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Market Overview
- The Global Power Tools Market is expected to grow at a CAGR of 5% during the forecasting period (2020-2027).
- Increasing construction investments coupled with growth in the automotive and aerospace sectors is expected to boost growth in the market.
- A power tool is a tool that is actuated by an additional power source and mechanism other than the solely manual labor used with hand tools. A pneumatic tool, air tool, air-powered tool or pneumatic-powered tool is a type of power tool, driven by compressed air supplied by an air compressor. Pneumatic tools can also be driven by compressed carbon dioxide (CO2) stored in small cylinders allowing for portability.
- The report covers all the major trends and drivers playing a vital role in the growth of the Power Tools market. The global Power Tools market has been segmented based on region, tools, mode of operation, and application.
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Market Dynamics
- The global power tools market growth is primarily driven by the growth of smart technologies and the development of low-cost & energy-efficient tools coupled with the rising demand for automation has revolutionized the adoption of power tools technology. Also, factors such as rising demand for fastening tools in industrial environments and the growing construction industry in emerging economies is expected to fuel growth in the global power tools market over the forecast period.
- For instance, The Brazilian government announced at the end of 2017 an investment of approximately US$36 billion to resume 7,000 construction projects. Moreover, increasing urbanization is further expected to boost market growth in the coming years.
- Similarly, the real estate sector in India is expected to contribute approximately 13% of the country’s GDP by 2025. Gross office absorption in top Indian cities has increased 26 percent year-on-year to 36.4 million square feet between January-September 2018.
Segmentation Analysis
- By tool type, the global power tools market is segmented into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others. In 2018, the material removal tool segment witnessed the highest CAGR than other segments in the global market and expected to continue to grow at a similar pace over the forecast period. Emerging growth opportunities in developing nations and recent technological advancements in power tools such as the growing adoption of cordless power tools are expected to further fuel growth in the market.
- By mode of operation, the global power tools market is segmented into electric, pneumatic, and others. In 2018, the electric tools segment accounted for the majority share in the global market. However, pneumatic power tools are emerging as potential alternatives to electric power tools in industries, although commercial production of pneumatic tools is still low due to their high price and unavailability of compressed air cylinders.
Geographical Analysis
- By geography, the global Power Tools Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
- In 2018, North America and Asia-Pacific together accounted for more than 3/5th market share in the global power tools market. The broad market share of the Asia-Pacific region can be attributed to the high growth in the construction industry in countries like China, Japan, the Republic of Korea, and India. The power tools market in this region is expected to grow at the fastest rate during the forecast period. Rising urbanization, growing manufacturing industry, and increasing automotive sales in this region are the key factors fueling the growth of the market in APAC. China and India are the major countries in APAC that are witnessing significant growth in GDP. According to the Organization for Economic Cooperation and Development, India’s GDP growth will hover near 7.5% by 2020 compared with 7.25% in 2019.
- In North America, countries like the US and Canada have been witnessing an increase in demand for cordless power tools. The wireless charging power tools use inductive charging technology for charging, and this eliminates the need to remove the battery from the tool. These wireless chargers are having advanced technology and are witnessing demand from residential consumers as well.
Competitive Analysis
- Global Power Tools Market is fragmented with the presence of global and regional players in the market. Creating consumer awareness by aggressive marketing strategies and greater visibility of products across sectors are other steps taken by market participants to generate demand. Intense rivalry among top players in the market has started the fierce competition at various levels such as driving aggressive promotional strategies, new and innovative product launches, and increased R&D expenditure.
- Some major players in the market are Stanley Black & Decker, Apex Tool Group, Makita, Robert Bosch, Techtronic Industries, Husqvarna AB, Emerson Electric Co., Koki Holdings Co., Ltd., Hilti Corporation, Panasonic, Mafell AG, and among others.
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