Automotive Wrenches Market Competitive Analysis With Growth Forecast Till 2024

Automotive wrenches are tools which are used to provide grip and applying torque (measure of turning force on an object) to turn, fasten, and tighten nuts and bolts. The automotive wrenches that are coated with chromium to prevent corrosion are frequently made to undergo a process of forging under hot and cold temperatures. The market for wrenches is mainly driven by the rise in production of vehicles globally. Wrenches are found in variety of styles and used for various applications. Some are designed to be used as fasteners and others are designed to be used for metric applications.

Automotive wrenches which are mainly used in vehicles during maintenance and repairing are likely to find enhanced application with the increased number of vehicles being produced. Macro- economic well- being of a nation is also to be taken into consideration for the growth of this market. Since growth of the manufacturing sector in a country is influenced by economic prosperity, technological advancement, and presence of skilled labor, all these factors play a crucial role in driving the growth of the automotive wrenches market indirectly. Within developing nations, a high GDP and a population with high purchasing power and standard of living will contribute to the rising demand for vehicles. With the growing number of vehicles, the need for repairing and maintenance will also grow. Therefore, growth of the manufacturing sector, coupled with economic well-being, and large population with sufficient purchasing power will drive the automotive industry which in turn is expected drive the automotive wrenches market. Automotive wrenches prevent the use of electricity since they can be used manually (apart from pneumatic wrenches).These manually used wrenches are relatively cheaper models which are extensively used in homes. Ease of use, small size, and long durability also support the growth of this market.

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The market can be segmented based on types of automotive wrenches, application, vehicle type, and geography. Some of the types of wrenches that are used in automotive applications are open end wrench, box end wrench, combination wrench, flare nut wrench, pipe wrench, line wrench, and spanner wrench among others. Open end wrenches are characterized by having fixed open jaws usually on one and sometimes on both the ends. It also has parallel jaws at both ends of the handle. These tools are the most commonly used devices which permits rotation of hexagonal nuts at a swing of 30-degrees.

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However, these devices cannot be used to fasten the nuts in case they are very tight or frozen. Box end wrenches are featured with ends which completely encloses the nut. They are useful for fastening nuts which are otherwise hard to do with open end wrenches. Combination wrenches are double ended wrenches, with one end having the features of an open-end wrench and the other end showcasing features of a box end wrench. Pipe wrenches are adjustable in nature, used for turning soft rounded surfaces. Line wrenches are used to work with any type of fitting which could be linear, fuel line, brake line, and others.

Based on type of vehicles, the market can be segmented into two wheelers, passenger cars, light commercial vehicles, heavy commercial vehicles, aircrafts, and others.

By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America.

Some of the leading players operating in this market are Tone Co., Ltd. (U.S), Eastman (U.S.), Stahlwille Tools (U.S), Stanley Automotive Tools (U.S.), Sonic Tools (U.S.), and Ningbo Shildai Machinery Manufacturer Co., Ltd (China), among others.

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