VALLEY COTTAGE — Over 6 million units of rivet guns were sold in 2018, equaling a market value of US$ 443 Mn. The latest FMI study on rivet gun market opines that rivet gun sales will grow at 5.1% in 2019. The projected growth of the rivet gun market can be attributed to,
- Increasing popularity of power tools and design developments through technology innovations
- Buoyancy in the construction industry led by smart city constructions and modern infrastructure developments
- Optimistic outlook of the manufacturing sector on the back of improving economic scenario across world economies
The rivet gun marketplace remains moderately consolidated wherein leading companies share significant revenue share in the market. As demand for power tools increases, manufacturers are focusing on developing tools with high-power output, durability and higher user friendliness.
The FMI study finds that amid demand for battery operated and pneumatic rivet guns, manual or hand operated rivet guns will continue to account for over half the rivet guns sales throughout the forecast period.
According to FMI’s pricing analysis, owing to the lower price of manual and hand operated rivet guns, the revenue share of these guns remains lower as compared to pneumatic and battery operated rivet guns. However, superior functional operations and demand for advanced tools across industries are likely to account for growing demand for pneumatic and battery operated rivet guns.
As per the FMI study, demand for pneumatic rivet gun will continue to increase in the future. In 2018, pneumatic rivet guns accounted for over half of global revenues. Functional efficiency and reduced time consumption can be attributed to rising sales of pneumatic rivet guns. The study opines that owing to easy handling of battery operated rivet guns, their popularity is increasing among end users.
Slow Hitting Type Accounted for 5 in 10 Sales in 2018
As per the FMI valuation, slow hitting rivet guns accounted for over half the sales in 2018 and the demand trend is expected to continue throughout the estimation period. Significant sales of slow hitting rivet guns can be attributed to the control in operation provided by the tool as compared to pop riveting or fast-hitting rivet gun.
Pop riveting rivet gun is the second most popular rivet guns followed by slow hitting rivet guns. In 2018, pop riveting rivet guns accounted for nearly 2 in 10 sales. Flexible use for different end-use application is increasing the sales of pop riveting machines in the rivet gun market.
Medium Duty Rivet Guns Top Selling Category
The FMI study finds that over half the rivet gun sales in 2018 were accounted for medium duty guns. These type of rivet guns are highly utilized across end-user industry often in combination with slow hitting and pneumatic functions.
The sales of medium duty rivet guns are expected to grow significantly in the coming years. Also, FMI shows that sales of heavy duty rivet guns will increase in the future owing to the growing need for efficient and durable rivets in marine vessels and air crafts.
Automotive and Transportation Industries Remain Prominent End User
The FMI study finds that the over 3 in 10 rivet guns were sold in automotive and transportation industries in 2018. Buoyancy in the automotive industry and significant developments in auto part design to achieve higher operational output can be attributed to higher sales of rivet guns in the industry.
Increasing numbers of railway projects and government support for transportation infrastructure development is also contributing to the growth of rivet gun sales in the automotive and transportation industries.
Offline Distribution Accounted for over 6 in 10 Rivet Gun Sales in 2018
The FMI study estimates that sales of rivet guns through traditional distribution channel continue to garner end user traction owing to the reliability of purchase. Also, distributors have a stronghold in the offline sales channel, thereby contributing to higher sales of rivet guns through this channel.
The study also finds that sales of rivet guns through online distribution platform is increasing significantly. In 2019, the sales of rivet guns through online sales channel will grow at 4.8% y-o-y and the status-quo is likely to continue owing to growing popularity and reliability of the online sales platforms.
North America at the Helm, Western Europe Second Largest Market
FMI shows that demand for rivet guns remains higher in North America and Western Europe regions. Collectively, they accounted for over 4 in 10 rivet guns sales in 2018. Significant growth of the end-user industries in these regions continues to boost the revenues of the rivet gun market.
Demand for rivet guns in developing economies on the back of rapid urbanization, infrastructure development and improving economic scenario is expected to rise. The FMI study finds that India, China and countries in Southeast Asia & Pacific will witness a significant surge in demand and their sales in these countries will grow over 5% y-o-y in 2019.
Press-release Source – https://www.prnewswire.com/news-releases/rivet-gun-market-is-estimated-to-reach-us-799-9-million-by-the-end-of-forecast-period-2028—future-market-insights-300789817.html
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