Impact Socket Market Size, Share, Opportunities, And Trends By Product Type (Hex Socket, Deep Socket, Stack Socket), By Application (Automotive, Construction, Others), And By Geography - Forecasts From 2023 To 2028

Market Overview:

An impact socket is a mechanical tool that works in tandem with powered impact or air wrenches or drivers to produce the necessary torque to tighten a bolt. With the aid of effect wrenches, mechanics in garages can loosen seized bolts and nuts from automobiles. Impact sockets are widely used in a variety of industries, including construction, industry, and transportation. The rising construction activities as well as repairs across the globe, on account of the expanding building, real estate, and hospitality industries, are among the primary factors driving the impact socket market. For instance, the level of building output in August 2022 was 3.2% (or £461 million) higher than the pre-coronavirus (COVID-19) level in February 2020, while repair and maintenance work was 10.6% (or £530 million) higher than the level in February 2020, according to the Office for National Statistics UK (source: ons.gov.uk).

Growth factors:

• Impact socket use has been concentrated in the automotive industry.

The automotive industry is anticipated to expand quickly during the forecasted period. Since impact sockets have many benefits, there is an increase in demand for them in the automotive industry, which is the cause of this. Impact sockets benefit from being able to handle higher torque, but at the cost of being a little bit thicker to withstand years of severe use. Impact sockets with extra-long reaches make it simple to access awkward spaces within a car, simplifying and streamlining maintenance. Increasing sales of electric vehicles are anticipated to boost product demand throughout the projected period. According to the most recent edition of the yearly Global Electric Vehicle Outlook, sales of electric cars (including completely electric and plug-in hybrids) increased in 2021 to a new record of 6.6 million (Source: iea.org).

• An online platform offers a platform for market expansion.

Additionally, the product's widespread use in the manufacturing industry for loosening or tightening nuts and bolts, as well as its simple accessibility through coordinated online and offline retail channels, are supporting the market's expansion. In comparison to the other section, the internet segment offers both variety and quality. For instance, in October 2019 SATATM Tools, a new performance brand for American car mechanics, has been introduced by Apex Tool Group, a top industrial hand and power tool manufacturer with products only available on Amazon. Auto mechanics now have a tool truck in their hands, offering the simplicity and quickness of mobile Amazon purchasing. Over 150 SKUs, all with lifetime warranties, are included in SATA's inaugural launch, including mechanic tool sets, torque wrenches, wrenches, pliers, ratchets, impact sockets, hex keys, tool storage, and more.

• Hex sockets are expected to have the biggest segmental share.

Hex keys are compact, portable tools that are used to drive hexagonal socket nuts and screws. They are often referred to as Allen keys or Allen wrenches. They are simpler to make and more affordable. The market share for Hex Sockets is anticipated to be the highest. For instance, A set of sockets from NBK has been made available to extract damaged-corner hex nuts and bolts that cannot be removed with regular tools. The ROHS2-compliant Stripped Hex-head Screws/Bolts Removal Socket Sets are simple to use. Hex-head bolts and nuts with broken corners can be removed quickly and easily thanks to the spiral edges that securely bite into the socket. If the edge fits and correctly bites into the socket, screws with round heads can also be utilized.

Key Developments:

• July 2021: The purchase of SK Hand Tools by Hangzhou GreatStar Industrial Co., Ltd. has been finished. SK, which was established in 1914, is a well-known supplier of professional-grade hand tools for a range of sectors. The company manufactures high-end hand tools for the automobile industry in its 128,000-square-foot production facility located south of Chicago. These products include wrenches, ratchets, impact driving tools, sockets, screwdrivers, etc.
• February 2021: The SHOCKWAV IMPACT DUTYTM 6 Point Socket Lineup, which is offered in 14", 3/8", 12", 34", and 1" drives, is the latest innovative accessory solution from Milwaukee Tool. This new series of sockets, which were developed for use with impact wrenches, drivers, and ratchets, has the most prominent, long-lasting marks and extreme impact toughness to handle high torque applications. With stamped and ink-filled size marks, the SHOCKWAVETM IMPACT DUTYTM Sockets offer the highest level of wear resistance, making it simpler for customers to choose the ideal socket for their application throughout the socket's lifespan.

COVID-19 Impact

The COVID-19 pandemic has significantly impacted the economically vulnerable construction industry. The impact socket market is heavily dependent on and impacted by the building industry. On the plus side, however, the building industry has a lot of potentials to spur economic growth, which will eventually lead to a need for the socket market. A triple trifecta of manufacturing closures, supply chain disruptions, and a decline in demand have all hit the automotive industry hard. The impact of just-in-time production techniques has spread internationally. Impact socket market growth is largely dependent on automakers. A long-lasting recovery depends on targeted support and sustainable industrial policy.

Segmentation:

• By Product Type
  • Hex Socket
  • Deep Socket
  • Stack Socket
• By Application
  • Automotive
  • Construction
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • UAE
    • Isreal
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Thailand
    • Taiwan
    • Others