Power Tools Market - by Mode (Electric, Pneumatic, and Others), by Tool Type (Drilling & Fastening, Sawing, Demolition, and Material Removal), and by Application (Construction, Automotive, Aerospace, DIY, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025
The global Power Tools market, which was estimated at was valued at approximately USD 27 billion in 2018 and is predicted to accrue earnings worth USD 36 billion by 2025, is set to record a CAGR of nearly 4.14% over 2018-2025. The report offers valuation and analysis of Power Tools market on a global as well as regional level. The study offers a comprehensive assessment of the industry competition, limitations, sales estimates, avenues, current & emerging trends, and industry-validated market data. The report offers historical data from 2016 to 2019 along with a forecast from 2020 to 2026 based on value (USD Billion).
Introduction
Massive DIY technique trends are gaining prominence across the globe and this has resulted in the growing popularity of the power tools in the recent times. In addition to this, power tools have found plethora of applications across automotive and construction industries. Moreover, the time-saving ability of the power tools has increased its demand for performing repetitive tasks like sawing and screw driving. Apart from this, rapidly expanding industrial infrastructure facility and refurbishment of concrete structures within a specific timespan needs used of advanced tools, thereby facilitating the growth of the power tools industry over the forthcoming years. In addition to this, power tools reduce the physical work and enhance the operational efficiency of the production units and this will contribute majorly towards the business growth in the foreseeable future.
Market Growth Dynamics
Prominent use of the power tools in wind turbines to reduce maintenance costs & construction charges will prompt the market surge over the ensuing years. In addition to this, increase in the utilization of electric power tools and production of energy efficient power systems have culminated into huge market demand in the recent years. Moreover, high labor charges in the emerging economies have forced the firms in the manufacturing industry to optimize the use of power tools for increasing the proficiency of the business operations as well as enhance the productivity of material handing instruments. This, in turn, will help the power tools market flourish over the coming decade. Nonetheless, huge costs of the power tools will restraint the expansion of the market in the near future. However, massive use of power tools in the aerospace & aviation sector as well as defense sector will protrude the growth of power tolls business across the globe over the forthcoming years. Apparently, rapid industrialization has further added to the market size in the recent years.
Europe To Account Sizably Towards Overall Market Revenue By 2026
The swift expansion of the market in the European continent over the estimated timeline can be attributed to surge in the DIY activities in the residential & commercial sectors. Apparently, the escalating use of cordless electric power systems in the countries like Germany, France, Russia, Italy, and UK will contribute notably towards the regional market proceeds in the ensuing years. Surge in urbanization and thriving online retailing activities in the region will further pave a way for marked growth of the industry in the continent over the forecasting years.
Key players contributing massively towards the growth of the market and profiled in our study include Atlas Copco, Hilti, hGears, Robert Bosch, Ingersoll-Rand, Stanley Black & Decker, Techtronic Industries, Makita, Apex Tool Group, and C. & E. Fein.
This report segments the global power tools market into:
Global Power Tools Market: Mode Analysis
Global Power Tools Market: Tool Type Analysis
Global Power Tools Market: Application Analysis
By Region
Power tools are devices activated by a power source, not necessarily via manual labor. There are different kinds of power tools, such as hammer drills, electric screwdriver, and fast screw guns. These power tools are mainly utilized for construction and various DIY jobs, which include assembly, packaging, production, and maintenance. The power tools are available in various sizes and shapes and are simple and flexible to operate. The oldest power tool is the lathe, which is still used. Manufacturers involved in manufacturing and producing power tools ensure that the manufactured tools adhere to the rules and regulations of the OSHA standards.
The power tools market is likely to grow rapidly over the estimated timeframe, owing to the flourishing construction industry sector, mainly in emerging nations. The rapid urbanization and industrialization are anticipated to further fuel this market’s in the future. The ongoing trend of constructing smart buildings and infrastructures in cities of the emerging nations, such as India, China, and Brazil, is also projected to propel the power tools market growth and development in the years ahead. The increasing automation requirements among various industry verticals have led to a rapid shift from hand tools to power tools, as power tools offer durability, better performance, precision, time efficiency, etc. This, in turn, is also likely to foster the power tools market in the upcoming years. Additionally, owing to technological advancements, the development of cost-effective and energy-efficient tools is expected to positively influence the market in the future. However, the unstable economic condition may hinder market growth and development in the upcoming years.
Based on mode, the power tools market is segmented into electric, pneumatic, and others. The electric segment is further sub-segmented into cord and cordless. By tool type, the market is categorized into drilling and fastening, sawing, demolition, and material removal. By application, the market is segmented into construction, automotive, aerospace, DIY, and others.
By region, Europe held an extensive revenue share of the global power tools market in 2018 and is expected to dominate the global market in the upcoming years. This can be attributed to the growing DIY activities in the residential sector for renovation purposes, which has led to the increasing demand for power tools, and the rising demand for cordless electric power tools. The North American region is expected to provide significant opportunities in the global power tools market over the estimated timeframe, owing to the growing infrastructural developments and its activities in the non-residential and commercial sector and the technological advancements and innovations related to power tools.
Some key players of the global power tools market are Robert Bosch, Stanley Black & Decker, Techtronic Industries, Makita, Hilti, Atlas Copco, Apex Tool Group, Ingersoll-Rand, hGears, and C. & E. Fein, among others.
Prominent use of the power tools in wind turbines to reduce maintenance costs & construction charges will prompt the market surge over the ensuing years. In addition to this, increase in the utilization of electric power tools and production of energy efficient power systems have culminated into huge market demand in the recent years. Moreover, high labor charges in the emerging economies have forced the firms in the manufacturing industry to optimize the use of power tools for increasing the proficiency of the business operations as well as enhance the productivity of material handing instruments. This, in turn, will help the power tools market flourish over the coming decade.
According to the report, the global power tools market was valued at approximately USD 27 billion in 2018 and is expected to generate around USD 36 billion by 2025, at a CAGR of around 4.14% between 2019 and 2025.
Europe is likely to make noteworthy contributions towards overall market revenue. The regional market growth over 2020-2026 can be credited to surge in the DIY activities in the residential & commercial sectors. Apparently, the escalating use of cordless electric power systems in the countries like Germany, France, Russia, Italy, and UK will contribute notably towards the regional market proceeds in the ensuing years. Surge in urbanization and thriving online retailing activities in the region will further pave a way for marked growth of the industry in the continent over the forecasting years.
The key players profiled in the report include Atlas Copco, Hilti, hGears, Robert Bosch, Ingersoll-Rand, Stanley Black & Decker, Techtronic Industries, Makita, Apex Tool Group, and C. & E. Fein.
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