Newark, NJ, Jan. 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Power Tools market is anticipated to grow from USD 26.68 billion in 2020 to USD 54.75 billion by 2028, at a CAGR of 8.80% during the forecast period 2021-2028.
The growth in construction & automotive industries and the rise in labour cost in the developing countries are some of the factors fuelling the power tools market.
Power Tools are available in many forms and known for its ease of use, some of them are electric screwdriver, hammer drills etc. These power tools have many applications commercially and industrial such as cutting, grinding, sanding, drilling, shaping, polishing and many more. Following the recent trend, the cordless power tools are more in demand and will continue to grow in the forecasting period, so all the power tools manufacturing companies are investing a significant amount in R&D for it. All these factors are fuelling the Power tools market. With an increase in the application of power tools in the sector like construction, automobile, aerospace building and shipbuilding, etc., the demand for more mobile power tools providing the same degree of flexibility and compatibility. This is giving rise to the cordless power tools, which is, in turn, driving the power tools market. Also, with the advancement in technologies, came the advancement in battery technologies, Lithium batteries give longer operational life; this is pushing up the cordless power tools. The developing countries like China, India and Brazil, have cheap labour cost compared with the developed nation but gradually there is arise in the labour cost, which has made various industries in the developing region to start looking for the solutions, which has made them start using of power tools, and this has increased the growth of power tools market in various industry sectors in the emerging economies as it is easy to use and it increases the productivity of the industries.
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The fluctuating price of raw materials producing Power Tools are acting as a restraint for the market. The fluctuation in the price would cause the fluctuation in supply of Power Tools, which ultimately someday would not able to meet the demand. The price of the Power Tools will then rise, resulted in the less buying of power tools, and the end-user industries would start looking for some other source and would not buy the new advanced power tools, which will reduce the demand of the power tools market.
Key players for the global Power Tools market include Atlas Copco AB, Emerson Electric Co., Hilti Corporation, Ingersoll-Rand plc, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker Inc. and Techtronic Industries Co. Ltd, among others.
- The big players are now focused in the implementation of strategies like joint venture, product innovations, merger and acquisition and partnerships etc. to gain the market share and to strengthen its position in global Power Tools industry. For instance, in November 2019, Atlas Copco acquired WestRon. This acquisition helps the supply chain network of the organization, which would help in the expansion of market share.
- In February 2019, Emerson Electric co completed the acquisition of GE’s Intelligent Platform business. This acquisition will further expand the organization presence in hybrid and discrete end market as a complete automated solution provider.
Electric segment is accounted for the highest market value of USD 15.00 Billion in 2020
The mode of operation segment is divided into electric, pneumatic and others. Electric segment is accounted for the highest market value of USD 15.00 Billion in 2020. The requirement of energy-efficient power tools and frequent use of electric power tools are the main reason the rise in the power tools market. There is a great demand for cordless power tools, and also the advancement in technologies are some of the reason for the highest market share of electric power tools.
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The material removal tools segment accounted for USD 9.99 Billion of market value in 2020
The tool type segment includes drills, saws, wrenches, material removal tool and others. The material removal tools segment accounted for USD 9.99 Billion of market value in 2020. Material Removal tools are widely used in construction industries, automotive industries, in shipbuilding etc. The rising demand in application in both residential and commercial sector is the reason for this segment to have the highest market value.
The industrial segment accounted for USD 16.39 Billion of market value in 2020
The application segment includes industrial and residential/DIY. The industrial segment accounted for USD 16.39 Billion of market value in 2020. The rising demand from the construction industry and automotive industry are some of the reasons for the highest market value.
Regional Segment Analysis of the Power Tools Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the Power Tools market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region is having the highest market value of USD 9.54 Billion in 2020. In the developing countries of the region like India and China, there is a rise in the disposable income which has led to the rapid industrialization and urbanization in the region. This has resulted in the surge in the production in the automotive sector. North America had the second-largest market value of USD 6.30 Billion in 2020. The better infrastructure and the presence of key manufacturing firms are some of the factors that are driving the power tools market in the region.
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About the report:
The global Power Tools market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
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