The growing demand for electric nutrunners from the automotive and transportation sectors as well as from businesses that make machinery are the primary market-driving factors. Operators enjoy using these tools because they can secure deeply embedded nuts in constrained spaces. The use of these tools has also expanded as a result of the increased emphasis on safety, as electric nutrunners are easier to use and safer to operate than manual ones.
The increased demand for cost effectiveness and performance optimization in industrial applications is what is driving the requirement for the worldwide electric nutrunner market. Companies are working to improve operational efficiency and decrease downtime as they place more of an emphasis on lower manufacturing costs. Because they are simple to integrate into both new and current automation systems, electric nutrunners help to accomplish this goal. The need for these items is also being increased by improvements in electric nutrunner technology, including better motor performance, more torque control and accuracy, and longer service lives.
During the time of forecasting, the global market for electric nutrunners is anticipated to expand significantly. Numerous industrial applications, including those in the automotive, transportation, and machining sectors, use electric nutrunners. They are more accurate, more productive, easier to operate, and have fewer running expenses than typical manual screwdrivers or spanners. The demand for electric nutrunners in the industrial sector has also increased as a result of recent improvements in nutrunner technology, such as better ergonomics and torque control systems.
Power tools called electric nutrunners are used to drive nuts and bolts. The time it takes to tighten and loosen components with nuts and bolts is decreased by their high speed, accuracy, and repeatability. Other industrial uses for electric nutrunners include the production of machinery, transportation, and the automobile industries.
At a CAGR of 5.14%, the electric nutrunner market is anticipated to increase from USD 1.02 billion in 2021 to USD 1.51 billion by 2031. The need for electric nutrunners in the automotive and transportation sectors is a major contributor to this rise.
The expensive price of these tools is the primary barrier to the growth of the electric nutrunner market. Their acceptance rate is also impacted by other factors, including as the scarcity of skilled workers who can operate them. Additionally, because cordless instruments are more effective and practical to use, the rising demand for them may have a negative effect on this market's expansion. Electric nutrunners, on the other hand, are anticipated to see a decrease in labour costs and an increase in adoption as a result of automation.
The existence of numerous well-established players is what defines the worldwide electric nutrunner market. Bosch Rexroth AG, Alberts Manufacturing Company, Scaffdex AB, Desoutter Industrial Tools India Pvt Ltd., Ingersoll Rand Inc., and Atlas Copco Power Technique are a few of the leading industry participants. To create effective products, these organisations are concentrating on technology improvements.
The Handheld Electric Nutrunner Type to Emerge as the Most Lucrative Segment
Handheld electric nutrunners and fixed electric nutrunners are the two main varieties of electric nutrunners sold on the international market. Due to their low price, simple installation, and secure operation, the handheld electric nutrunners accounted for the majority of the market share in 2020. Throughout the forecast period of 2021–2031, their demand is anticipated to stay high. In contrast, fixtured electric nutrunners are becoming more popular because they can provide high torque and accuracy for larger applications in a variety of industries, including the automotive and transportation sectors.
The Most Popular Application Segment is Automotive and Transportation
The automotive, transportation, machinery manufacturing, and other application segments are the other divisions of the worldwide electric nutrunner market. In 2020, the market share was predominately accounted for by the automotive and transportation industries. These two industries are expanding as a result of the rising need for the creation of cars, buses, trains, and other commercial vehicles. Additionally, it is predicted that over the forecast period of 2021–2031, the increased demand for electric nutrunners with precise torque control capabilities would further propel their rise.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
North America, South America, Asia Pacific, Europe, and the Middle East & Africa make up the regional segments of the worldwide electric nutrunner market. Due to its extensive production of electronic goods and the expanding need for automotive components in nations like India, China, and Japan, the Asia Pacific region dominated the market in 2020. Due to the presence of key players and rising demand for electric nutrunners from the automotive industry in nations like Canada and the United States, the North American region is also predicted to experience considerable expansion in the market over the course of the projected period.
COVID-19 Impact and Market Status
The uncertainties brought on by the Covid-19 epidemic are predicted to result in poor growth for the worldwide electric nutrunner industry. Electric nutrunner producers as well as their respective end customers have suffered as a result of supply chain, trade, and manufacturing disruptions. Additionally, the operation, sales, and marketing operations of the market participants have been impeded by travel limitations and social distance conventions that are enforced globally. During the forecast period, higher cost pressures brought on by high raw material costs are also anticipated to be a significant limitation on the global electric nutrunner market. However, with the gradual reopening of various regions, it is anticipated that the worldwide electric nutrunner market would soon experience favourable growth. Additionally, during the projection period, the worldwide electric nutrunner market is anticipated to benefit from growing government investments to modernise their production facilities, the widespread adoption of automation solutions, and rising demand from the automotive and transportation industry.
Latest Innovations in the Global Electric Nutrunner Market: A Snapshot
• In 2019, Apex Tool Group unveiled a new line of electric nutrunners with high-precision torque control features.
• A technology company and Bosch Rexroth AG collaborated to develop a variety of electric nutrunners for use in industrial applications.
• International Tools & Automation Pvt. Ltd. has also created a variety of electric nutrunners for industrial uses in the transportation and automotive industries.
Electric Nutrunner Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD 1.51 billion|
|Growth Rate||CAGR of 5.14% during 2021-2031|
|Segment Covered||by Type, by Deployment, By Application, by Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Bosch Rexroth AG, Alberts Manufacturing Company, Scaffdex AB, Desoutter Industrial Tools India Pvt Ltd., Ingersoll Rand Inc., and Atlas Copco Power Technique|
Key Segments of the Electric nutrunner
By Type Overview, 2021-2031 (USD Billion)
• Handheld Electric Nutrunner,
• Fixtured Electric Nutrunner
By Application Overview, 2021-2031 (USD Billion)
• Machinery Manufacturing
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa