DC Torque Tool Market Overview:
The increase in sales of cars and trucks, the increasing adoption of Industry 4.0, the growing demand for specific torque and the development of efficient and flexible fastening tools are the main factors behind market expansion. In addition, the demand for brushless DC motors is contributing to the growth of the wireless connection tools market.
What is the Size of DC Torque Tool Market?
The DC torque tool market was valued at USD 2.75 billion in 2016 and is expected to reach USD 3.38 billion by 2023, with a CAGR of 3.16% between 2017 and 2023.
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Regional Insights of DC Torque Tool Market:
The Market Segmented as North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Western Europe dominates the market due to the growing awareness of technological advances in the tightening of nuts in the aerospace and automotive industries. North America is also expected to dominate the global market for these tools due to the strong penetration of torque tools in the automotive, construction and aerospace industries, among others. China and India are forecast to post substantial growth during the forecast period due to strong growth in the automotive and aerospace sectors in the region.
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Major Players Listed in this DC Torque Tool Market are:
Furthermore, FUTEK Advanced Sensor Technology, Inc. (US), Spectris plc (UK), and MTS Systems Corporation (US) are some notable suppliers of torque transducers/sensors for DC torque tool.
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