What is Automotive Tools Market?
Automotive tools are used for automotive, construction, and DIY repairs. Automotive tools include toolsets, screwdriver sets, ratchets, wrenches and wrench sets, nut drivers, and other accessories along with portable power stations, jump starters, automotive battery chargers, and power inverters. The rising production of vehicles are propelling the growth of the automotive tools market in the forecast period.
Highlights from Automotive Tools Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Mac Tools (United States), Delphi Automotive PLC (Ireland), Denso Corporation (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), Snap on Incorporated (United States), Hickok Incorporated (United States), tanley Black & Decker, Inc. (United States), ATD Tools, Inc. (United States) and Nupla Tools (United States) |
Automotive Tools is a fragmented market due to the presence of a large number of established competitors. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are also planning strategic activities like partnerships, collaboration, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.The Vendors having a strong hold in the market are Mac Tools, Delphi Automotive PLC, Denso Corporation, and Continental AG. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Automotive Tools market throughout the forecasted period.
Mac Tools (United States), Delphi Automotive PLC (Ireland), Denso Corporation (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), Snap on Incorporated (United States), Hickok Incorporated (United States), tanley Black & Decker, Inc. (United States), ATD Tools, Inc. (United States) and Nupla Tools (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Akar Tools Limited India (India). Automotive Tools Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Car Repair Shop, 4s Shop, Personal Use and Others |
Type | Wrenches and Sockets, Allen Wrenches, Specialty Tools and Others |
Distribution Channel | OEMs,Wholesaler,Retailer |
On the basis of geography, the market of Automotive Tools has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rise in Number of Automotive Workshops
Market Growth Drivers:
Increasing Automotive Industry Globally and Rising Demand of Automotive Tools From the Maintainance and Repair Shops
Challenges:
Technological Advances that Maximize Automotive Tools
Restraints:
Intense Competition among the Competitors and High Cost of Advanced Technology Equipment
Opportunities:
Technological Advancement and Development In Automotive Tools is Creates the Opportunities for Market
Key Target Audience
Automotive Tools Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Other
Market Leaders & Development Strategies
In October 2020, BorgWarner Inc. acquired Delphi Technologies. The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner's electronics and power electronics, capabilities, and scale, making it a leader in electric propulsion systems that BorgWarner believes is well-positioned to capitalize on future propulsion migrations.
In January 2019, Bosch Power Tools India, a leading supplier of power tools for the construction, woodworking, and metalworking industries, introduced the GWS 800 Professional to its range of powerful angle grinders. Moreover, with this launch, the localization share of Bosch power tools in India will reach 55% by 2023.