“Power tools market to exhibit significant growth potentials between 2017 and 2023”
The power tools market is expected to grow at a CAGR of 4.6% between 2017 and 2023, to reach USD 35.58 billion by 2023. The key driving factors for the growth of the market are the increasing urbanization, constant growth of the construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless tools. However, the high maintenance cost associated with power tools hinders the market growth.
“Electric tools to hold the largest market share during the forecast period”
The electric tools to exhibit a significant growth during the forecast period owing to the increasing adoption of cordless electric tools, which offers mobility and ease of use, by professional as well as DIY users. Cordless electric tools are lightweight, easy to use, and help to reduce workers’ fatigue. Many times, batteries used in cordless tools are interchangeable with other power tools for the convenience purpose. These tools offer flexibility and portability as they don’t rely on secondary power sources. Thus, the increasing adoption of cordless electric tools over pneumatic tools is expected to drive the growth of the market during the forecast period.
“The market for residential/DIY applications is expected to grow at the highest rate during the forecast period”
The increasing popularity of DIY trend among consumers is driving the growth of the power tools market for residential/DIY applications. Power tools are used by DIY consumers for residential refurbishment and improvement projects.
Remodeling and renovation projects are growing at a faster rate than new construction projects. Therefore, the use of power tools by DIY enthusiasts for remodeling and renovation projects is rising in developed countries such as the US, the UK, and Germany. However, the DIY culture is not very popular in APAC and RoW due to the availability of low-cost labor and high ownership cost of power tools.
“The market for the automotive industry is expected to grow at the highest CAGR during the forecast period”
Automotive is one of the prominent industries for power tools. Power tools are essential for automotive assembly operations, and service and repair workshops. Power tools such as impact drivers, pulse tools, impact torque wrenches, and nutrunners are widely used for applications such as automotive assembly and manufacturing operations. The increasing global sales of vehicles has resulted in the rising demand for after-sales, maintenance, and repair services. Hence, the automotive industry is driving the adoption of power tools, and a similar trend is likely to continue during the forecast period.
“North America is expected to hold the largest market share during the forecast period”
North America is expected to hold the largest market share during the forecast period. The growth of the North American market is mainly driven by the growing construction industry and rising automotive sales in this region. The increasing wind energy installations have boosted the demand for fastening tools in this region. In North America, power tools are extensively used for both industrial as well as residential applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for cordless tools.
The break-up of the profiles of primary participants for the report has been given below:
• By Company Type: Tier 1 = 52%, Tier 2 = 26%, and Tier 3 = 22%
• By Designation: C–Level Executives = 44%, Directors = 38%, and Others = 18%
• By Region: North America = 36%, Europe = 28%, APAC = 22%, and RoW = 14%
Major players involved in the market include Robert Bosch (Germany), Stanley Black & Decker (US), Techtronic Industries (TTI) (Hong Kong), Makita (Japan), Hilti (Liechtenstein) Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), Hitachi Koki (Japan), Snap-on (US), and C. & E. Fein (Germany).
Other players in this market include Emerson Electric (US), Panasonic (Japan), Chevron Group (China), TTS Tooltechnic Systems (Germany), Illinois Tool Works (US), Positec Group (China), CS Unitec (US), FRIEDRICH DUSS (Germany), Uryu Seisaku (Japan), Deprag Schulz (Germany), KYOCERA (Japan), AIMCO Global (US), INTERSKOL (Russia), and FERM. (Netherlands).
The research report on the global power tools market covers the market on the basis of mode of operation, tool type, application, and geography.
The power tools market based on mode of operation has been segmented into electric, pneumatic, and other tools. Other power tools include hydraulic and power-actuated tools. Electric power tools have been further classified into corded and cordless tools.
On the basis of tool type, the market has been segmented into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others that include measuring and layout tools, laser tools, dust extractors, glue guns, and heat guns.
The market based on application has been segmented into industrial/professional and residential/DIY applications. Further, on the basis of industrial applications, the market has been segmented into construction, automotive, aerospace, energy, shipbuilding, and other industries that include mining, oil and gas, and electronics.
The report covers 4 major geographic regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
Illustrative segmentations, analyses, and forecasts for the market based on mode of operation, tool type application, and geography have been conducted to give an overall view of the power tools market.
The major drivers, restraints, opportunities, and challenges for the market have been detailed in this report.
The report includes a detailed competitive leadership mapping, along with key players, in-depth analysis, and revenues of key players.