The global power tools market is estimated to grow from from USD 31.8 billion in 2019 to USD 41.7 billion by 2024, at a CAGR of 5.5%
NEW YORK, Sept. 17, 2019 /PRNewswire/ --
Power tools market to exhibit significant growth during 2019–2024
The global power tools market is estimated to grow from from USD 31.8 billion in 2019 to USD 41.7 billion by 2024, at a CAGR of 5.5%. Key factors driving the power tools market growth include growing adoption of cordless power tools, increasing sales of commercial vehicles, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies. However, the high maintenance cost of power tools and fluctuations in raw material prices may hamper the growth of the market.
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Market for drilling and fastening tools to grow at highest CAGR from 2019 to 2024
Drilling and fastening tools are expected to grow at the highest CAGR from 2019 to 2024, followed by material removal tools with second-highest CAGR.Fastening tools are widely used in industries, namely construction, automotive, aerospace, and energy.
Fastening tools are used for quality-critical operations such as tightening joints, mounting the engine to the chassis, and fastening bolts.Material removal tools are used for polishing and smoothing vehicle parts and metal parts.
Increasing sales of commercial vehicles is expected to drive the demand for material removal tools and drilling and fastening tools during the forecast period.
Market for electric tools especially cordless tools to grow at highest CAGR during forecast period"
Currently, electric tools hold the largest market share among all other mode of operation in the power tools market, and a similar trend is likely to continue during the forecast period.Due to their ergonomic advantages, end users prefer electric tools over conventional pneumatic power tools.
Corded electric-powered equipment are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy.Cordless power tools are easier to store than corded ones.
Power tool manufacturers are focusing on producing cordless tools by launching the cordless versions of electric power tools types.
Market for automotive industry to grow at highest CAGR during forecast period
The market for the automotive industry to grow at the fastest CAGR in the power tools market owing to rising sales of commercial vehicles.Power tools such as screwdrivers, nutrunners, and torque tools are also used in automotive workshops for repairing crucial parts of cars, trucks, and motorcycles.
The integrity of fastening tools is essential for critical automotive assembly applications.The automotive industry is undergoing major changes in production lines, such as the implementation of smart manufacturing, leading to an integration of production assembly lines with connected power tools.
Smart and connected assembly lines will create opportunities for smart and connected power tools in the near future.
Market in APAC to grow at fastest CAGR during forecast period
APAC is expected to be the fastest-growing market for power tools.The demand for power tools for residential applications is limited due to lack of do-it-yourself (DIY) activities in APAC wherein inexpensive labor is abundant.
China and India to remain lucrative growth markets for manufacturers of power tools.The low-priced power tools have created intense competition among manufacturers.
With growing manufacturing sectors, India has become one of the fastest-growing countries in the adoption of power tools. Growing investments in residential and infrastructure markets in this region are expected to boost the construction industry, thereby driving the use of power tools.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the power tools marketplace.
Profile break-up of primary participants for the report is given below:
• By Company Type – Tier 1 = 57%, Tier 2 = 23%, and Tier 3 = 20%
• By Designation – C-level Executives = 44%, Directors = 38%, and Others = 18%
• By Region – North America = 40%, Europe = 32%, APAC = 18%, and RoW = 10%
The study includes an in-depth competitive analysis of these key players in the power tools market, with their company profiles, recent developments, and key market strategies. 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) are among the major players in the power tools market.
The global power tools market is segmented into tool type, mode of operation, application, and region.The market based on tool type is segmented into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others that include measuring and layout tools, laser tools, dust extractors, glue guns, and heat guns.
Based on the mode of operation, the power tools market has been split into electric (corded & cordless), pneumatic, and others that include hydraulic and power-actuated tools.The applications that are included in the study of the power tools market include industrial (construction, automotive, aerospace, energy, shipbuilding, and others) and residential/DIY.
The power tools market is segmented into 4 regions, namely North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for markets based on tool type, mode of operation, application, and region have been conducted to give an overall view of the power tools market.The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall power tools market and the subsegments.
This report will help stakeholders understand the competitive landscape and gain more insights to improve their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key power tools industry trends, market drivers, restraints, challenges, and opportunities.
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