiscal year (FY) 2023, ending on March 31, 2024, and rise to 6.7% in FY2024. It is driven by private investment and private consumption on the back of government policies to improve logistics, transport infrastructure, and the business ecosystem.

Market Dynamics

Market Driver – Increasing Demand for Precise Tools

The need for precise and accurate torque applications is increasing across various industries, from ensuing the safety and integrity of critical infrastructure to maintaining the optimal performance of machinery. Wireless digital torque wrenches offer unmatched accuracy & data recording, capabilities, and eliminating guesswork & human error. This demand for precision is particularly evident in industries. For example, in the automotive industry, tightening critical engine components to the exact torque specifications is crucial for performance and reliability.

Market Driver – Rapidly Rising Technological Advancements

Wireless digital torque wrenches are constantly evolving, incorporating cutting-edge features that enhance their functionality and appeal. Bluetooth and Wi-Fi integration allow data transfer to computers or tablets, enabling real-time fata analysis and improved quality control. Another feature is advanced displays which provides access to detailed data acquired during the use. Therefore, wireless digital torque wrenches significantly improve workflow efficiency by reducing setup time, minimizing errors, and enabling fast completion of tasks.

Market Restraint – High Initial Cost

One of the major restraints of the wireless digital torque wrenches market is high initial cost. Wireless digital torque wrenches come with a significantly high price tag as compared to traditional manual torque wrenches. This is a major barrier for small-scale business. Furthermore, wireless connectivity is susceptible to interference from other devices or environment factor, potentially disrupting data transmission and affecting accuracy. Ensuring reliable and uninterrupted connections is challenging in certain environments.

Market Opportunity: Growing Demand in Developing Countries

Wireless digital torque wrenches are one of the fastest growing types of torque wrenches as compared to others to be used in various industries. Many developing economies are focusing on the development of industries by inviting investments, establishing manufacturing facilities, and increasing use of digital or smart industrial tools for efficient functioning of different industries. For example, wireless digital torque wrenches are used in the automotive industry for tightening bolts and nuts. In India, the automotive industry received a boost when the Government unveiled the production-linked incentive (PLI) scheme. The PLI plan that is worth USD 3.5 billion for the automotive industry offers financial incentives of up to 18%, aiming to stimulate domestic production of sophisticated automotive technology goods and draw investments in the automotive manufacturing value chain. The increased market growth for wireless digital torque wrenches results from government or other industrial sector investments in developing nations.

Scope of the Report  

The report on the global Wireless Digital Torque Wrenches market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

Based on technology, the wireless digital torque wrenches market is divided into Bluetooth and LAN network.

The LAN network segment is expected to expand at a substantial CAGR during the forecast period. Digital tools share data and produce results rapidly & easily over local area networks or LThis expedites tasks and saves time. Any user on the network shares data with any other user over LAN. Users access the server-stored data by connecting to the network from any computer.

The Bluetooth segment is expected to expand exponentially during the forecast period. 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 current data-logging capabilities and convenience of the technology with the accuracy of a conventional torque wrench.

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On the basis of drive size, the Wireless Digital Torque Wrenches market into 1/4 inch, 3/8 inch, 1/2 inch, 3/4 inch, and 1 inch.

The 1/4 inch segment is expected to expand at a CAGR of 8.5% during the forecast period. It is the smallest size of common digital torque wrenches, and they are used for small-size bolts & nuts. These wrenches are typically used for small objects such as electronics, furniture, and small vehicles such as bicycles and motorcycles. The 3/4inch segment held substantial market share in 2022. It is one of the widely available digital torque wrenches, which is an industrial equipment. They are frequently utilized in massive machinery and in the upkeep of massive automobiles such as trucks and airplanes.

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In terms of type of end use, the wireless digital torque wrenches market is classified as automotive, construction, aircraft, Oil & Gas, and others.

The automotive segment is expected to expand at substantial CAGR during the forecast period. Digital torque wrenches play an important role in automotive industry. These wrenches ensure precise and safe fastening of critical components. For example, precise torque application is vital for proper head gasket seal and preventing engine damage. Digital wrenches ensure accurate tightening to manufacturer specification. These digital wrenches provide accurate data recording capabilities that minimize the need for rework due to human error.

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Based on sales channel, the wireless digital torque wrenches market is segmented into offline and online.

The online is expected to expand at CAGR of 9.5% during the forecast period. Online sales are made through the websites of manufacturers and distributors. It is a subset of eCommerce, where a business utilizes a website to directly sell goods or services to consumers. The website is either owned by the business or is a part of a marketplace or retailer. A large range of various wireless digital wrench choices are available at varying prices on the internet.

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Regional Outlook

On the basis of region, the global wireless digital torque wrenches market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America accounted for a significant market share in 2022. The market in US held significant share in 2022, due to the high speed of technological advancements. These advancements are increasing the demand for innovative industrial tools such as wireless digital torque wrenches. The automation in the manufacturing and other industries increases the demand for intelligent torque solutions also increases. Furthermore, the increasing automotive and aerospace industries is expected to accelerate the market during the forecast period, as the demand for digital torque wrenches also increases.

The market in Asia Pacific is expected to expand at CAGR of 9.5% during the forecasted period, due to the rising demand and investment in end use industry for efficient industrial tools. Furthermore, countries such as China and India are experiencing rapid industrial expansion, fueling the demand for advanced tools and equipment in the region.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the global wireless digital torque wrenches market

• Historical, current, and projected market size in terms of value

• Potential & niche segments and regions exhibiting promising growth covered

• Industry drivers, restraints, and opportunities covered in the study

• Recent industry trends and developments

• Competitive landscape & strategies of key players

• Neutral perspective on global wireless digital torque wrenches market performance