Global Torque Wrench Market Growth 2019-2024
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.
Indirect marketing, also means distribution, is an important supplement of direct marketing. Today, in certain consumer goods industry, distribution has been the major marketing channel. Through sign specific contact with the professional retailers, manufacturers can get more orders without extra cost on marketing. Certainly, the distributors will occupy part profit among the marketing of products.
When the manufacturers entered into a target market, find some professional distributors can be useful. These distributors have a clearer sense of the local market.
The most prominent feature of modern marketing is the e-commerce. E-commerce is the buying and selling of goods and services over an electronic network, primarily the internet. These business transactions occur either as business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer or consumer-to-business.
As the fast development of internet technology, E-commerce is becoming more and more popular. Most manufacturers have built their sales website or operated an official sales store in the ecommerce platform. E-commerce can decrease the investment on solid stores and manufacturers can get the market sales conditions easily as the sales data can be counted easily.
According to this study, over the next five years the Torque Wrench market will register a 4.1% CAGR in terms of revenue, the global market size will reach US$ 7560 million by 2024, from US$ 5930 million in 2019. In particular, this report presents the global market share (sales and revenue) of key companies in Torque Wrench business, shared in Chapter 3.
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.
This study considers the Torque Wrench value and volume generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.
Manual Torque Wrench
Pneumatic Torque Wrench
Electronic Torque Wrench
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.
Engineering & Construction
Shipping & Aerospace
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Middle East & Africa
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
To study and analyze the global Torque Wrench consumption (value & volume) by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Torque Wrench market by identifying its various subsegments.
Focuses on the key global Torque Wrench manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Torque Wrench with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Torque Wrench submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.