The global power tools market is expanding at a significant rate on the back of consumer inclination towards cordless power tools. This is anticipated to remain the key defining factor in the power tool market. As per Future Market Insights (FMI) analysis the global power tools market is expected to be reach US$ 33.36 Bn in 2021. The demand is expected to soar as construction activities surge around the world. According to FMI, construction applications will account for maximum sales in the market through the forecast period. Besides this, the rising trend of do-it-yourself activities will fuel sales opportunities for the market.
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The COVID-19 pandemic has severely affected the global economy. Resulting in manufacturing plants shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth. However, the market is expected to recover sharply as the economic activities resume post the containment of pandemic. Manufacturers are focusing on scaling up their production capabilities with improved production rate creating positive prospected for the power tools market growth.
Key Takeaways of Global Power tool Market Study
- Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
- U.S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
- U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
- Outlook for Italy and France is expected to remain positive over the forecast period
“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.
Global Power tool Market Competitive Landscape
The global power tools market is highly competitive market owing to presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain competitive edge.
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Some of the leading manufacturers of power tool market are
- Robert Bosch GmbH,
- Stanley Black & Decker Inc.,
- Makita Corporation,
- Techtronic Industries Company Limited,
- Koki Holding, Co.,
- Ingersoll Rand Inc.,
- Apex Tools,
- Hilti Corporation,
- Snap-on Incorporated, among others.
Key Segments
Product Type
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
Technology
- Electric
- Corded
- Cordless
- Pneumatic
Application
- Manufacturing
- Metal Fabrication
- Automotive
- Railways
- Aerospace
- Furniture
- Others
- MRO Services
- Facility Management
- Automotive
- Aerospace
- Other Industrial
- DIY
- Construction
Sales Channel
- Online
- Offline
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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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.
Valuable Insights into Global Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the power tools market based on backing product type (drilling tools, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric and pneumatic), application (manufacturing, MRO services, DRO, construction), and sales channel (offline and online) across six regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa).