Power Tools Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, UK, Italy, Sweden, Russia, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI5006
Power Tools Market size will see noticeable growth over 2021-2027 with proliferating automotive industry in emerging economies. The automobile sector requires a number of repairs. Electrical equipment helps to reduce the time and quality of work associated with these non-essential functions. The car manufacturers use electrical equipment as well as repair and maintenance services. The use of drills, sanders, holes, and other equipment in the construction sector increases the demand for power tools.
The ease of use provided by household appliances has become widespread among consumers and professionals, especially for household operations. The availability of simple and easy-to-use equipment stimulate their implementation in everyday modern applications such as sawing, drilling, and cutting, accelerating market growth.
The key restraining factors are the high maintaining cost and volatility in the price of raw materials of power tools. It requires timely repairment, which increases the ownership cost of power tools. In developing countries, consumers are leasing power tools, which is also hampering power tools market growth.
Tools, such as hammer drills, electric screwdriver, and fast screw guns, that are activated automatically other than the manual work are called power tools and are used for various purposes such as assembly lines, maintenance/repair, decoration, and DIY. The ease of access & efficiency, time & effort savings, and quick delivery are some of the key factors driving the demand for power tools in a variety of industries. The power tools are categorized as portable and stationary. The portable tools are lightweight and can be easily movable from one place to another. The power tools need combustion, electricity or compressed air to work.
Technological advancement is one of the major driving factors, fueling the growth in the power tools market through high investments in R&D. For example, Bosch developed its cordless product, Dremel Lite multi-tool. The product weighs around 270 grams and can operate at a speed around 8,000 to 25,000 RPM.
The government regulations of electrical equipment safety & compliance are a major issue for manufacturers as different equipment producers around the world supply electrical equipment to different industries such as automotive, space, electricity, energy, shipbuilding, and consumer goods. National and international distribution channels including end users require strict compliance with security, safety, and incoming safety regulations. It is important for equipment manufacturers to comply with these safety standards. In addition to mandatory regulations, manufacturers need to address serious consumer and consumer concerns about environmental quality & sustainability.
Based on operation, the power tools market is bifurcated into pneumatic and electric (cordless and corded electric power tools). The electric power tool is expected to substantially grow during 2021 to 2027. The demand for electric power tool is surging due to the advent powerful battery packs. The cordless electric power tools are user friendly as wells as easy to use for household and industrial applications.
In terms of tools type, this market is segmented into wrenches, drills, saws, and material removals. The drill segment is likely to witness significant growth through 2027. Drills are easy to handle and are commonly used in household and industrial applications such as maintenance & basic repair, propelling the segmental growth.
Based on application, the power tools market is divided into residential and industrial (automotive, construction, and aerospace) segments. The residential segment is going to dominate the market by 2027t. The adoption of advanced technologies among the industries through the innovation is one of the crucial factors for power tools in the industrial segment.
The Asia Pacific region will hold significant share in the power tools industry followed by Europe and North America. The APAC region will dominate the global electronics market owing to the rapid growth of industries and cities in Southeast Asian countries including China, India, Indonesia, and Malaysia. The value of electrical equipment and the volume of exports to the global market also contribute to domestic market revenue.
The key power tools market players are Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll-Rand plc., Stanley. Black & Decker, Hitachi Koki Holdings), Makita Corporation, and Snap-on Co., Ltd. The industry players are heavily investing in R&D to develop new products & services and focuses on mergers & acquisitions as a part of its key strategies.
Power Tools Market, By Operation, 2021 – 2027
Market, By Tool Type, 2021 – 2027
- Drilling and fastening tools
- Impact wrenches
- Impact drivers
- Demolition tools
- Sawing and cutting tools
- Reciprocating saws
- Band saws
- Circular saws
- Sheers and nibblers
- Material removal tools
- Die and straight grinder
- Angle grinders
- Routing Tools
Market, By Application, 2021 – 2027
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Techtronic Industries
- Koki Holdings Co., Ltd.
- Emerson Electric, Co.
- Hilti Corporation
- Stanley Black & Decker
- Ingersoll-Rand PLC
- Makita Corporation
- Robert Bosch
- Snap-on Co., Ltd.
- Apex Tool Group
- Atlas Copco AB
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