Asia-Pacific Power Tools Market Outlook, 2028

Asia-Pacific Power Tools Market Outlook, 2028

Asia Pacific has established itself as the dominant and fastest-growing region for the power tools market. The increasing industrialization, infrastructure, and development drive the demand for these tools. In addition, the growing number of Chinese players gaining market control and offering tools at competitive prices would aid growth. Furthermore, India is expected to experience significant market growth. The growing manufacturing industry, rising automotive sales, and rising urbanization in this region are key factors driving the market's expansion in the APAC region. Furthermore, the on-going government initiatives to improve various infrastructure developments and manufacturing facilities in countries such as India, China, and Japan are fuelling the overall growth of the market in this region. Furthermore, the market for power tools is expected to grow at a rapid pace as infrastructure investment increases and people's disposable income rises. In recent years, India has spent nearly one-ninth of its GDP on infrastructure development, which is expected to increase in the coming years. This increase in infrastructure improvement activities is expected to increase the use of power tools.

According to the research report, “Asia-Pacific Power Tools Market Outlook, 2028” published by Bonafide Research, the market is projected to add USD 6.92 Billion market size from 2023 to 2028. The Asia Pacific power tools market is being bolstered by growing innovations in automation and charging technologies such as lithium-ion rechargeable batteries, as well as the growing trend of the 'Do it Yourself' culture. However, safety concerns and high power maintenance costs may have a negative impact on market growth. The introduction of long-lasting and cost-effective multi-functional power tools is expected to drive growth in the power tools market over the forecast period. As part of product innovation, manufacturers in the industry are working on providing multifunctional tool solutions to consumers. These tools are extremely versatile and can be used for a variety of tasks, making them relatively inexpensive. In 2014, Metabo, for example, introduced the Cordless Combination Hammer, which combines rotary drilling, hammer drilling, and chiselling in a single tool. Bosch Power Tools India opened a DIY square in Bengaluru, Karnataka, in 2013, complete with home, hobby, and garden categories, with the goal of providing clients with hands-on experience with power tools and promoting DIY principles among customers across the country.

The market is divided into five major countries, according to the report: China, India, Japan, Australia, and South Korea. In terms of consumption and manufacturing, China leads the pack with the largest market share in 2022. However, due to rapid technological growth, developing countries such as India, Singapore, Hong Kong, Taiwan, and others have been identified as important markets. The major players are attempting to establish manufacturing units in these markets in order to increase production quantities and serve Asian industries such as construction, automobiles, consumer goods, and others. Furthermore, as lifestyles and per capita incomes improve in Asian countries, opportunities for home improvement arise, increasing demand for power tools. This has an impact on the overall expansion of construction and manufacturing facilities in these areas. As a result of the improvements in overall production facilities, the power tools market in this region is expected to grow.

In terms of applications, the industrial segment will command more than 60% of the market in 2022. India and China are the leading revenue contributors to the Asia Pacific power tools market and will maintain their position throughout the forecast period. During the forecast period, demand for the Power Tools market in the region will be boosted by China's 'Belt and Road Initiative' and India's 'Make in India' project. Furthermore, countries such as South Korea and Japan are likely to see significant growth in market demand driven by their shipbuilding industries in the coming years.

Construction, automotive, aerospace, energy, shipbuilding, and other industries use power tools. The booming construction sector, as well as increasing renovation and infrastructure growth in various countries around the world, is expected to boost power tool sales. Furthermore, the integration of power tools in automation across a wide range of industries is expected to provide lucrative opportunities for the power tools market in the near future. The demand for power tools in the aerospace industry is primarily driven by the manufacture and repair of airplanes. As a result, demand for power tools in this industry is expected to rise steadily. The electronics industry segment in the power tools market, on the other hand, is expected to benefit significantly from emerging DIY trends. A growing number of people around the world are purchasing power tools to repair minor flaws in electronic appliances. This will result in significant sales opportunities for power tools. Based on these factors, electric vehicles are expected to dominate the overall market by the end of the forecast period. Rising advancements in cordless power tools are expected to drive the power tools market forward. Nonetheless, the high maintenance and increased difficulty of power tools limit their market growth. Drilling and fastening tools are the major market shareholders and are expected to maintain their position throughout the forecast period.

Asia-Pacific is expected to grow at the fastest rate in the market, outpacing the rest of the world's emerging markets. One of the primary reasons for the market's growth can be attributed to favourable government policies aimed at improving the capabilities of the region's manufacturing sector. Furthermore, increasing investments in research and development activities by various tool manufacturers to develop novel products are augmenting market developments in the region. To increase tool manufacturing and subsequent sales in the region, governments in multiple countries are offering attractive subsidies to set up manufacturing R&D facilities in their respective jurisdictions. Furthermore, high-power tool production in China and India will continue to drive market growth, while exports to Western countries will boost regional market revenues. This is primarily due to advancements in electric power tools, which have revolutionized the way of working by providing ease of operation and saving time. As a result of their diverse functionality, these tools are suitable for use in a variety of applications, including professional, residential, and commercial establishments.

Major Companies present in the market:
Robert Bosch Gmbh, Hilti Corporation, Atlas Copco Ab, Makita Corporation, Emerson Electric Co, Koki Holdings Co, Ltd, Ingersoll Rand, Enerpac Tool Group, Apex Tool Group, Llc, Snap-On Incorporated, Festool Gmbh, Panasonic Corporation, Honeywell International Inc., Kyocera Corporation, Husqvarna Ab, Chevron Group, 3M

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Power Tools market with its value and forecast along with its segments
• Country-wise Power Tools market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Tools Type:
• Drilling and Fastening Tools
• Demolition Tools
• Sawing and Cutting Tools
• Material Removal Tools
• Routing Tools
• Others

By Mode of Operation:
• Electric
• Pneumatic
• Others (Hydraulic)

By Application Type:
• Industrial
• Residential

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Power Tools industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.