The power tools market is anticipated to expand at a promising 6% CAGR from 2020 to 2030. According to a recent FMI report, the power tools market is expected to face significant challenges for the duration of the coronavirus pandemic. The sharp slump in industrial and manufacturing activity is hurting the demand for power tools in the short term. On the other hand, online sales channels will be essential to sustain revenue flow during the crisis period.
“The growing popularity of DIY trends has resulted in increasing power tool applications in household settings. Consequently, manufacturers are focusing on the development of superior safety features. This aids in reducing risk of injury and bolsters adoption of power tools in numerous non-technical applications,” says the FMI analyst.
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Power Tools Market – Important Takeaways
- Electric power tools are fast gaining ground to surpass pneumatic alternatives, owing to improvements to performance of rechargeable battery technologies, and lower energy consumption.
- Fastening and drilling applications account for significant market share owing to improvements in durability and resistance to temperature and shock.
- Asia Pacific will reflect a rapid growth rate owing to extensive industrialization and urbanization in countries such as China and India.
Power Tools Market – Driving Factors
- Continued, rapid growth of construction activities on a global scale, remains the primary driver behind the power tools market.
- Innovations in performance and automation of power tools in industrial applications, is contributing to adoption rates.
Power Tools Market – Leading Constraints
- High costs of purchasing electric power tools is a key obstacle to sales and adoption.
- Volatility in the prices of raw materials required to manufacture power tools holds back market growth.
Expected Impact on Market by Coronavirus Outbreak
The coronavirus is impacting the power tools market in multiple fronts. Lockdown measures have resulted in closure of factories, and disruption of logistics. In addition, the trade restrictions imposed during the outbreak has created raw material shortages, which will negatively impact pricing and inventory in the short term. However, the popularity of DIY practices, coupled with online sales channels will help to partially mitigate revenue losses.
Explore data on the power tools market with 101 figures, 21 tables and the ToC. You will also find market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-760
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Impact Wrench
- Circular Saw
- Metal Fabrication
- MRO Services
- Facility Management
- Other Industrial
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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A recent market study published by FMI on the Power Tools Market includes global industry analysis for 2016-2020 & opportunity assessment for 2021-2031, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters of the Power Tools Market, the growth prospects of the market are obtained with maximum precision.