The global power tool gears market is expected to be worth US$ 5.63 billion by 2022. The increasing use of power tools in the building and construction sector for woodworking and metal fabrication operations is driving market growth.
As per Future Market Insights (FMI) states that the demand in the global power tool gears market is expected to top US$ 8.38 Billion by 2030, expanding at a steady 5.1% CAGR during the forecast period.
Credited to expanding request and developing creation of force apparatus gears in China and India, these two nations are assessed to altogether represent almost 40% of the complete piece of the pie over the appraisal period. Based on gear type, the spike gear section is projected to enroll powerful development, representing 1/third of the all out deals through 2030.
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Key Takeaways of Power Tool Gears Market Study
- Increasing adoption of automation, better productivity, and easier and accurate operations are vital points propelling the demand and usage of power tools, which is subsequently fueling the growth of the power tool gears market.
- Power tools can be used for hard materials, which are otherwise strong and difficult to work on with mechanical tools. Also, lack of skilled workforce and wage issues are other driving factors for the increment of the power tool gears market.
- Use of spur gears and worm or spiral gears is anticipated to increase over the forecast period.
- The professional end user type segment is likely to retain its dominance in the market due to the requirement of more gear sets. High adoption of power tools for professional purposes is also driving the segment.
- By application, grinding machines are anticipated to progress at a swift pace over the forecast period, with increasing use of sanders and polishers in the market.
“To improve profit margins by increasing production rates and reducing operating costs, effective reduction in workforce is required. As such, many end-use companies are anticipated to increase the usage of power tools over the slated course of time. However, due to the spread of the novel coronavirus, which is nearly shutting down many prominent economies, growth of the power tool gears market will be hindered in the immediate future.”
Power Tool Gears Market: Competitive Landscape
The report provides thorough study on the competition landscape of the power tool gears market, and new strategies and development activities adopted by established market players and new entrants.
The global power tool gears market is decently fragmented, with various manufacturers offering identical products. Some of the key manufactures in the global power tool gears market are Porite Group, hGears, Zhejiang Oliver manufacturing Gear Co. Ltd, and Zhejiang Fore Intelligent Technology Co., Ltd. among others.
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Power Tool Gears Market by Category
By Gear Type:
- Bevel Gears
- Spiral Gears
- Spur Gears
- Helical Gears
- Hypoid Gears
By Application:
- Grinding Machines
- Drills
- Hammers
- Saws
- DC Cordless Screw Drivers
By End User:
- Professional
- DIY (Consumer)
By Region:
- North America
- Latin America
- Europe
- South Asia Pacific
- East Asia
- MEA
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