According to Market Research Future (MRFR), the global power tools market is poised to grow over USD 36,060 million at an estimated CAGR of 4.82% from 2015 to 2025 (forecast period). The report gives a comprehensive summary of the effect of COVID-19 on the global power tools market. The thorough examination offers information on the effect of the outbreak on the supply and demand conditions, trends, and forecasts of the global power tools industry.
Power Tools Market are a variety of tools and mechanical devices that operate when an additional power source and mechanism is initiated and not manually. Typically, these may include electric motors and compressed or internal combustion engines. Power tools include a broad range of devices, from hand-held machine drills to hydraulic presses and pneumatic tools. Power tools can be used for a range of applications, such as household activities, construction, gardening, etc.
Market Dynamics
The increasing demand from the manufacturing sector, growing demand from the professional segment, and rising usage of power tools for DIY & household activities are primary drivers of the power tools market. Growth in the industrial sector is predicted to boost the power tools demand. The use of power tools across industries in both developed and developing countries is likely to increase due to the lack of availability of skilled labor and high labor costs. The professional field is driven mainly by carpenters, electricians, plumbers, artisans, etc. With increasing demand from the furniture industry, the future of power tools is likely to be valuable. Growth in construction and renovation activities is a crucial factor responsible for the growth of the furniture industry. Power tools are widely used in different applications for household purposes. They are used in applications such as drilling, cutting, and fitting. Therefore, the market for power tools is projected to grow during the forecast period due to the widespread use of power tools in household applications.
Nevertheless, the fluctuation in the price of raw materials is a significant constraint for power tools industry. The raw material used mainly in power tools is steel and aluminum. Steel is costly compared to any other metal. The cost of the raw material depends on the terms and duration with the steel manufacturers, typically for one year or a multi-year period. The availability of raw materials depends on global and local demand and government regulations. The price of steel is quite oscillating since the cost of the material can increase or decrease. When the price of steel is high, the cost of the material would also increase.
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Market Segmentation
The global market for power tools has been segmented based on type and application.
- By type, the global power tool market has been segmented into engine-driven power tools, electric power tools, pneumatic power tools, hydraulic power tools, and others. Among these types, the global market was dominated by the engine-driven power tools in 2018 and is expected to continue throughout the assessment period. Engine-driven power tools are commonly used in construction sites and various industries. Engine-driven power tools are costly compared to electric counterparts. However, the most serious danger associated with the use of fuel-powered devices is fuel vapor that can burn and explode and even emit toxic exhaust fumes.
- By application, the global power tool market has been segmented into industrial, professional, and household.
Regional Analysis
By region, the global power tool market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific led the global power tools market in 2018, followed by North America and Europe. The Asia Pacific dominated the global market for power tools due to the rapid increase in industrialization and urbanization across India, China, and Southeast Asian countries like Malaysia and Indonesia. In addition, the increase in export value and the volume of power tools on the global market also boost the domestic region's growth.
North America held the second-largest market for power tools due to the growth of the manufacturing industries and the well-established distribution network. Nonetheless, high labor costs are the primary concern of the manufacturers in the region.
Europe has seen steady growth in the end-use industries of power tools, such as the industrial and automotive industries. The flourishing automotive industry has been one of the key contributors to the growth of the market for power tools in the region. Germany has dominated the area in terms of both value and volume.
The rest of the world is comprised of South America and the Middle East and Africa. The rest of the world is witnessing the growing use of power tools in the construction and manufacturing industries. The construction and manufacturing industries are set to grow in the regions, maintaining the need for power tools for workers during the forecast.
Key Players
The key participants identified by MRFR in the global power tools market 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.
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