Emerging Opportunities in the DC Torque Tool Industry: A Comprehensive Market Forecast

Posted by edwardzmusso on July 15th, 2024

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% from 2024–2029. Rising automation and data exchange in manufacturing sector, Growing importance on precise torque measurements to meet stringent aviation standards, Surging demand for electric fastening tools for motor vehicles, Rapid infrastructure development and industrialization in emerging economies. DC torque tools are widely used in numerous sectors that require precision torque application.

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Key trends and developments in DC torque tool market include Integration with Industry 4.0 technology is a popular trend, as it enables digitization, networking, and automation for real-time monitoring and data analytics.

DC torque tools offers numerous advantages, including precision, efficiency, data traceability, ergonomic design, energy efficiency, versatility, decreased maintenance, and improved quality control.

The electric torque wrenches segment is expected to grow at highest CAGR during the forecast period. The handheld tools are sub-segmented in electric nutrunners, electric screwdrivers, electric impact wrenches, electric torque wrenches and other handheld tools. Smart features and improved precision are examples of technological advancements that align with Industry 4.0 trends and enable integration with automated systems. Their use is driven by the need for precise torque application in key industries like as automotive, aerospace, and electronics. Electric torque wrenches improve efficiency and productivity, are more energy-efficient, and meet better quality and compliance standards. Furthermore, their ergonomic design, safety features, and versatility in a wide range of applications contribute to their growing popularity in modern manufacturing and assembly operations.

Corded DC torque tools hold the largest market share in 2023. Corded tools are less expensive than cordless options. This is an important consideration for budget-conscious purchasers, particularly in businesses that require a large number of items. Corded tools are powered by a power source, so there is no need to worry about battery life or charging.  This ensures consistent power delivery for uninterrupted use, crucial in high-volume production environments.

Aerospace industry will grow with significant growth rate in DC torque tool market during the forecast period due to its high safety and quality regulations, which necessitate accurate torque control for aircraft components. As the global demand for commercial and military aircraft grows, manufacturers rely on DC torque tools to precisely connect complicated structures and lightweight materials such as composites. Digital controls and automation developments improve assembly efficiency and consistency, whereas reliable torque tools extend aircraft lifespan..

China is growing at the highest CAGR in the Asia Pacific region during the forecast period. China leads the DC torque tool market with the fastest growth rate due to its rapid industrialization and extensive production base in automotive, electronics, aerospace, and machinery industries. The country's embrace of Industry 4.0 technology increases efficiency and productivity by incorporating DC torque tools into advanced automated systems. The emphasis on quality and safety standards drives demand, which is bolstered by government efforts fostering advanced manufacturing and R&D investments. China's strategic position as a global manufacturing hub improves its ability to provide and innovate DC torque tools for both domestic and international markets.

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Key players in the market are Atlas Copco AB (Sweden), Apex Tool Group, LLC (US), Ingersoll Rand (US), Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), and others. These players have a comprehensive and diverse product portfolio and a strong geographic presence. They focus on developing innovative DC torque tools. These companies also focus on organic and inorganic growth strategies to extend their business reach and expand their product offerings in the highly competitive market. The market is dynamic, and several new players also keep emerging while existing players continue to evolve and expand their footprint.