Torque Tester Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Torque Tester Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033 It will grow to $11.53 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.”
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LANDON, GREATER LANDON, UK, July 10, 2024 /EINPresswire.com/ -- The torque tester market has demonstrated robust growth, increasing from $7.93 billion in 2023 to an anticipated $8.61 billion in 2024, with a CAGR of 8.6%. This growth is driven by factors such as high demand from the automotive industry, stringent quality control requirements, regulatory compliance needs, expansion of the manufacturing sector, and increasing automation across industries. Moving forward, the market is expected to maintain strong growth, reaching $11.53 billion by 2028 at a CAGR of 7.6%. Key growth drivers include the rise in electric vehicle manufacturing, globalization of supply chains, miniaturization in electronics, sustainability initiatives, and increased adoption in aerospace and defense sectors. Key trends influencing the market include advancements in calibration technologies, integration with Industry 4.0 principles, continuous technological innovations, emphasis on ergonomic and user-friendly design, and advancements in wireless torque testing capabilities.
Rising Automotive Industry Demand Drives Market Growth
The automotive industry's increasing demand for torque testers is a pivotal factor propelling market expansion. Torque testers play a crucial role in calibrating torque-controlled tools used in automotive manufacturing processes, ensuring accurate torque application and adherence to quality standards. For instance, the International Trade Administration reports significant growth in vehicle purchases, exemplified by Australia's market where 1,049,831 vehicles were sold in 2021, up from 916,968 in 2020. This trend underscores the essential role of torque testers in maintaining precision and efficiency in automotive production.
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Key Players and Market Trends
Leading companies such as Crane Electronics Group Limited and Shimpo International are focusing on innovation to enhance torque tester functionalities. For example, Sturtevant Richmont introduced the BP-Series Torque Drivers, featuring preset torque values and anti-backlash technology to prevent over-tightening of fasteners. Such innovations underscore the industry's commitment to ergonomic design and technological advancement.In a strategic move, companies like Kistler Group and Transcat Inc. are expanding their product portfolios to meet diverse industry needs, from aerospace and defense to electronics and machinery manufacturing. This strategic diversification enhances market competitiveness and supports broader industry applications.
Segments
The torque tester market covered in this report is segmented –1) By Type: Digital Torque Testers, Manual Torque Testers2) By Product Type: Torque Gauges, Torque Testers, Torque Calibrators, Torque Meter, Screwdrivers Torque Testers3) By Function Type: Electric, Hydraulic, Mechanical, Pneumatic4) By Modularity: Handheld, Portable, Bench Top5) By Industry: Electrical, Automobile, Machinery Manufacturing, Other Industries
Geographical Insights: North America Leading the Market
North America emerged as the largest region in the torque tester market in 2023, driven by technological advancements and stringent quality standards in manufacturing. Meanwhile, Asia-Pacific is expected to witness the fastest growth, fueled by the rapid expansion of automotive and electronics sectors, coupled with increasing industrial automation.
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Torque Tester Global Market Report 2024 from TBRC covers the following information:
Market size data for the forecast period: Historical and FutureMarket analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Torque Tester Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on torque tester market size, torque tester market drivers and trends, torque tester market major players, competitors' revenues, market positioning, and market growth across geographies. The torque tester market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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July 10, 2024, 16:51 GMT
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