LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global riveting equipment market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio analysts, the global riveting equipment market is expected to generate a revenue of over USD 9 billion by 2022. The steady growth in demand for production of various automotive components is a major factor driving the market’s growth.
The automotive industry is one of the leading users of power tools and riveting machines for the manufacturing and assembly of vehicles. This rise in the global automotive sales presents a high possibility for the growth of the global riveting equipment market, primarily due to the increasing automotive production and aftermarket services. Factors such as demand from developing countries, low oil and gas prices, increased demand for sports utility vehicles and trucks in the US, and the growing demand for electric vehicles are driving the rise in automotive sales.
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In this report, Technavio highlights the wireless battery charging technology for power tools market as one of the key emerging trends in the global riveting equipment market:
Global riveting equipment market: Wireless battery charging technology for power tools market
Cordless power tools that use battery power to operate, have been in existence in the market for several years. However, their popularity and adoption have been relatively slow owing to several functional challenges such as short operational duration and long charging times. Most existing battery-powered power tools require the removal of the battery pack from the tool for charging. Rising complaints and feedback from end-users of cordless power tools about the time consuming and tiresome charging process have led to the development of wireless charging batteries for power tools. The adoption of this technology is expected to boost the demand for cordless power tools.
“Cordless charging batteries use the inductive charging technology for charging batteries. Inductive charging uses two transformers combined together, one in the charger and one in the battery, to transmit power wirelessly. Wireless charging does not require the battery to be removed from the tool as the power tool just needs to be placed on the charging base whenever the battery needs to be charged,” says a senior analyst at Technavio for research on engineering tools.
Global riveting equipment market segmentation
This market research report segments the global riveting equipment market into the following end-users (aerospace, automotive, industrial gas turbine, and construction machinery), technologies (pneumatic, hydraulic, and electric), and key regions (the Americas, APAC, and EMEA).
The aerospace segment held the largest market share in 2017, accounting for nearly 32% of the market. the market share for this end-user is expected to increase by 2022. The fastest growing end-user is automotive, which will account for nearly 27% of the total market share by 2022.
EMEA was the leading region for the global riveting equipment market in 2017, accounting for a market share of nearly 39%. By 2022, APAC is expected to register the highest growth of nearly 2%.
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