Wire Cutters Market Forecast and CAGR
According to latest research by FactMR, wire cutters demand is set to witness steady growth during 2021-2031. The demand will witness steady recovery in short-term, with optimistic growth outlook in the long-run. The utilization in the industrial and residential applications has showcase the significant demand during the historical years and more likely to follow the same trajectory during the assessment period.
What is Driving Demand for Wire Cutters?
Evolving demand for wire cutters in various automobile sector, maintenance units, electrical component manufacturing and construction sites. The automobile maintenance end use has witnessed the significant demand, owing to the fact that it is efficient for removing the fix bolt from old batteries. In addition power generation and transmission industry continue to be a lucrative avenue for manufacturers.
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Sales of wire cutters is highly dependent on the versatility of the product. The type of blade decides, which material can be cut by a specific cutter. Upcoming R&D investment in such optimization by prominent players will surge the sales.
In addition the uses of wire cutters is not limited for cutting the wires, it also been utilized in compressing or bending a variety of materials, this will lead to generate a significant value from other applications.
Automotive Recovery Likely to Augment Wire Cutters Sales
Automotive sales around the globe have been impacted by COVID-19-induced slowdown. This has also had a ripple effect on wire cutters demand globally. As versatility of the product is a key focus for consumers, manufacturers are likely to witness remarkable advancement in the future.
Wire cutters are extensively utilized in maintenance, due to rising demand of vehicle maintenance across the globe. This will lead to give a positive impact to the potential sales.
In addition, lockdown and shelter-at-home guidelines have meant restricted the transportation of goods hence demand from the workshops were muted in 2020. But the requirements from the consumers are predicted to improve over the course of the assessment period.
US and Canada Market Outlook
US is one of the largest markets for wire cutters globally. The US demand is set to follow the historical pattern of market growth during the assessment period 2021-2031. Demand is likely to remain muted in the next couple of years, as COVID-19 has impacted the business of end-users in 2020, the demand is poised to grow gradually till 2022.
Demand in US and Canada will be led by the increasing rate of urbanization and industrialization. In addition, advancement in electrical industry in US and Canada has also witnessed considerable demand.
US sales will also be impacted by the construction industry recovery in 2021 since wire cutters are extensively used in construction. The US construction sector faces a challenging year, however, there is growing optimism that low mortgage rates will lead to a spurt in early 2022.
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Asia Pacific Demand Outlook
Many countries in Asia Pacific have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. Despite of these challenges, most countries in Asia pacific region have maintained a steady demand in 2020.
Countries like India and China are witnessing the high demand due to continuous growth of automotive, telecommunications, electronics and power generation industry. This infrastructure development will lead to surge the sale of wire cutters during the forecast period.
Who are the Key Manufacturers and Suppliers of Wire Cutters?
Some of the leading manufacturers and suppliers of wire cutters include
- Greenlee (Emerson Electric Co.)
- Tronex Technology Inc.
- Apex Tool Group (SATA)
- ENDURA, Klein Tools
- KNIPEX Group
- The Eraser Company Inc.
- The Great Wall
- Wiha Tools Ltd.
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