The Power Tools Market is projected to grow from USD 29.50 billion in 2020 to USD 39.86 billion by 2027; it is expected to grow at a CAGR of 3.2 % from 2020. The key factors fuelling the growth of the market growing adoption of cordless power tools, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies are the key factors driving the growth of the Power Toolsmarket. The Power Toolsmarket offers several opportunities for manufacturers to focus smart connectivity for power tools. Cordless Power Toolsinclude a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. The demand for more mobile, flexible, and compact tools is driving the market for cordless tools. Lithium-ion batteries are replacing conventional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) power tools. Advances in battery technology are contributing to the increasing adoption of cordless Power Toolswith high-density batteries that can last longer once charged.
Lithium-ion batteries provide higher energy density and longer operational life to power tools. These batteries are lightweight and do not exhibit self-discharge. Therefore, lithium-ion batteries have become the most popular option for powering cordless power tools. Furthermore, with consumers’ attraction toward cordless tools, tool manufacturers are focusing on cordless Power Toolsand launching innovative products in the market.
Power tools, such as assembly tools, are precision instruments, requiring regular maintenance of its moving parts. Power tools are required to be recalibrated at regular intervals for precise operations. Motors, batteries, power connections, and other components of Power Toolswear out and fail over time. Regular maintenance, e.g., oiling, sharpening and replacing parts, and other repairs, is required for the proper working of tools, which, in turn, incurs high cost. Consumers, particularly in developing countries, are reluctant to spend on the maintenance of Power Toolsdue to the availability of low-cost manual labour. Thus, the high cost of maintenance is restraining the growth of the Power Toolsmarket. Also, the cost of ownership of Power Toolsincreases because of maintenance and repair requirements. Therefore, consumers in developing countries are leasing power tools, which is also hampering the growth of the market for power tools.
Electric fastening tools play a vital role in the installation of wind turbines. These fastening tools are used during the foundation of bolts, gearboxes, rotor bearing tools, and wind turbines. Additionally, these tools are used in maintenance, repairing, and inspecting tower processes. To maintain accuracy, a tightening factor is decided and accordingly, torque is applied to joints. As wind turbine installation requires precise torque, electric fastening tools are likely to be the most suitable Power Toolsfor this industry. Growing installation capacity may create lucrative opportunities for players in the Power Toolsmarket.
The key players of the global Power Toolsmarket are Robert Bosch Tool Corporation, Hitachi Koki Co., Ltd, Stanley Black & Decker, Inc., Makita Corporation, Hilti Corporation, Husqvarna, Techtronic Industries Co. Ltd, Snap on, Festool (TTS), and Otto Baier GmbH.
APAC is likely to be the fastest-growing region in the Power Toolsmarket. Countries such as China and India are witnessing rising demand for power tools. COVID-19 forced lockdowns across APAC. The supply chains in and around APAC have been disrupted, which has resulted in limited permissible transportation. Asian countries under lockdown have suffered tremendous loss of business and revenue due to the shutdown of many manufacturing units. This has impacted the demand for Power Toolsin 2020
Report : Power Tools Market - By Tool Type (Drilling And Fastening Tool, Demolition Tools, Sawing And Cutting Tools, Material Removal Tools, Routing Tools, Others), By Mode Of Operation (Electric, Pneumatic, Others), By Application (Industrial, Residential/DIY), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027