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Air Wrenches Market Size – By Product Type, By Drive Size, By Power Source, By Application, By End-Use, By Distribution Channel, Analysis, Share, Growth Forecast, 2024 - 2032
Report ID: GMI12333
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Published Date: November 2024
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Report Format: PDF
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Authors: Avinash Singh, Sunita Singh
Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 180
Countries covered: 18
Pages: 220
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Air Wrenches Market
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Air Wrenches Market Size
The global air wrenches market was valued at USD 2.63 billion in 2023 and is estimated to grow at a CAGR of over 5.2% from 2024 to 2032.
There is a growing need for tools such as advanced air wrenches due to the increase in torque applications across a number of industries including auto repair, construction and manufacturing. High torque air wrenches that can deliver power with accuracy and speed are among the coveted new multi-commerce innovations and currently, the production and use of such tools is highly in demand.
Air Wrenches Market Trends
The development of air tools is currently marked through the deployment of various technologies which include features like settable torque limits, smoother form factors and suppression of rotational vibrations. These new installations make the tools more user friendly, multifunctional and highly optimised while at the same time increasing their scope of usage by all industries.
Air Wrenches Market Analysis
Aired Wrenches are starting to become popular amongst civilians due to the sudden increase in DIY Projects and home renovations. The over the top affordability and ease of use for air wrenches, lets everyday people fix their cars or do simple tasks around the house.
Aired wrenches are gaged and preset through a continuous feed of compressed air which makes them less portable. This limitation becomes evident in remote locations or project sites that do not have dedicated air compressors available. The over reliance on an external touching air source can be seen as a major downside when compared to the use of electric or cordless units which allow for mobility.
Based on product type, the air wrenches market can be segmented into impact wrenches, ratchet wrenches, pulse wrenches, among others. The impact wrenches segment accounted for revenue of around USD 1.5 billion in the year 2023 and is estimated to grow at a CAGR of around 5.4% from 2024 to 2032. Impact wrenches are important instruments in the automotive sector as they help in changing tires, use in assembly lines, and engine repairs. Apart from its use in the automotive sector, impact wrenches can also be employed in industrial domains for assembly, upkeep, and servicing of machines. The use of impact wrenches in these fast growing markets greatly contributes to the expansion of the air wrenches industry.
Based on the end-use, the global air wrenches market is categorized as automotive, manufacturing, construction, aerospace & defense, energy & utilities, among others. The automotive segment held around 37% of the total market share in 2023 and is anticipated to grow at a CAGR of 5.5% during the forecast period. Holding extensive application in automotive maintenance and repair shops, air wrenches are needed for engine assembly, tire changes, routine maintenance, and brake pad installations. Due to the global expansion of the automotive aftermarket, the rising demand for durable, heavy-duty tools for repair purposes is fuelling the air wrench market’s growth.
The North American air wrenches market is predominantly led by the United States which possesses approximately 78% of the overall market share. The US is home to big names in the automotive supply chain including General Motors, Ford, Chrysler and Tesla. In automotive assembly lines, air wrenches, in particular impact wrenches, have a very important role. They are used for bolting and unbolting engines of vehicles, during the assembly process and also used in tire replacement and during engine servicing. With the substantial manufacturing output of vehicles in the United States, air wrenches are in a needed state.
North America: Tools and machinery innovations are fundamentally pioneered by North America. Several companies in this region are remarkably leading the construction industry by developing enhanced torque cordless air wrench, battery powered impact wrenches, and various ergonomically designed tools that guarantee high portability. More importantly, construction industry, most notably in the USA, is experiencing rapid growth.
Europe: One of the largest Europe’s industrial centers, Germany, has considerable presence in the automotive industry, machinery, aerospace and heavy machines industries. Among these, major machinery industries such as impact wrenches, air wrenches are used for assembling, repairing and maintaining vehicles and other machinery. The robust growth of the market is owing to the constant use of automotive parts such as vehicle assembly, domain engine installation and changing tires which requires an air wrench.
Asia Pacific: China is widely known for being one of the world’s largest industrial and manufacturing country producing anything from automotive and electronics to heavy machines and industrial tools. Among them, air wrenches are very important for production lines and for maintenance and repair works. In addition, China’s advanced e-commerce sector helps much in the supply chain of air wrenches. As an example, air wrenches are much easier to sell through Alibaba, JD.com, and Taobao, making it possible for both consumers and businesses to purchase it easily.
Middle East: Saudi Arabia is engaged in an engineering boom as a result of the Vision 2030 vision. Currently, Saudi Arabia has a goal to reduce its reliance on oil, which indicates diversification. It holds a dominant position across the value chain of oil and gas industry, in multiple spheres such as petroleum exploration, extraction and refining. Multi billion dollar projects like King Salman Parks, NEOM, the Red Sea Project among others are fuelling the active construction sector. market in Saudi Arabia, is expected to grow as there is an increase in construction activities.
Air Wrenches Market Share
The competitive landscape of the global air wrenches industry features a variety of players which include global companies, local manufacturers, and niche firms. Ingersoll Rand Inc., Makita Corporation, Atlas Copco AB, Bosch Tools Corporation, Kawasaki Heavy Industries, Ltd are local manufacturers. They have also invested significantly in brand development and own a vast range of products, making them key holders of the market. A notable trend is emerging, where the rate at which e commerce is growing allows businesses to increase their online presence, thus expanding their customer base.
Air Wrenches Market Companies
Major players operating in the air wrenches industry are:
Air Wrenches Industry News
This air wrenches market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (Million Units) from 2021 to 2032, for the following segments:
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Market, By Product Type
Market, Drive Size
Market, Power Source
Market, Application
Market, End-Use
Market, Distribution Channel
The above information is provided for the following regions and countries: