Power tools market to exhibit significant growth during 2020–2025 The global power tools market is estimated to grow from from USD 29.5 billion in 2020 to USD 36.9 billion by 2025, at a CAGR of 4.6%. Key factors driving the power tools market growth include growing adoption of cordless power tools, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies. However, the high maintenance cost of power tools and fluctuations in raw material prices may hamper the growth of the market.
Market for drilling and fastening tools to grow at highest CAGR during forecasted period Drilling and fastening tools are expected to grow at the highest CAGR during forecasted period, followed by material removal tools with second-highest CAGR.Fastening tools are widely used in industries, namely construction, automotive, aerospace, and energy.
Fastening tools are used for quality-critical operations such as tightening joints, mounting the engine to the chassis, and fastening bolts.Material removal tools are used for polishing and smoothing vehicle parts and metal parts.
The investments in power tools show that the largest manufacturing companies are investing 20-30% of their annual revenue in new product development, which is likely to decrease in the next 2 years due to the ripple effect of the COVID-19 pandemic on various industry demands. This may reduce the growth of drilling and fastening tools in 2020 and is expected to grow further till 2025.
Market for electric tools especially cordless tools to grow at highest CAGR during forecast period“ Currently, electric tools hold the largest market share among all other mode of operation in the power tools market, and a similar trend is likely to continue during the forecast period.Electric power tools are operated either through a battery, based on application or through the corded power supply.
Corded electric tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy in nature.The majority of manufacturers are focusing more on launching cordless tools powered by lithium-ion batteries.
As a result, the demand for cordless power tools with lithium-ion batteries is likely to increase during the forecast period.
Market for residential/DIY application to grow at highest CAGR during forecast period The market for the residential/DIY application to grow at the fastest CAGR in the power tools market owing to rising demand for cordless power tools in renovation and remodeling projects.Mostly electric power tools are used by DIY consumers for residential refurbishment and improvement projects.
This is especially true in residential projects wherein there is heightened interest in remodeling and refurbishing existing homes rather than purchasing new ones among consumers. Therefore, the use of power tools by DIY enthusiasts for remodeling and renovation projects is rising in developed countries, such as the US, the UK, and Germany. At present, this market is estimated to witness the impact of the low usage of power tools due to COVID-19 and lockdown announced in countries. In the case of the residential/DIY application, the global production of power tools has been declining owing to the COVID outbreak. Moreover, the global prices of consumer electronics could rise in the
APAC is projected to grow at a higher CAGR during the forecast period. APAC is expected to be the fastest-growing market for power tools.The demand for power tools for residential applications is limited due to lack of do-it-yourself (DIY) activities in APAC wherein inexpensive labor is abundant.
China and India to remain lucrative growth markets for manufacturers of power tools.The low-priced power tools have created intense competition among manufacturers.
With growing manufacturing sectors, India has become one of the fastest-growing countries in the adoption of power tools.Growing investments in residential and infrastructure markets in this region are expected to boost the construction industry, thereby driving the use of power tools.
Due to the outbreak of COVID-19, various companies in APAC to witnessed a decline in demand for power tools. The company has been temporarily stalling new projects. As lockdown restrictions continue, the demand is expected to remain below normal forcing utilities to reconsider their capital expenditure.
Profile break-up of primary participants for the report is given below: • By Company Type – Tier 1 = 57%, Tier 2 = 23%, and Tier 3 = 20% • By Designation – C-level Executives = 44%, Directors = 38%, and Others = 18% • By Region – North America = 40%, Europe = 32%, APAC = 18%, and RoW = 10%
The study includes an in-depth competitive analysis of these key players in the power tools market, with their company profiles, recent developments, and key market strategies. Stanley Black & Decker (US), Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), KOKI Holdings (Japan), and Snap-on Incorporated (US) are among the major players in the power tools market.
The global power tools market is segmented into tool type, mode of operation, application, and region.The market based on tool type is segmented into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others that include measuring and layout tools, laser tools, dust extractors, glue guns, and heat guns.
Based on the mode of operation, the power tools market has been split into electric (corded & cordless), pneumatic, and others that include hydraulic and power-actuated tools.The applications that are included in the study of the power tools market include industrial (construction, automotive, aerospace, energy, shipbuilding, and others) and residential/DIY.
The power tools market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report: • Illustrative segmentation, analysis, and forecast of the market based on tool type, mode of operation, application, and region have been conducted to give an overall view of the power tools market. • A value chain analysis has been performed to provide in-depth insights into the power tools market. • The key drivers, restraints, opportunities, and challenges pertaining to the power tools market have been detailed in this report. • Detailed information regarding the COVID-19 impact on the power tools market has been provided in the report. • The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues
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