PORTLAND, Ore., Jan. 20, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Nutrunner Market by Type (Electric Nutrunner, Pneumatic Nutrunner, and Hydraulic Nutrunner), Distribution Channel (In store and Online), and End-user Industry (Construction, Industrial, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report published by Allied Market Research, the global nutrunner market was estimated at $789.4 million in 2020 and is expected to hit $1.16 billion by 2030, registerieng a CAGR of 4.1% from 2021 to 2030.
Drivers, restraints, and opportunities-
Advancements in the automotive sector, operational efficiency of pneumatic nutrunners, and surge in number of industrial and domestic customers drive the growth of the global nutrunner market. On the other hand, several complexities associated with the tool and high initial and maintenance cost restrain the growth to some extent. However, high-end developments in technology are anticipated to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Severe lockdown measures in the majority of countries and delay in production & manufacturing of nutrunners which are used in the construction and automotive sectors impacted the global nutrunner market negatively, especially during the initial phase.
- However, as the global situation gets better, the market is projected to recoup soon.
The pneumatic nutrunner segment to retain the lion's share-
On the basis of type, the pneumatic nutrunner segment held the major share in 2020, garnering around two-fifths of the global nutrunner market. This is because it is highly suitable for use in assembly works and similar operations. The electric nutrunner segment, on the other hand, is projected to cite the fastest CAGR of 4.8% throughout the forecast period. This is attributed to the fact that nutrunners play a key role in the automotive industry, as they significantly reduce the requirement of manpower and increase factory output. Nutrunners are further important in automotive service centers for quick repair and maintenance works. And, electric nutrunners are suitable for such applications owing to their high torque rating.
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The online segment to dominate by 2030-
On the basis of distribution channel, the in store segment contributed to the lion's share in 2020, holding more than three-fourths of the global nutrunner market. The fact that retail distribution channels allow customers to order nutrunners easily at very short notice propels the growth of the segment. However, the online segment is projected to manifest the fastest CAGR of 5.4% from 2021 to 2030, due to rise in internet penetration.
North America held the major share in 2020-
By region, the market across North America dominated in 2020, garnering more than one-third of the global nutrunner market, owing to the presence of major key players in this province. Simultaneously, Asia-Pacific is expected to cite the fastest CAGR of 5.4% throughout the forecast period. Rise in manufacturing of aircrafts and vehicles in this region propels the market growth.
Key players in the industry-
- Atlas Copco AB
- Maschinenfabrik Wagner GmbH & Co.AG
- Bosch Rexroth AG
- Aimco Global
- Dai-Ichi Dentsu Ltd.
- Estic Corporation
- Ingersoll Rand Inc.
- ITH bolting Technology
- Sanyo Machine Works Ltd.
- Stanley Engineered Fastening
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