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The global nutrunner market is estimated to be valued at $1,180.2 million by 2028, surging from $853.1 million in 2020, at a noteworthy CAGR of 4.2%.
Impact Analysis of COVID-19 on the Nutrunner Market
The global market for Nutrunner experienced a low growth amid the COVID-19 pandemic. This low growth is the result of disruptions in the supply chain, manufacturing activities, and the non-availability of the workforce. In addition to this, transportation disruptions had a significant impact on the supply of essential components, affecting the growth of the nutrunner market. Moreover, the government strictly issued lockdown guidelines that affected sales, manufacturing activities, and supply chains. Furthermore, construction activities such as roads and the railroad have been affected due to the complete lockdown in several countries. Due to a lack of construction activities, the sales of construction equipment and earthmoving equipment declined during the COVID-19 crisis. Therefore, the spread of the novel coronavirus had a negative impact on the growth of the nutrunner market.
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Global Nutrunner Market Analysis
The automotive & ancillary industry is among the major contributors to the economic development of the country. As a result, the governments of most countries have favorable incentive policies for the industry. Such policies have increased investment in the automotive sector. Growing investment in the automotive sector is projected to fuel the demand for nutrunner in the coming years.
The high initial cost of nutrunner is the key factor hindering the growth of the global nutrunner market. Furthermore, nutrunner are difficult to handle due to the heavy weight, vibration, and noise. Such factors are expected hinder the growth of nutrunner during the forecast period.
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The rail & road infrastructure plays a pivotal role in the economic development of the country, owing to which most developed and developing countries invest in improving rail & road infrastructure. Aside from that, many railroad, road, bridges, and dam infrastructures in these countries are aging. Growing investment in roads, railroads, bridges, and dams is the main factor driving the demand for the heavy construction and earthmoving equipment. Such activities are expected to provide growth opportunities for the growth of the nutrunner market.
Global Nutrunner Market, Segmentation
The global nutrunner market is segmented based on type, end-user, and region.
The type segment is further classified into pneumatic nutrunner, electric nutrunner, and hydraulic nutrunner. Among these, the pneumatic nutrunner sub-segment was the highest contributor to the market, with $305.5 million in 2020, and is estimated to reach $419.0 million by 2028, at a CAGR of 4.1% during the forecast period. Pneumatic nutrunner is powered by compressed air. The pneumatic nutrunner is widely used in automotive industry due to excellent torque capacity. Increasing use of power tools in automotive industry will drive the market for pneumatic nutrunner during the forecast period.
The end-user segment is further divided into automotive, industrial, construction, and others. The automotive sub-segment was the highest contributor to the market, with $321.8 million in 2020, and is estimated to reach $431.7 million by 2028, at a CAGR of 3.8% during the forecast period. Increasing standard of living and purchasing power have fueled the demand for passenger vehicles and cars. As a result, investment in the automotive sector has increased in developing countries. Increasing number of manufacturing unit in developing countries is expected to drive the market for nutrunner in automotive industry.
Europe nutrunner market was the highest revenue contributor, accounting for $293.5 million in 2020, and is estimated to reach $393.0 million by 2028, with a CAGR of 3.8%. Many advanced industrial machinery, earthmoving equipment, and luxury cars manufacturers have manufacturing units in Europe. High demand for powered torque tools due to the presence of several manufacturers is the main factor, driving the demand for the nutrunner in the region.
Key Players in the Global Nutrunner Market
Some of the leading nutrunner market players are
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Nutrunner Market
Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies.Thus, the bargaining power of the suppliers is low.
Bargaining Power of Buyers: There will be high power of buyer as they can switch from one vendor to another.Hence, the bargaining power of buyers is high.
Threat of New Entrants: The nutrunner market is far more globalized than other markets. Nutrunner manufacturers such as Stanley Black & Decker, Atlas Copco AB, and Robert Bosch have strong foothold in the several manufacturing sectors. Thus, the threat of the new entrants is moderate.
Threat of Substitutes: High penetration of conventional nutrunner is the major substitute for powered nutrunner.Therefore, the threat of substitutes is moderate.
Competitive Rivalry in the Market: The ventures operating in the global nutrunner are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching innovating products in the international market and strengthening the footprint worldwide. Therefore, competitive rivalry in the market is high.
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