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The Power Tools Market is set to reach high market value through 2019 till 2025 driven by the ease in access to electricity and increase dependence on advance tools and automation. In addition, the escalating building & construction activity over the forecast period drives the market growth with a CAGR of 5.61%.
Further, increase in sales of commercial vehicles and high demand for fastening tools in industrial environments are among key market trends set to fuel the power tools market growth and value.
Power tools are mostly used for polishing, grinding and cutting metals and are available in various operating modes and power source across distinctive applications. Cordless power tools are penetrating market growth driven by efficient functionality and less time.
In addition, large consumption of power tools is observed by residential end-users and the market growth is driven by increased activity of DIY across developed economies. Whereas, increased production of power tools across developing countries is driven by population thickening along with growing industrialization and a rise in disposable income.
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However, lack of awareness about power tools, high costing along with battery restraints of power tools as well as fluctuation in raw materials are among challenges faced by the market growth.
Developed regions are set to contribute towards strong power tools market share followed by emerging economies
Across developed regions, the DIY trend is prevalent among consumers and drives the demand for power tools. The trending application of DIY projects such as kitchen and bathroom projects, outdoor living ideas, storage, and decor projects and other remodeling activities own a major market share of Power Tools Market, led by North America and Europe.
Whereas, the ongoing urbanization and growing real estate business across Asia Pacific and Africa both by corporate and government sectors majorly contribute to expansion of Power tools Market size.
Moreover, the defined and customized architecture works for projects such as building smart offices, renovations of restaurants, cafe, designer studios, branded outlets and many others also tend to drive the Power Tools Market growth.
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Cordless power source segment is entering growth phase over the forecast period
The cordless power source segment is driven by key power tool manufacturers in focus on launching cordless versions of electric power tools. For example, in 2019, Dewalt has announced their ATOMIC compact series cordless power tool lineup, adding to the 200+ tools in their 20V Max cordless system.
New product launches and innovative marketing strategies across key market players is set to entice the power tools market value
Key players are driving the market growth with launch of innovative products with more power-dense. For instance, in 2019, Makita Corporation has driven its power tools to achieve greater power and runtimes on select tools using 18V batteries and dual (X2) batteries to bring 36V performance to their tools.
Further, key players are expanding their outreach to costumers by implementing innovative marketing strategies. Accordingly, in 2019, Bosch Power Tools India, a front runner in the power tools market segment that caters to construction, woodworking and metalworking industry, amplified its consumer experience by enabling users to get Hands-On experience of the cordless range through mobile van demonstration vehicles.
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Prominent market players seeking strong market opportunity across Power tools market include Stanley Black & Decker, Techtronic Industries, Robert Bosch, Makita Corporation, Hilti Corporation, Atlas Copco, Apex Tool Group, Ingersoll-Rand, KOKI Holdings, and Snap-on Incorporated.
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