Dublin, July 09, 2024 (GLOBE NEWSWIRE) -- The "Global Plumbing Power Tools Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Global Plumbing Power Tools Market was valued at USD 3.88 Billion in 2023, and is expected to reach USD 5.24 Billion by 2029, rising at a CAGR of 5.14%.
The global plumbing power tools market is highly competitive owing to the continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Some of the players operating in the global plumbing power tools market are Apex Tool Group, Techtronic Industries, Hilti, Stanley Black & Decker, Robert Bosch, Koki Holdings Co. and Makita Corporation.
Key Market Trends
According to the North American Hardware and Paint Association (NHPA), the DIY home improvement market is expected to grow at a CAGR of 24.67% between 2019 and 2024 as many adults actively engage in creative and purposeful leisure pursuits in certain developed economies such as the US and in Europe. Furthermore, owing to the rising personal interest, many consumers invest their time in home improvement and maintenance projects such as fixing cardboard, plumbing, and patching holes. All these activities require a kit containing power tools, including screwdrivers, nut runners, hammers, drillers, and wrenches, which align with the expanding DIY culture among today's generation and subsequently support the plumbing power tools market.
Homeownership is progressively gaining momentum in various economies worldwide due to the rising income levels and an increasing standard of living, augmenting the demand for single residential ownership. For instance, in the EU, more than 70% of the total residents are single-ownership residents. The rising number of single residences is expected to increase the home renovation activities undertaken in projects, including bathroom or kitchen renovations, home extensions, or installing new plumbing fixtures, thereby surging the demand for plumbing power tools.
Market Opportunities & Trends
- Increasing Demand for Plumbing in Gas Industry
- Rise in DIY Culture
- Advances in Lithium Battery Technologies
Market Growth Enablers
- Increase in Home Ownerships
- Growing Dominance of Asian Manufacturers
- Growth in Construction Industry
Market Restraints
- Fluctuations in Raw Material Costs
- High End-user Variability
- Availability of Low-Cost Labor in Developing Countries
SEGMENTATION INSIGHTS
INSIGHTS BY CATEGORY TYPE
The cordless category type holds the most significant share of the global plumbing power tools market. Cordless plumbing power tools are increasingly gaining momentum in the market due to their convenience over their counterparts. Modern lithium-ion batteries support the growth of these cordless plumbing power tools in the market. Li-ion batteries are lighter than the traditional nickel-cadmium versions and last longer. Moreover, the rising usage of these batteries leads to better economies of scale, thereby reducing the cost of batteries and minimizing the cost of cordless plumbing power tools.
INSIGHTS BY PRODUCT TYPE
The global plumbing power tools market by product type is segmented into plumbing drills, saws, grinders, and other plumbing power tools. The plumbing drills segment held the most significant global market share in 2023. The increasing demand for plumbing drills is because it is used for a variety of tasks, including drilling holes for pipe installations, driving screws for securing fixtures and performing general maintenance and repair work.
The versatility of power drills makes them essential tools in the plumbing toolkit. Furthermore, the plumbing saws segment is the second-largest segment as these power saws offer versatility in plumbing applications, allowing professionals to cut various materials, including pipes, tubing, and other construction materials. Different types of power saws, such as reciprocating saws, circular saws, and jigsaws, provide plumbers with options suited for different cutting requirements. Power saws significantly reduce the time and effort required for cutting tasks compared to manual cutting methods.
INSIGHTS BY APPLICATION
In 2023, the industrial end-user segment of major contributors, such as manufacturing plants, generated the maximum revenue in the global plumbing power tools market. The scenario is expected to remain consistent throughout the forecast period due to the rising industry demands for maintenance and repair tools. Plumbing power tools in manufacturing plants have become increasingly prevalent due to their efficiency, precision, and speed benefits.
These tools are crucial in various manufacturing processes within the plumbing industry. Power pipe threaders are employed to mass-produce pipes with threaded connections. They allow for the rapid and consistent creation of threaded ends on pipes, streamlining manufacturing processes; as manufacturing plants seek to increase production efficiency and output, the demand for power pipe threaders has risen. These tools enable manufacturers to meet high-volume demands in a timely and cost-effective manner.
INSIGHTS BY END-USER
The global plumbing power tools market by end-user is segmented into plumbers and contractors, maintenance and repair, and DIY enthusiasts. In 2023, plumbers and contractors dominated the global market in the end-user segment as they were professionals who indulged in plumbing jobs. Plumbers use plumbing power tools as integral components of their daily work. Power tools enhance their efficiency, accuracy, and overall productivity, allowing them to handle various tasks.
Conversely, contractors oversee larger construction projects and coordinate various aspects of the building process, including plumbing installations. They may work with plumbers as part of a broader team, ensuring that plumbing systems align with the overall construction plan.
INSIGHTS BY DISTRIBUTION CHANNEL
The global plumbing power tools market by distribution channel is segmented into direct sales, retailers, industrial distributors, and online retailers. In 2023, the direct sales distribution channel dominated the market share. Direct sales for plumbing power tools represent a business model where manufacturers or dedicated distributors sell their products directly to end-users, bypassing traditional retail channels. The direct sales offer manufacturers more control over various aspects of the business.
This includes pricing strategies, promotions, and the ability to tailor products or services to specific customer needs. By managing the entire sales process, manufacturers can establish a closer connection with their customer base, gaining insights through direct feedback and improving products based on real-time information.
GEOGRAPHICAL ANALYSIS
North America dominated the global plumbing power tools market, valued at over USD 1.39 billion in 2023. The demand for plumbing power tools in North America is experiencing significant growth due to the large construction industry. North America accounts for a significant share of the global market owing to the large penetration of commercial and residential sectors and the high disposable income of consumers. Also, the rising construction and infrastructure projects across the region require plumbing installations and maintenance, thereby driving the demand for advanced plumbing power tools.
Furthermore, APAC is growing at the highest CAGR in the global plumbing power tools market during the forecast period because of the growing construction industry in emerging economies such as India and China. Also, the increasing purchasing power of consumers and the rising practice of DIY among young consumers will drive market growth in the APAC region.
COMPETITIVE LANDSCAPE
Key Company Profiles
- Stanely Black & Decker
- Robert Bosch
- Techtronic Industries
- Makita
- Hilti
Other Prominent Vendors
- MFG Tools
- Rothenberger
- APEX Tool Group
- Koki Holdings
- Positec
- General Pipe Cleaners
- Chervon
- C. & E. FEIN GMBH
- AIMCO
- URYU SEISAKU
- INTERSKOL
- Festool
- Panasonic
- Jiangsu Dongcheng M&E Tools Co.
- DiversiTech Global
- Total Power Tools
- KYOCERA
- Dynabrade
- New Pig Corporation
- KNIPEX
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 295 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $3.88 Billion |
| Forecasted Market Value (USD) by 2029 | $5.24 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Key Topics Covered:
Segmentation by Category Type
- Cordless
- Corded
Segmentation by Product Type
- Plumbing Drills
- Plumbing Saws
- Plumbing Grinders
- Other Plumbing Power Tools
Segmentation by Application
- Industrial
- Commercial
- Residential
- Municipal
Segmentation by End-User
- Plumbers and Contractors
- Maintenance and Repair
- DIY Enthusiastic
Segmentation by Distribution Channel
- Direct Sales
- Retailers
- Industrial Distributors
- Online Retailers
For more information about this report visit https://www.researchandmarkets.com/r/eo5udi
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