The power tools market prospect stays optimistic with firm market fundamentals projected to sustain momentum. In case it is integrated connectivity, battery performance, design, and ergonomics, innovations in this field are keeping the producers on the hooks. The global power tools market is slated to record a CAGR of 6% during the forecast period of 2020-2030.
Key Developments & Product Innovation
Rising preference for electric power tools among the consumers is anticipated to influence market players to broaden their product portfolio. Companies such as Milwaukee and Bosch have presented on new battery platforms that have solutions for innumerable problems encountered by end-users based on durability and charging. Based on wireless transmission of switching magnetic fields, inductive charging is a novel technology that is at present only presented by Bosch.
Key Takeaways of Market Study
- The global market will foresee higher implementation in the industrial sector, therefore, prompting the market to attain an estimation of US$ 58.2 Bn by 2030.
- Based on end-use, the DIY/individual trend has proliferated during the COVID-19 crisis as individuals are increasingly buying these tools to do minor household jobs.
- Power tools are seeing increased implementation in the automotive sector. With the power tools ability to execute heavy-duty tasks, for example, metal sheets cutting, producers in the automotive sector are taking advantage of these for increased sales
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Impact of COVID-19 on the Market
The power tools market is amid near-term variations with halted production and sluggish demand at production facilities. The first half of 2020 has foreseen a considerable drop in both volume and value for power tools, due to the outbreak of coronavirus in China, one of the biggest production hubs for power tools.
Restriction on discretional spending and stalled projects is a negating requirement in the construction industry. As manufacturing resumes and begins to hit an even keel, producers will limit their reliance on mainstream end-uses to other areas to endure the widespread uncertainty.
Regional Insights
Post-COVID-19, the expansion of the power tools market is poised to be the maximum in the APAC region. With the recommencement of production and trade in China, companies will also target nations such as India for reduced dependency on supply chains and re-shoring to China. Until now the low cost of China produced power tools was keeping up the competition scenario. This will vary in the aftermath of the COVID-19 situation as impacted regions look at bringing down their reliance on China
Competition Landscape
One of the top players, Stanley Black and Decker is in the global market offering its solutions for storage, several power tools, as well as related accessories. For example, its pro coping saw and retractable utility knives not only offers a reformed grip and additionally quicker blade replacement.
Specializing in heavy-duty tools, Robert Bosch GmbH has raised demand expectations in the industrial and construction sector. Bosch’s GKS 235 Turbo Professional circular saw has a robust motor that has a sturdy structure. Moreover, it has durable operability in innumerable applications.
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