The global power tools market revenue is expected to grow at a significant rate due to increased popularity of DIY & household activities, investments associated to the infrastructural developments, and supported by the rise in disposable income.The power tools further include different devices such as handheld machine drills to the hydraulic presses and the pneumatic tools. Power tools are also used for the wide scale applications as household tasks, construction, gardening, etc. The power tools industry is registering new inventions in aspect of tool design, ergonomics, efficiency and productivity, battery performance, and other connectivity technologies. The manufacturers are also investing more for the cordless power tools for better positioning in a highly competitive power tools market.
Some of the key players operating in the global power tools market research report include Robert Bosch Tool Corporation, Hitachi Koki Co., Ltd, Stanley Black & Decker, Inc., Makita Corporation, Hilti Corporation, Husqvarna, Techtronic Industries Co. Ltd, Snap on, Festool (TTS), Otto Baier GmbH and many others.
The cordless power tools include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, nailers and staplers. The demand for use of mobile, flexible, and compact tools is expected to drive the market for the cordless tools. The Lithium-ion batteries have also been replacing the conventional nickel–cadmium (Ni-Cd) and nickel–metal hydride (Ni-MH) power tools. Development in battery technology has contributed to increase in adoption of the cordless power tools that can last longer once charged. The use of power tools, such as assembly tools, precision instruments, regular maintenance of moving parts. Moreover, the comfort of using delivered power tools have further made it prevalent for the non-professional users using it for the household needs. Further, the market has observed increased in adoption due rise in use of power tools with a multitude of industries for automobile, construction, energy, aerospace, and others.
The power tools market is segmented based on mode of operation, tool type, application, and region. Based on mode of operation, market is segmented into electric, pneumatic, and others. The electric power tools dominate the market. Based on type of tool type, market is analyzed into drills, wrenches, material removal tool, saws, and others. Based on application, market is segmented into industrial, professional, and household. Among the applications, the industrial power tools have dominated the owing to efficiency, accuracy, and perfection by reducing the human errors and enhancing safety of workforce.
Based on geography Asia-Pacific dominates power tool market due wide scale increase in industrialization and urbanization across countries like China, India, and Southeast Asian countries such as Malaysia and Indonesia. Moreover, increase in export value and volume of power tools to drive the global power tool market is also driving the growth of the market. The North American region held second largest market for the power tools due to increase in manufacturing industries coupled with well-established distribution network. However, the high labor cost is adding the concern for the manufacturers in region.
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Ankur Gupta, Head Marketing & Communications