Power Tools Market Size, Global Growth Drivers, Opportunities

The global power tools market size is projected to reach USD 65.5 billion by 2027 growing at a CAGR of 8.9% during forecast. Power tools are highly adopted by industries such as construction, aerospace, automotive, shipbuilding, and energy. Homeowners also utilize them for various residential applications. Power tools manufacturers design, manufacture, and sell a wide variety of power tools in the market that are made of the highest quality materials. Growing construction activities in emerging economies, high demand for power tools in the automotive industry, and the rising adoption of battery power tools globally are driving the power tools market.

DRIVER: Growing construction industry in emerging economies

Rising construction activities across the world result in the growth of the construction industry. Factors such as the rising population in both developed and developing countries, rapid urbanization, and the increasing number of residential and commercial construction projects are fueling the need for advanced infrastructural development. Infrastructural development projects include projects dealing with the development of roads, railways, airports, energy, utilities, and commercial and residential buildings. A wide range of power tools such as cordless drills, demolition jackhammers, circular saws, jigsaws, and reciprocation saws are widely used at construction sites, as it requires specialized and powerful tools for drilling, demolition of stones or concrete bricks, cutting wooden pieces, fastening screws, which can be used for both industrial and residential construction projects.

RESTRAINT: Fluctuations in raw material prices

The manufacturing of power tools requires resin and ferrous and non-ferrous metals such as steel, zinc, copper, brass, aluminum, and nickel. These tools also require other components such as batteries, motors, brushes, belts, power cords, and other electronic components. The rising variation in the cost of materials, component parts, or finished goods could result in manufacturing interruptions, delays, inefficiencies, or an inability to market products. The highly varying raw material costs also lead to ineffective price management and fluctuations in profit margins. These instabilities in raw material prices also result in the increased price of power tools and affect the sales of power tools, thereby restraining the growth of the power tools market.

OPPORTUNITY: Growing demand for power tools for household applications

Consumers prefer manual working or hand tools in residential applications such as repairing furniture, fittings, or cutting in plumbing and electrification and residential construction projects. The residential applications carried out by the households themselves are known as Do-it-yourself (DIY) applications. However, using hand tools requires much energy and is time-consuming. Power tools are gaining traction among residential users to repair furniture and remodel and refurbish existing homes. These tools are efficient, quick, and easy to cut, drill, and fasten. These tools help easily complete time-consuming residential construction and repair tasks without causing any disruptions. Electric cordless power tools are highly adopted by residential users owing to the rising demand for flexible, portable, and compact tools. These household power tools include hammer, cordless drills, jigsaws, sanders, cutters, electric screwdrivers, etc.

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CHALLENGE: Designing ergonomic and lightweight power tools

Currently, power tool manufacturing companies are facing the challenge of designing tools to fit operators’ needs. Misuse of electrically powered portable tools can cause many fatal and painful injuries. Presently, customers are looking for tools that offer desired performance, along with a conformable ergonomic design. Ergonomically designed tools reduce fatigue and physical stress and increase user performance. Such tools also prevent and reduce the health problems associated with or caused by using specific power tools. Ergonomically designed power tools provide better comfort and control to the operator, allowing the work to be completed with ease and less fatigue. Besides, features such as vibration reduction and non-slip grips, balancing tools for heavier machines, lightweight housings, and extra handles help enhance user comfort and efficiency while using the power tools. With the development of cordless tools, the addition of battery elements in power tools has increased the tool's weight. Therefore, the ergonomic and lightweight design of the tool is an important concern for tool manufacturers. To overcome these design-related challenges, manufacturers need to focus more on the ergonomic design and comfort of a user than on the capacity and battery run time of a power tool.

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