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Assembly Fastening Tool Market to Exceed USD 4.8 Billion by 2031
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The global assembly fastening tool market is broadly affected by several factors; these tools include screw drivers, nut runners, and impact wrench. These tools operate through electric, air, and manual configurations. Assembly fastening tools are utilized in assembly lines and manufacturing facilities across the world. Thus, the demand for assembly fastening tools is projected to rise across the globe in the near future along with the growing trend of smart factories and perform operations precisely, rapidly, and safely.
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Assembly Fastening Tool Market: Dynamics
The production capacity by various industries, such as automotive, aerospace, and heavy equipment, has been expanding since the past decade. The expansion of the automotive sector has been significant, which, in turn, is fueling the demand for manufacturing equipment. The automotive sector is a major contributor to the market, which directly impacts the demand for assembly fastening tools.
The manufacturing industry is moving toward smart manufacturing; hence, the adoption of Industry 4.0 and smart connected solutions has increased worldwide. This would prompt manufacturers to invest significant amount in the adoption of smart technologies that improve the manufacturing process. Advanced fastening tool designs offer high precision, accuracy, connectivity, and traceability, which improve the reliability and performance of the customer's product. This increased the utilization of fastening tools in smart manufacturing is estimated to propel the assembly fastening tool market during the forecast period.
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In terms of type, the advantages of cordless tools include increase in performance and power in a more compact package. For instance, advanced cordless lithium ion battery power tools offer long operating time and short charging time. These features of cordless power tools help improve productivity of users. Professional users in numerous industries, especially automotive, aerospace, semiconductor, and heavy equipment are cutting the cord. Moreover, in several cutting-edge plants, only cordless tools are allowed. Thus, advanced cordless power tools are witnessing considerable demand from multiple industry verticals.
Moreover, rise in demand for cordless power tools has also led to opportunities that enable manufacturers to further improve tool design and improve the safety and efficiency of the entire process.
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Assembly Fastening Tool Market: Prominent Regions
In terms of region, the global assembly fastening tool market has been segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa. Asia Pacific is a major contributor of the market, owing to the high production of passenger and commercial vehicles in the region as well as heavy machinery. Additionally, the market in North America and Europe is projected to expand at a significant growth rate, as major manufacturers are present in these regions.
In terms of country, China accounted for a major share of the market, owing to the presence of prominent manufacturing industry and expansion of the automotive sector in the country. The presence of an established manufacturing industry in these regions is projected to drive the market. These regions offer profitable prospects for players looking to strengthen their presence in the overall market.
Assembly fastening tool Market: Key Players
Key players operating in the global assembly fastening tool market Apex Tool Group (Cleco), Atlas Copco AB, C. & E. Fein GmbH, Desoutter Industrial Tools, Estic Corporation, Hitachi Koki Co., Ltd, HS-Technik GmbH, Ingersoll-Rand Plc., Makita Corporation, Panasonic Corporation, RIVIT S.r.l, Robert Bosch GmbH, STANLEY, Technical Tool Products Inc., The Alfing Special Machine Group (AMT), and Uryu Seisaku, Ltd.
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