Power tools Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Power tools Market Research Report, Type, Application and Region – Forecast till 2030” the market is projected to be worth USD 43.6 Billion by 2030, registering a CAGR of 4.8% during the forecast period
The global power tools market is growing rapidly. The strong market growth attributes to the rising uses of power tools led by the proliferation of DIY trends and rapid industrialization worldwide. Besides, continually increasing population, rapid urbanization across emerging regions, and economic growth worldwide foster power tools market size, driving the construction sector.
Power tools are used in building & construction, carpentry, automotive, manufacturing, and other industries. With the broader range of new and innovative stocked standards available in the market, the power tools industry is projected to gain significant accruals in the years to come.
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List of the Key Companies Profiled in the Power tools Market Research Report are –
The market appears highly competitive and fragmented due to the strong presence of well-established industry players. Global players are increasingly facing fierce competition from each other and local firms, who are growing aware of the industry’s regulations and suppliers. Therefore, eminent players seek opportunities to integrate across the extended value chain while focusing on expanding their production facilities, R&D investments, and M&A activities to gain a larger impetus.
For instance, recently, on Dec. 14, 2020, Bosch Power Tools India announced that its Chennai-based manufacturing plant has crossed the one-crore unit production milestone. The company had set up the facility in mid-2015, which currently manufactures over 60 power tools, serving the construction, woodworking, and metalworking industry. The wide range of products from the plant has been instrumental in driving growth for the company’s rise in the country.
COVID-19 Impact on the Market
The COVID19 pandemic has positively impacted the power tools industry. The lockdown mandates imposed to control the COVID 19 spread have allowed a lot of free time to people, encouraging them to uptake do-it-yourself (DIY) projects. Also, induced manufacturing activities in personal protective equipment industries have accelerated the power tools market growth.
On the other hand, power tools companies had to face problems ranging from obtaining raw materials and delivering end products to attracting workers from quarantines. However, pandemic-related issues presented significant opportunities for the market players. The pandemic challenges underscored the importance of smart cities to bring in smart governance addressing city-level densification and inadequate provision of basic services.
This increased use of various power tools for construction and electrification purposes allows the market to witness rising revenues when most industries faced severe revenue losses and shut down manufacturing facilities. Major industry players are fostering investments in R&D and production and adopting automated production processes.
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Growing Manufacturing Sectors Worldwide is a Major Driving Force
The power tools market outlook looks extremely promising. Increasing adoption of power tools across industries worldwide led by the global industrial sector growth and unavailability of cost-competitive and skilled workforces create significant market demand. Moreover, the increasing demand from the industrial and professional segments drives the power tools market growth.
Price Volatility and the Demand-Supply Gap in Raw Materials Restrain Market Growth
The power tools industry faces significant challenges, such as fluctuating prices and shortages of raw material supply required for production. Steel and aluminum are the raw material predominantly used in the manufacturing of power tools. Among these, steel is expensive as compared to any other metal. Raw material prices depend on its availability with the manufacturers, typically ranging from one year to multi-years.
The global power tools market is segmented based on type, application, and region. The type segment is further sub-segmented into electric power tools, engine-driven power tools, pneumatic power tools, hydraulic power tools, and others. Among these types, the engine-driven power tool is the largest segment projected to remain dominant throughout the review period.
The application segment is further sub-segmented into industrial, professional, and household. The industrial segment comprises verticals such as automotive, construction, electronics, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and others.
The Asia Pacific region has always been the market leader and could continue maintaining its leading position throughout the assessment period. Heightened demand for power tools and growth opportunities presented by residential and commercial sectors position the APAC region among the strongest contenders in the global market. Besides, the rapid increase in industrialization and urbanization in various APAC countries, such as China, India, Malaysia, and Indonesia, boosts the market growth.
Moreover, the rise in export value and volume of power tools to the global market drives the growth of the APAC power tools market. Furthermore, the significant increase in online sales of power tools and the expansion of many leading global power tools manufacturers in the APAC region boost market size. China, Japan, South Korea, and India, backed by favorable government policies supporting the Foreign Direct Investments (FDI), account for considerable shares in the regional market.
Segmentation of Market covered in the research:
Information By Type (Engine-driven Power Tools, Electric Power Tools, Pneumatic Power Tools, Hydraulic Power Tools and others), By Application (Industrial, Professional and Household) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
Browse In-depth Market Research Report (111 pages) on Power tools
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