Covina, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Portable power tools are electric or pneumatic tools designed for various manual tasks in construction, woodworking, metalworking, automotive repair, and other industrial and domestic applications. These tools are compact, versatile, and offer the advantage of mobility, enabling users to perform tasks efficiently in a wide range of settings.
Considering these instruments which are necessary for jobs like drilling, cutting, and fastening, portable power tools market is expanding due to global urbanization as well as the expansion of the building and infrastructure sectors. Power tool performance and user experience are enhanced by ongoing technological advancements such as brushless motors, lithium-ion batteries, and intelligent features.
Key Highlights
- In June 2023, Bosch Tools is Powering the Worker with newly launched 18v cordless tools supported by a new and enhanced 18V warranty. Bosch Power Tools also unveiled a new and improved 18V Limited Warranty that provides expanded protection for 18V tools, chargers, and batteries in addition to the new tools.
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Market Segmentation
- By Type: Corded Tools and Cordless Tools
- By Application: Residential Applications, Construction, Industrial Use, Automotive, and Other
- By Region: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa
Market Trends
The following are some of the key trends in the global portable power tools market:
- Growing demand for cordless power tools: Cordless power tools are becoming increasingly popular due to their convenience and portability. They are also becoming more powerful and efficient, making them a viable option for a wide range of applications.
- Increasing adoption of smart power tools: Smart power tools are equipped with sensors and chips that can collect data on tool usage and performance. This data can then be used to improve the efficiency and safety of power tools.
- Growing popularity of DIY projects: The growing popularity of DIY projects is driving the demand for portable power tools. Consumers are increasingly using portable power tools to complete home improvement projects, such as building decks, remodeling kitchens, and fixing furniture.
Market Challenges
The following are some of the key challenges in the global portable power tools market:
- High cost of raw materials: The cost of raw materials, such as steel, aluminum, and copper, has been increasing in recent years. This is driving up the cost of portable power tools.
- Counterfeit products: The counterfeit portable power tools market is a major challenge for legitimate manufacturers. Counterfeit products are often made with inferior materials and components, which can pose a safety risk to users.
- Strict safety regulations: The manufacturing and sale of portable power tools are subject to strict safety regulations in many countries. These regulations can be costly and time-consuming to comply with.
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Market Opportunities
The following are some of the key opportunities in the global portable power tools market:
- Growing demand in developing countries: The demand for portable power tools is growing in developing countries, such as China, India, and Brazil. This growth is being driven by the rapid urbanization and industrialization in these countries.
- Increasing adoption of automation: Automation is becoming increasingly common in the construction, automotive, and manufacturing industries. This is driving the demand for automated portable power tools.
- Growing demand for battery-powered power tools: Battery-powered power tools are becoming increasingly popular due to their environmental benefits and low operating costs. This is driving the demand for battery-powered portable power tools.
Competitive Landscape
Key players in the global portable power tools market includes, Robert Bosch Tool Corporation, Stanley Black & Decker, Inc., Metabo AG, Hilti AG, Techtronic Industries Co. Ltd., Makita Corporation, Würth Group, Koki Holdings Co., Ltd., and TOYA S.A.
Conclusion
The portable power tools market is expected to grow at a healthy pace in the coming years. This growth will be driven by the increasing demand for portable power tools in the construction, automotive, and manufacturing industries. Additionally, the growing popularity of DIY projects is also driving the demand for portable power tools.
Related Reports
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- Drilling Tools Market is estimated to be US$ 9.46 billion by 2030 with a CAGR of 4.50% during the forecast period
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