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.
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
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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Scope of the Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for value and Units for Volume|
|Key Regions Covered||North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa|
|Key Segments Covered||Product Type, Technology, Application, Sales Channel, and Region|
|Key Companies Profiled||Robert Bosch Power Tools GmbH Stanley Black & Decker, Inc. Makita Corporation Hilti Corporation Atlas Copco AB Techtronic Industries Company Limited Snap-on Incorporated Actuant Corporation Husqvarna AB Illinois Tool Works Panasonic Corporation Hitachi Corporation Ingersoll Rand, Inc. Enerpac Tool Group Kyocera Corporation Apex Tool Group Ridgid Tools Koki Holdings Co., Ltd.|
|Report Coverage||Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
Q1. Which is the most lucrative market for power tools?
U.S. currently leads the global market for power tools. Sales in U.S. will be over 13% of total demand throughout the forecast period.
Q2. Which are the top-selling power tools?
Drilling Tools and Jigsaws are highly sought-after for many applications. The demand for Drilling Tools and Jigsaws is expected to remain high in the near future, especially due to its proliferated usage across different application across various applications.
Q3. Which application of power tools is highly sought-after?
Power tools are widely used in construction and manufacturing applications. Their usage in metal fabrication, railways, aerospace, automotive is rising day-by-day.
Q4. Which are some of the leading companies providing power tools?
Some of the leading companies manufacturing power tools are Robert Bosch Power Tools GmbH, Stanley Black & Decker, Inc., Makita Corporation, Hilti Corporation, etc.
Q5. Which technology of power tools is driving high sales?
The electric power tools specifically cordless power tools are driving sales of power tools because they are comparatively higher efficiency and durability and easy manoeuvrability and portability.