The key factors that drive the growth of the global market include increase in consumption of consumer electronics & electrical devices, growth in focus on product customizations specially in the automotive industry, and growth of the renewable energy systems. However, fluctuation in foreign exchange rates & raw material prices, and trade war between China and the U.S. are expected to hamper the tooling market growth to a certain extent.
The global tooling market size was valued at $212,500.0 million in 2020, and is projected to reach $439,994.9 million by 2030, registering a CAGR of 7.5% from 2021 to 2030.
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The tooling market has witnessed an unprecedented growth in the recent years, owing to expanding manufacturing facilities around the globe. The product developments and continuous customizations in the automotive and aerospace manufacturing lead to improvement in the tools required for their production. In addition, reliability of consumers on machines for household chores boosts the growth of the electronics industry, demanding for large scale manufacturing for the electronics and electrical products; thereby, increasing the need for tooling facilities to assist the production process.
Top 10 Key Market Players
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