“DC torque tool market to exhibit steady growth between 2017 and 2023”
The DC torque tool market is expected to grow from USD 2.81 billion in 2017 to USD 3.38 billion by 2023, at a CAGR of 3.16% between 2017 and 2023. The key driving factors for the growth of the DC torque tool market include the increasing sales of commercial and passenger vehicles, the use of Industry 4.0 accelerates adoption of DC torque tools, the requirement of specific torque as well as flexible and efficient fastening tools. Moreover, the advent of brushless DC motors drives the growth of the market for cordless fastening tools.
“Automotive industry is the prominent market for the DC torque tool market”
DC torque tools are widely used in the automotive industry at various stages. These tools are used by OEMs as well as in the service and repair centers. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global commercial vehicle sales have surged by 3.27% and 4.37% in 2015 and 2016, respectively. Moreover, automotive manufacturers continued to invest in the new and upgraded production line. The automotive industry requires critical fastening solutions and DC torque tools that provide the precise torque. Increasing automotive production is expected to drive the DC torque tool market in the near future.
“APAC to be the fastest-growing market for DC torque tool during the forecast period”
APAC is the emerging market for the DC torque tool. According to the OICA, in 2016, the automotive production in APAC was ~54% of total automotive production. Moreover, China and India are the major countries in APAC that are involved in the development of wind energy. According to the Global Wind Energy Council (GWEC), in 2016, China led the global wind market for 8 consecutive years and had the highest installed wind power capacity in 2016. Hence, with the growing industry of automotive, power, electronics and consumer appliances, APAC is expected to be the fastest-growing market for DC torque tools.
The break-up of the profiles of primary participants for the report has been given below:
- By Company Size: Tier 1 = 30%, Tier 2 = 35%, and Tier 3 = 35%
- By Designation: C–Level Executives = 55%, D–Level Executives = 30%, and Others = 15%
- By Region: North America = 35%, Europe = 35%, APAC = 20%, and RoW = 10%
The key players in the market include Atlas Copco AB (Sweden), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), Apex Tool Group, LLC. (US), Ingersoll-Rand plc (Ireland), Hilti Corporation (Liechtenstein), Makita Corporation (Japan), Techtronic Industries Company Limited (Hong Kong), Uryu Seisaku, Ltd. (Japan), and Gedore-Werkzeugfabrik GmbH & Co. KG (Germany).
The research report on the global DC torque tool market covers different segments?type, power source, control system, industry, and geography. The market based on type has been segmented into handheld and fixtured tools. On the basis of power source, the DC torque tool market has been classified into corded and cordless tools. The report covers the two types of control systems?transducer control and current control tools. Further, the DC torque tool market has been segmented on the basis of industries into automotive, aerospace, electronics & consumer appliances, energy, shipbuilding, and others (construction, process, metalworking, agriculture, medical device, and railway).
The report covers four major geographic regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
- Illustrative segmentation, analysis, and forecast for the market based on type, power source, control system, industry, and geography have been conducted to give an overall view of the DC torque tool market.
- The value chain analysis included in the report to provide an in-depth insight into the DC torque tool market.
- The major drivers, restraints, opportunities, and challenges for the DC torque tool market have been detailed in this report.
- The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
- Competitive leadership mapping analysis provided in the report gave in-depth analysis of various manufacturers in the DC torque tool market and listed them in dynamic differentiators, emerging companies, innovators, and visionary leaders.