CHICAGO, July 1, 2024 /PRNewswire/ -- The DC Torque
Tool Market is expected to reach USD 4.4
billion by 2029 from USD 3.6
billion in 2024, at a CAGR of 3.7% during 2024–2029
according to a new report by MarketsandMarkets™. The
significant growth factor associated with the DC torque tool market
is growing demand in the automotive industry, and a heavy emphasis
on quality control in a variety of sectors. Technological
developments in DC torque tool features, regulatory compliance, and
the growth of manufacturing in emerging economies like China and India. Moreover, the demand for precision in
consumer electronics, manufacturing, and maintenance operations, as
well as the tools' customization, all help to drive market
growth.
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Browse in-depth TOC on "DC Torque Tool
Market"
200 – Tables
71 – Figures
227 – Pages
DC Torque Tool Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 3.6 billion
|
Estimated Value by
2029
|
$ 4.4 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 3.7%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Handheld Tool,
Fixtured Tool, Power Source, Control System, Industry and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Overheating and duty
cycle constraints in high-torque operations
|
Key Market
Opportunities
|
Increasing demand for
smart and connected DC torque tools
|
Key Market
Drivers
|
Surging demand for
electric fastening tools for motor vehicles
|
The handheld tools segment is to grow with a higher CAGR
during the forecast period.
The DC torque tool have been segmented into two tool types,
handheld tools and fixtured tools. Handheld tools are preferred
over fixtured tools due to portability, handheld tools can be moved
freely, where as fixtures tools are stationary, mounted on a
workstation only. Their portability enables easy maneuverability
within a workspace and versatility in addressing various fasteners.
These tools provide superior accessibility and can reach fasteners
in confined spaces where fixtured tools cannot. Furthermore, these
tools are often less expensive since they eliminate the need for
fixtures.
Handheld tools are widely used in a variety of industries,
including automotive, aerospace, consumer electronics, and
appliances. Technological developments such as longer battery life
and smart features boost their efficiency and usage. The demand for
precision and quality in assembly processes, particularly with the
shift to electric vehicles, is driving growth in this market.
Cordless power source segment is to grow at the highest
growth rate during the forecast period.
Cordless DC torque tools are precision tools that employ
rechargeable batteries to deliver exact torque levels to bolts.
Advancements in battery technology, notably the development of
sophisticated lithium-ion batteries, have substantially increased
cordless tools' power, capacity, and recharge cycles, making them
more adaptable to demanding jobs. Cordless tools are more powerful
and flexible, allowing operators to work in remote or cramped
regions without the limits of a power connection. They improve
safety by eliminating trip risks and entanglements, while their
ergonomic characteristics reduce operator fatigue and increase
productivity. Furthermore, sophisticated technologies like wireless
networking, data logging, and torque tracking provide real-time
monitoring and exact management. These features are consistent with
Industry 4.0 aims, which fuel demand for cordless DC torque
tools.
The Automotive industry holds the largest market share during
the forecast period.
The market is segmented into various industries including
automotive, aerospace, consumer electronics and appliances, energy,
shipbuilding and other industries. Automotive is a major market for
DC torque tools. The automotive industry dominates the DC torque
tool market because to the need for high precision and quality in
vehicle assembly, complex manufacturing processes, and the
transition to electric vehicles. The industry's use of automation
and strict safety regulations drives demand for these tools.
According to the International Organisation of Motor Vehicle
Manufacturers (OICA), motor vehicle manufacturing is increasing
internationally, which is fueling market development.
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Asia Pacific holds the
largest market share of the DC torque tool market throughout the
forecast period.
Asia Pacific consists of –
China, Japan, India, and Rest of Asia Pacific. The China is serving as the major contributor to
the DC torque tool industry in this area. Asia Pacific holds the largest market share
due to rapid automotive industry expansion, significant investments
in manufacturing facilities, and rising adoption of automated
technologies. Firstly, Asian economies are becoming markets in
their own right as their incomes rise. Secondly, is that the
ability to deliver products digitally has shifted the principal
driver of regional growth from manufacturing to services. Moreover,
Government initiatives promoting automotive growth, particularly in
electric vehicle production, combined with increasing middle-class
populations and urbanization, drive demand for precise assembly
tools. The increasing investments in infrastructure projects and
manufacturing facilities in the Asia
Pacific region boost the demand for advanced tools and
technologies.
The report profiles key players in DC torque tool companies such
Atlas Copco AB (Sweden), Apex Tool
Group, LLC (US), Ingersoll Rand
(US), Stanley Black & Decker,
Inc. (US), Robert Bosch GmbH (Germany), and others.
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