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According to the new market research report “Power Tools Market with COVID-19 impact Analysis by Mode (Electric (Corded & Cordless), Pneumatic), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY) – Global Forecast to 2025″, published by MarketsandMarkets™, the Power Tools Market is projected to grow from USD 29.5 billion in 2020 to USD 36.9 billion by 2025; it is expected to grow at a CAGR of 4.6% from 2020 to 2025.
The key factors fueling the growth of the market growing adoption of cordless power tools, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies are the key factors driving the growth of the power tools market. The power tools market offers several opportunities for manufacturers to focus smart connectivity for power tools.
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Drilling and fastening tools to lead power tools market during forecasted period
Currently, drilling and fastening tools hold the largest market share among all other tool types in the power tools market, and a similar trend is likely to continue during the forecast period. Drills or impact drills are used for drilling and screw driving applications. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants. However, several industrial units across the world have suspended their operations owing to the outbreak of the COVID-19. This is expected to create a temporary slag in the growth of the power tools market in 2020.
Market for electric power tools to grow at fastest CAGR from 2020 to 2025
Electric power tools are operated either through battery, based on application, or through corded power supply. Corded electric tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy in nature. Due to their ergonomic advantages, end users prefer cordless tools over conventional tools. The European Union has already banned the use of nickel–cadmium (Ni-Cd) for power tool batteries due to the toxic properties of cadmium. Majority of manufacturers are focusing more on launching cordless tools powered by lithium-ion batteries. As a result, the demand for cordless electric power tools with lithium-ion batteries is likely to increase during the forecast period.
Industrial application to hold larger market share for power tools in 2020
Power tools are used in several industries, such as construction, automotive, aerospace, energy, and shipbuilding. The construction industry is at the leading position in the power tools market as these tools are used in a majority of construction projects. Energy sector is likely to have high growth opportunities in the near future owing to increasing installation of renewable power plants across the world. Fastening power tools have major applications in automotive, aerospace, and energy industries. However, during the period of economic depression due to COVID-19 pandemic, the difficulties that power tool manufacturers and their customers face in accessing credits strongly affect the sector as credits are critical for investments.
Browse in-depth TOC on “Power Tools Market”
130 – Tables
43 – Figures
190 – Pages
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North America to be largest market for power tools during forecast period
North America is expected to dominate the global power tools market during the forecast period. In North America, power tools are extensively used for both industrial and residential/DIY applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for power tools, especially for cordless tools. The US is expected to hold the largest share of the North American power tools market. Manufacturing companies based in the US are expected to drive the demand for power tools. The construction industry is expected to witness significant demand in the near future, which will drive the demand for power tools.
Major players in the power tools market are 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).
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