Global Power Tools Market - 2022-2029

Global Power Tools Market - 2022-2029

Market Overview

Power Tools Market reached around US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 5% during the forecast period 2022-2029.

Power tools have a complex mechanism and additional power source in addition to the manual labor utilized with hand tools. Power tools are used for various tasks, including fastening, cutting, shaping, drilling, sanding, heating, routing, painting and polishing, in the construction, garden, home and industry. Power tools can be portable or stationary, while portable refers to hand-held. Portable power tools have clear mobility benefits. However, stationary power tools frequently offer advantages in terms of speed and accuracy.

Market Dynamics

The significant rise of the automotive and construction industries is a prominent market driver for the respective market. Nonetheless, Costly power tool repairs and parts replacement restrain the market's growth.

The rise in the production of automobiles and the quick expansion of construction industries

One of the key factors affecting the market growth of the global power tools market is the construction industry's quick expansion. Leading companies are producing corded and cordless equipment enabling laborers to use them in various applications. In the construction business, cordless instruments have significant value over corded tools. Due to their adaptability and capacity to provide profitable solutions to their clients, small and mid-sized manufacturing firms must adopt these technologies.

In addition, the automotive industry is experiencing a sharp increase in the consumption of power tools due to the brisk growth in the sales of both passenger and commercial cars in places like Asia-Pacific and Europe. The International Organization of Motor Vehicle Manufacturers estimates that in Europe, commercial vehicle sales will total 2 million units and passenger vehicle sales will total 14 million units in 2020, compared to 8 million commercial vehicle sales and 1 million passenger vehicle sales in Asia-Pacific. These high sales numbers reflect the growing demand for automobiles, which has forced automakers to increase output. Thus due to the aforementioned factors, the rapid expansion of the construction and automotive industries could be considered a major market driver for the global power tools market.

Costly power tool repairs and parts replacement

Power tools such as assembly tools are precise instruments that must maintain their moving parts regularly. For precise operations, power tools need regular calibration. Over time, bearings, carbon brushes, drive belts, motors, batteries and power cords degrade and break down. In addition to the obvious power tool parts, other parts, including drill bits, power switches and peripherals, also need a lot of maintenance to function properly because these instruments are used frequently across practically all industries.

For instance, a drill kit with a drill and driver and 2 XC batteries costs an average price of US$390. However, the battery replacement of the same device costs an average of US$30 for the battery alone. As a result, the high price of repairs and parts replacement tends to restrict the demand and sales of the global power tools market.

COVID-19 Impact Analysis

The COVID-19 virus has significantly influenced the entire economy and all international enterprises. Governments have implemented lockdowns worldwide to protect against the epidemic's spread. Early on in the epidemic, the complete global lockdown had a disastrous impact on people's health and means of sustenance in many nations. As a result, there has been a global disruption in the supply chain. The significant decline in product demand has hurt economies throughout the world. Production throughout all industries slowed due to the pandemic-related shortage of raw materials. Shipment declines and supply chain disruptions are the key contributors to the output decline.

The COVID-19 pandemic affected the power tool industry in early 2020. Numerous operations have had to shut down or go into lockdown due to the fast spread of the virus. The acknowledged reality caused delays in manufacture, the shipment of items and the delivery of certain power tool parts. It also interrupted the supply chain and rendered workers inaccessible. However, since production operations began in the second half of 2020, power tools in the automobile and construction end-use industries have greatly expanded.

Segment Analysis

The global power tools market is classified based on tool type, mode of operation, application and region.

The versatility and convenience of electric power tools allow the respective segment to dominate the mode of operation segment of the market.

The global power tool market is divided into pneumatic, electric and other segments based on their operation. Due to the versatility and convenience of using electric instruments, the electric segment had a substantial revenue share and led the market. Additionally, the development of strong batteries has increased interest in electric tools. Due to numerous advantages like improved performance, precision, convenience, speed and efficiency, electric power tools find application in construction, aerospace, automotive and energy industries.

