Global Power Tools Market
Global Power Tools Market to Expand at a Steady CAGR of 4.3% During 2023–2029
Published | 01 January 2023
Global power tools market is flourishing because of increasing technology advancements, in governments’ supportive initiatives, rising disposable income increasing popularity of DIY (Do It Yourself) techniques, and high adoption across diverse industries including construction and automotives.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects global power tools market size to grow at a steady CAGR of 4.3% during the forecast period between 2023 and 2029. Major factors for the expansion of Global power tools market include increasing government support, high income levels increasing popularity of DIY (Do It Yourself) techniques, and high adoption across diverse industries including construction and automotive. Power tools are gaining popularity around the world due to their ease of use. Also, these tools are readily accessible and portable in nature. Rising emphasis of major worldwide countries toward their infrastructural development is boosting the expansion of global power tools market. Technology advancements are expected to fuel the growth of the market. Companies are developing technologically advanced products to improve their product efficiency. In addition to technological advancements, the growing adoption of cordless tools with easy mobility and no external power source is propelling market growth during the period in analysis. However, the fluctuating raw material prices is anticipated to restrain the growth of global power tools market.
Global Power Tools Market – Overview
Power tools are tools that are operated by a power source rather than manual work. They work in a variety of settings, such as production and assembly lines, maintenance and repair, packing, and home improvement projects. Due to their convenience of use and efficiency, as well as their reduced time and labor requirements and portability, power tools are in high demand across industries. Power tools require an additional power source and mechanism to operate. Electric motors, internal combustion engines, and compressed air are the most widely used power tools. The market is being driven by the growing use of power tools in the construction industry, as well as the global acceptance of cordless power tools.
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Impact of COVID-19 on Global Power Tools Market
The COVID-19 virus had a detrimental effect on the entire economy as well as all international enterprises, including the power tool market. Governments have imposed lockdowns globally to safeguard against the pandemic's spread. As a result, the global supply chain has been disrupted. The significant drop in product demand has harmed economies all over the world. The pandemic-related raw material shortage slowed production across all industries. Shipment declines and supply chain disruptions are the primary causes of output decline. Due to the virus's rapid spread, numerous operations have had to shut down or go into lockdown which resulted in delays in manufacturing, shipment, and delivery of certain power tool parts. It also disrupted the supply chain and faced labors scarcity. However, power tools in the automobile and construction end-use industries have grown significantly since production operations began in the second half of 2020.
Global Power Tools Market – By Application
By application, global power tools market is bifurcated into Industrial/Professional and Residential segments. The industrial segment holds a higher market share. Industrial applications include tools used in industries such as automotive, construction, aerospace, and energy. Increasing technological innovations and advanced technology implementation by these industries are expected to propel revenue growth in this segment. The automotive and construction industries are increasingly utilizing power tools, which is contributing to the growth of the industrial segment. One of the major factors driving the demand for power tools in manufacturing and construction plants is innovation, such as brushless motor technology, which delivers less friction, longer motor life, less voltage drops, and better performance. The industrial segment also includes construction, automotive, aerospace, energy, and shipbuilding.
Major players operating in global power tools market include Stanley Black & Decker, Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Copco AB, Ingersoll Rand, Snap-on Incorporated, Apex Tool Group, Koki Holdings Co., Ltd., Yamabiko Corporation, Ken Holdings, Panasonic Electric Works Europe Ag, Dynabrade Power Tools, Andres Stihl AG & Co Kg, and Interskol, Positec Tool Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Power Tools Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Power Tools Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Power Tools Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Tool Type (Drilling & Fastening Tools, Demolition Tools, Sawing & Cutting Tools, Material Removal Tools, Routing Tools); By Mode of Operations (Electric, Pneumatic); By Application (Industrial/Professional, Residential); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: January 2023
Growing popularity of DIY (Do It Yourself) techniques due to increasing disposable income, high adoption of power tools across diverse industries including construction and automotives, technology advancements, and governments’ supportive initiatives are projected to propel the expansion of Global power tools market during the forecast period between 2023 and 2029.
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