Power Tools Market Analysis Report 2019 - 2024

Power Tools Market Analysis Report

A power tool is a device or machine powered by an additional source or system other than our own human body. When it comes to their power source, a majority of these are electric motor based.

Power tools aren’t narrowed to any single industry. From simple household activities to established contractors, power tools help reduce the labor involved in the production. With the assistance of their electrical motors, the amount of tiring work required can be reduced and production time can be improved.

The power tools industry was valued at around USD 29.61billion in 2018. It is expected to reach approximately USD 43.65 billion in 2025, at a CAGR slightly above 5.70% between 2019 and 2024.

Recent Trends:

There has been a change from corded to cordless power tools. While the corded tools still possess a considerable business, the shift to cordless is substantial. Cordless power tools comprise batches of battery-powered devices like band saws, crimpers, hammer drills, impact drivers, wrenches and many others. These tools are appropriate for welding, sanding, cutting and other functions.

With the growing popularity of cordless power tools, long battery life is just one of the many qualities that complement these devices. Thus, another change in the power tools market is lithium-ion batteries replacing nickel-cadmium powered tools as well as nickel-metal-hydride powered tools.

Market Drivers and Restraints:

As more industries employ power tools in their operations, we see higher technological advancements in recent times. Power tools are now being found in a number of places, which is accelerating sales in the global industry. Technological advancements in batteries are driving the growth for cordless power tools along with batteries that last longer once charged. This is anticipated to push market growth.

However, regular inspections of power tools, such as assembly machines that require regular maintenance of their moving parts, are necessary for the proper operations, which in turn incurs high costs.

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Report Segmented as:

By Tool Type

• Material Removal
• Drilling & Fastening
• Demolition
• Sawing

By Power Source

• Pneumatic Power Tools
• Electric Power Tools

By End-User

• Commercial
• Residential

Geographical Segmentation:

On the basis of region, the power tool industry is separated into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. The power tool market in the Asia Pacific region is anticipated to notice substantial growth in the projected period. The rise of urbanization and growth in manufacturing units along with increasing automotive sales in the area are a few factors boosting the growth of the APAC market.

Key market players:

1. Bosch
2. Atlas Copco
3. APEX Tool Group
4. Snap-On
5. Panasonic Corporation
6. Emerson Electric Co.
7. Positec Tool Group
8. Kyocera Corporation
9. Makita Corporation
10. Hilti Corporation

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Scope of the report:

The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along with this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level.

Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.

The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategic activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

What else? Apart from the syndicated report, our in-house team has expertise and experience in designing custom reports to meet your specific research needs and assist you in making well-informed decisions.

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