Additionally, the expansion of the electric power tools market is driven by improvements in battery technology and a rise in the use of cordless power tools in both industrial and domestic settings. For illustration, on June 8, 2022, KwikPro began a new fundraising site on Kickstarter.com for their special power-it-all equipment, with a target date of June 21, 2022. The brand-new, patented KwikPro motor-handle system is anticipated to power various devices, including tools, gardening equipment, boats and appliances. Recent lockdowns made DIY tasks more important, which increased the demand for powered tools like cordless motor power. KwikPro is made to charge and repower various consumer, professional and industrial products. Additionally, rising urbanization and industrialization anticipate fueling the electric segment's sales growth.

Geographical Analysis

The fast urbanization, industrialization and industrial growth in Asia-Pacific

In terms of market share, the Asia-Pacific area surpasses the other regional markets for power tools because of fast urbanization, industrialization and industrial growth. The market is expanding due to rising development efforts by several nations, including China and India, supporting government policies for growing the manufacturing sector.

The North American market is anticipated to rise at a significant rate. Some major reasons considerably boosting market revenue growth in the region include expanding industrial and infrastructure development, lack of cost-effective labor and fast acceptance of DIY activities. Another important element influencing the market's growth is big corporations' expansion of R &D to enhance current tools. The huge increase in commercial and residential buildings is one of the main drivers promoting expansion in the nation.

According to U.S. Census Bureau, the nation's total construction spending in November 2020 was $1,459.4 billion. Power tool manufacturers will soon have profitable opportunities to profit from public and private spending on construction operations. In addition, there will be more opportunities for expansion as the need for MRO services increases in the automobile industry. After COVID-19, American vehicle sales gradually rebound, creating promising chances for power tool sales over the years.

Competitive Landscape

The number and capabilities of international and local producers are dynamic in the global market for power tools. Numerous big manufacturers, including Makita, Robert Bosch, Stanley Black & Decker, Apex Tool Group, Techtronic Industries, Hilti Corporation, Husqvarna AB, Emerson Electric Co., Koki Holdings Co., Ltd., Panasonic and Mafell AG, are the cause of the market's high fragmentation. Important market players use mergers, acquisitions, product launches, contributions and collaborations to advance in their markets and acquire recognition.

For Instance, Promakertools began a partnership with the SEARS department store on August 2, 2022, to sell its vast selection of hand tools, power tools and accessories in Mexico. The broad selection of +300 tools from Promakertools is available online and in all 96 SEARS stores. PROMAKERTOOLS and SEARS pledge support, quality and focus to the Mexican market with this new cooperation.

Robert Bosch

Overview: Industrial technology, mobility solutions, consumer goods and energy & building technology are the four product areas through which Robert Bosch distributes its goods. The corporation has 126 offices throughout the world, 440 regional and subsidiary businesses in more than 60 countries and 150 partners in sales and services. The company is pursuing a vision of sustainable and secure transportation and provides cutting-edge solutions for linked mobility, Industry 4.0 and smart homes. The business includes 11 research sites worldwide, 30,000 software engineers and approximately 73,000 workers in research and development. The company provides its customers with linked, cross-domain services from a single source by leveraging its knowledge of software & services, sensor technology and its own IoT cloud.

Product Portfolio:
• Bosch GDR18V-1860C: The Bosch GDR18V-1860C is the best tool for high-quality fastening applications. The impact driver's effective, potent brushless motor generates 0-4,100 hits per minute and up to 1,860 Lbs of torque. The impact driver has specific modes in addition to these three speed/torque settings to help prevent damage to the workpiece and fasteners.

Key Development:
• Robert Bosch Power Tools announced the availability of its PROFACTOR high-powered cordless tools on January 26, 2021. These tools utilize Bosch BITURBO Brushless technology and are powered by its proprietary CORE18V battery architecture. PROFACTOR cordless tools allow professionals to handle far more demanding applications on a single battery platform by providing power that beats their corded counterparts.

Why Purchase the Report?
• To visualize the global power tools market segmentation based on tool type, mode of operation, application and region, as well as understand key commercial assets and players.
• Identify global power tools market commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of power tools market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players

The global power tools market report would provide approximately 61 tables, 54 figures and almost 167 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies