Power Tools Market Size, Share, Trends and Global Forecast to 2025 | MarketsandMarkets

The power tools market is projected to grow from USD 29.5 billion in 2020 to USD 36.9 billion by 2025; it is expected to grow at a CAGR of 4.6% from 2020 to 2025. The key factors fueling the growth of the market growing adoption of cordless power tools, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies are the key factors driving the growth of the market. The power tools market offers several opportunities for manufacturers to focus smart connectivity for power tools.

Driver: Rising adoption of cordless power tools globally

Cordless power tools include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. The demand for more mobile, flexible, and compact tools is driving the market for cordless tools. Lithium-ion batteries are replacing conventional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) power tools. Advances in battery technology are contributing to the increasing adoption of cordless power tools with high-density batteries that can last longer once charged.

Lithium-ion batteries provide higher energy density and longer operational life to power tools. These batteries are lightweight and do not exhibit self-discharge. Therefore, lithium-ion batteries have become the most popular option for powering cordless power tools. Furthermore, with consumers’ attraction toward cordless tools, tool manufacturers are focusing on cordless power tools and launching innovative products in the market.

Restraint: High maintenance cost

Power tools, such as assembly tools, are precision instruments, requiring regular maintenance of its moving parts. Power tools are required to be recalibrated at regular intervals for precise operations. Motors, batteries, power connections, and other components of power tools wear out and fail over time. Regular maintenance, e.g., oiling, sharpening and replacing parts, and other repairs, is required for the proper working of tools, which, in turn, incurs high cost. Consumers, particularly in developing countries, are reluctant to spend on the maintenance of power tools due to the availability of low-cost manual labor. Thus, the high cost of maintenance is restraining the growth of the power tools market. Also, the cost of ownership of power tools increases because of maintenance and repair requirements. Therefore, consumers in developing countries are leasing power tools, which is also hampering the growth of the market for power tools.

Opportunity: Fastening tools in wind energy industry

Electric fastening tools play a vital role in the installation of wind turbines. These fastening tools are used during the foundation of bolts, gearboxes, rotor bearing tools, and wind turbines. Additionally, these tools are used in maintenance, repairing, and inspecting tower processes. To maintain accuracy, a tightening factor is decided and accordingly, torque is applied to joints. As wind turbine installation requires precise torque, electric fastening tools are likely to be the most suitable power tools for this industry. Growing installation capacity may create lucrative opportunities for players in the power tools market.

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Challenge: Regulatory compliance and power tool safety

As power tools are supplied worldwide by several tools manufacturers to various industries, such as automotive, aerospace, energy and power, shipbuilding, and consumer electronics, power tool product safety, and regulatory compliance are critical issues for manufacturers. Domestic and international distribution channels, as well as end users, demand safety, reliability, and rigorous compliance with existing and emerging safety standards. Thus, it is important for tool manufacturers to comply with these safety regulations. In addition to mandatory regulations, manufacturers must address important concerns from retailers and consumers regarding quality and environmental sustainability. Depending on the specific type of equipment, additional regulations may address physical safety requirements, electromagnetic interference, operating noise levels, material chemical composition, and product recycling issues. In addition to mandatory requirements, additional product testing results in the increased cost of power tools. Thus, to comply with existing trade policies and support, safety regulations are the major challenges for power tools manufacturers.

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