Power tools include assembly tools, precision instruments that requires a regular maintenance of moving parts. These tools are designed for the compulsory recalibration at regular time intervals for their precise operations. These tools consist of motors, batteries, power connections, and other are some of the key components of power tools. The regular maintenance activities such as oiling, sharpening, replacement of parts, and other repairs are required for proper working of tools, which in turn may incur a high cost. The consumers particularly in developing countries may not want undue expense to be incurred on maintenance of power tools due to availability of low-cost manual labor. Some of the key application areas of using power tools include material removal tools such as grinder’s abrasive cutting, grinding, and polishing applications. Moreover, manufacturers have started using brushless motors that are more efficient than brushed models to fetch out more powerful cordless electric tools. The power tools may face an increased competition from low-cost imports, particularly among more basic items. They are widely used in metal fabrication shops, automotive worksites, and construction sites.
According to study Power tools market research report some of the key players manufacturing power tools include Atlas Copco AB, Emerson Electric Co., Hilti Corporation, Ingersoll-Rand plc, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd.The players operating in the power tools market have adopted new strategies associated to product launch and business expansion for strengthening their market outreach and sustaining stiff competition in the market.
The easy of availability & portability of electric power tools is expected to stimulate implementation of everyday applications such as drilling, sawing, and cutting, which in turn expected to boosts global power tools market revenue. Further, the market is expected to witness increased adoption owing to factors associated such as rise in application of power tools such as automobile, construction, energy, aerospace, and others. The demand of power tools is largely driven by the increase in adoption of electric power tools and growth of energy efficient power tools. However, high purchase costs of electric power tools are anticipated to impede the growth of the market. The power tools are often available and used in various forms that are simple to operator including hammer drills, electric screwdriver, and fast screw guns.
The power tools industry is expected to register revolutions in aspect of tool design, ergonomics, efficiency & productivity, battery performance, and other connectivity associated to technologies. The manufacturers are further investing in more towards cordless power tools for making it better positioned for themselves in a highly competitive power tools market. However, factors such as unavailability of skilled labour and high costs including hiring of professionals from basic services in major cities across the country are further anticipated to create significant opportunities and drive demand for power tools which in turn may drive power tools market revenue. Power tools have various applications in an automotive industry performing high-strength tasks and cutting heavy metals. The ongoing investment by the automotive industry in power tools is multiplying the growth of the market.
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Ankur Gupta, Head Marketing & Communications