Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The impact wrenches market is expected to increase at a 5.4% CAGR from 2023 to 2031, reaching US$ 3.8 billion by the end of 2031.
The market is experiencing substantial growth driven by industrial expansion, automotive repair, and construction activities globally. Impact wrenches are powerful tools used for tightening or loosening nuts and bolts, reducing manual effort and increasing efficiency.
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The market is influenced by the growing demand for lightweight and ergonomic designs, making these tools easy to handle, especially in tight spaces. The booming automotive industry, where impact wrenches are indispensable for assembly lines and repair shops is the key driving factor for market growth.
The construction sector's growth, especially in emerging economies, fuels the demand for impact wrenches for various applications, from building infrastructure to assembling steel structures. Technological advancements, such as cordless and electric models, are enhancing the market. These innovations offer increased mobility and reduced noise pollution, contributing to their popularity.
The global impact wrenches market is anticipated to grow. It is driven by ongoing industrialization and infrastructure development projects globally as industries continue to prioritize efficiency and productivity,
Key Takeaways from the Market Study
- The global market was valued at US$ 2.3 billion in 2022.
- In 2022, the pneumatic wrenches segment held a market share of 40%.
- The market in North America is estimated to expand at a CAGR of 5.5% until 2031.
- The market in Asia Pacific is projected to secure a CAGR of 6% until 2031.
- Asia Pacific recorded a market share of 38% of the global market in 2022.
Global Impact Wrenches Market- Key Drivers and Trends
- Rapid industrialization, especially in emerging economies, is a key driver. Impact wrenches play a vital role in manufacturing processes, where speed and precision are paramount.
- The demand for efficient assembly tools like impact wrenches is on the rise as industries expand globally,
- Advancements in impact wrench technology are a prevailing trend.
- Manufacturers are focusing on producing lightweight, ergonomic, and high-torque models.
- Cordless impact wrenches, often powered by lithium-ion batteries, are gaining popularity due to their mobility and convenience, reflecting the industry's trend toward enhanced user experience.
- Environmental concerns are influencing the market. Manufacturers are increasingly developing energy-efficient impact wrenches and exploring sustainable materials for production.
- The industry is shifting toward eco-friendly practices, aligning with global sustainability goals and meeting the demands of environmentally conscious consumers and businesses.
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Regional Landscape of the Impact Wrenches Market
- According to market research on impact wrenches, Asia Pacific is projected to lead the global market throughout the projection year. Economies in the region, including China, India, and Southeast Asian states, are significantly industrializing and developing infrastructure.
- The Impact wrenches market in North America is poised for steady growth. The region's significant automotive sector, coupled with ongoing construction and infrastructure projects, drives the demand for efficient assembly tools. Technological advancements, especially in cordless and electric impact wrenches, enhance productivity and mobility for professionals.
- The impact wrenches market in North America is expected to experience continued expansion, driven by industrial growth and innovation. The regional growth is due to a strong emphasis on precision, speed, and ease of use in various industries,
Competitive Landscape
The impact wrenches market's competitive landscape is characterized by intense rivalry among key players such as Airtech S.r.I, Apach Industrial Co. Ltd., Chicago Pneumatic, DEWALT Industrial Tools, Dino Paoli S.r.I, Ingersoll Rand, KUKEN Co. Ltd., Milwaukee Tool, Rami Yokota BV, and Rodcraft.
Companies in the market maintain their market dominance through extensive product portfolios, constant innovation, and global market reach. Strategic collaborations and product diversification are common strategies followed to strengthen their positions.
Some key market developments are as follows:
- DEWALT Industrial Tools revealed the release of the latest 20V Max Brushless 12 in. Drill/Driver (DCD793) and Hammer Drill (DCD798) on March 6, 2023. Each drill includes a two-speed transmission, an adjustable speed trigger, and a metal ratcheting grip that is 1/2 in size. These were created to provide high velocity, control, and accuracy in a variety of worksite uses.
- On June 25, 2021, Chicago Pneumatic introduced the CP86 Series, a new cordless linked torque wrench. It provides outstanding mobility and accuracy for general fastening applications. The CP86 tool was created with the assumption that clients would expect high levels of efficiency.
Key Segments Covered
- By Product Type
- Pneumatic Wrenches
- Corded Wrenches
- Cordless Wrenches
- Others (electrical wrenches, etc.)
- By Torque Output
- Up to 2000 Nm
- 2000 Nm to 4000 Nm
- Above 4000 Nm
- By Price
- Low
- Medium
- High
- By Application
- Construction
- Mining
- Automotive
- Others (oil & gas, etc.)
- By Distribution Channel
- Direct Sales
- Indirect Sales
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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