New York, USA, April 27, 2023 (GLOBE NEWSWIRE) -- According to Research Dive, the global nutrunner market is estimated to generate a revenue of $1,180.2 million by 2028 and grow at CAGR of 4.2% over the forecast period (2021 to 2028). The comprehensive report provides a summary of the present market scenario comprising key aspects of the market, such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the nutrunner market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per our analysts, the favorable government policies and schemes to boost increasing investment in automotive sector, the rising standard of living of people, and the stringent government regulations related to the vehicle emission level are the major factors expected to boost the growth of the nutrunner market over the forecast period. In addition, the growing investment in the industrial sector and an increase in the number of commercial buildings, warehouses, and manufacturing units across the globe are other factors predicted to propel the market growth by 2028. Moreover, the rising demand for earthmoving equipment in the construction industry is projected to create huge growth opportunities for the nutrunner market over the forecast period. However, the high cost of nutrunner is estimated to restrict the market growth in the projected timeframe.
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COVID-19 Impact on the Nutrunner Market
The COVID-19 pandemic has had a negative impact on the global nutrunner market growth, owing to ban on transport and non-essential traveling by governments across the globe, wich resulted in declining sales of nutrunners. Besides, due to complete lockdown, the movement and availability of supply trucks were also affected, resulting in hampering the movement of raw material and finished products. These factors have disrupted the growth of the global market during the pandemic period.
Pneumatic Nutrunner Sub-segment to Hold Dominant Market Share
By type, the pneumatic nutrunner sub-segment is predicted to account for $419.0 million by 2028 and is expected to have a dominant market share during the analysis period. This is mainly due to the various advantages of pneumatic nutrunners over other types, such as continuous gearing, high accuracy, and minimum vibration and noise.
Automotive Sub-segment to Hold the Majority of Market Share
By end-user, the automotive sub-segment is estimated to generate a revenue of $431.7 million by 2028 and is anticipated to hold the maximum market share in the nutrunner market over the forecast period. This sub-segment growth is mainly due to the increasing investment, stringent norms related to vehicle emission levels, and the growing adoption of advanced power tools in the automotive industry.
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Europe Region to be Most Dominant
By region, Europe is projected to garner a revenue of $393.0 million by 2028 and subjugate in the nutrunner market during the forecast period. The rapid growth of the region can be attributed to the rising adoption of power torque tools in the mining, heavy machinery, as well as automotive industry in the region. Besides, the presence of leading earthmoving, automotive, and industrial machinery manufacturers in Europe will provide growth opportunities for the regional market in the coming years.
Prominent Market Players
Some of the top players of the global nutrunner market are
- Stanley Black & Decker
- Robert Bosch
- Atlas Copco AB
- Techtronics Industries
- DAI-ICHI DENTSU LTD
- AIMCO
- Ingersoll Rand
- Maschinenfabrik Wagner GmbH & Co. KG
- ITH Bolting Technology
- ESTIC CORPORATION
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
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For instance, in July 2021, Stanley Black & Decker, a Fortune 500 American manufacturer of industrial tools and household hardware, entered into a partnership with McLaren Racing. The aim behind the partnership is to make the world’s largest tools with the implementation of modern technologies.
More about Nutrunner Market:
- What’s the Difference Between a Nutrunner and a Standard Impact Wrench?
- Acquisitions Like That of Protec Fire and Security Group Ltd by Bosch Building Technologies to Drive the Growth of the Global Nutrunner Market
