The
overall analysis of the power tools market consists of evaluating various modes of
operations, tool types, applications, and geographic regions. The market based
on mode of operation has been segmented into electric, pneumatic, and other
tools, namely, hydraulic and power-actuated tools. Electric power tools have
been further classified into corded and cordless tools. On the basis of tool
type, the market has been segmented into drilling and fastening tools,
demolition tools, sawing and cutting tools, material removal tools, routing
tools, and others that include measuring and layout tools, laser tools, dust
extractors, glue guns, and heat guns. The market based on application has been
segmented into industrial/professional and residential/DIY applications.
Further, on the basis of industrial application, the market is segmented into
construction, automotive, aerospace, energy, shipbuilding, and other industries
that include mining, oil and gas, and electronics.
The
market is expected to be worth USD 35.58 billion by 2023, growing at a CAGR of
4.6% between 2017 and 2023. The market is mainly led by electric power tools.
The market is highly competitive with the presence of several big and small
market players. Product launches and developments, collaborations, and
acquisitions are some of the major strategies adopted by the players to grow in
the market.
As
of 2016, Robert Bosch (Germany), Stanley Black & Decker (US), Techtronic
Industries (TTI) (Hong Kong), Makita (Japan), and Hilti (Liechtenstein) were
the major players in the power tools market. These companies operate globally
and provide comprehensive products and services. They rely on their R&D
capabilities and product innovations to gain a larger market share.
Robert
Bosch (Germany) has a diversified product portfolio, including cordless and
corded power tools. In 2016, the company introduced a large number of connected
products for tradesmen. Europe is the biggest market for the company, followed
by the APAC region. Bosch Rexroth is Bosch-owned subsidiary that also offers
power tools. It focuses strongly on providing significant benefits of
innovations to customers. Between 2015 and 2017, the company launched several
cordless products for professional as well as DIY users. Bosch is focusing on
various growth areas such as connectivity and high-performance cordless tools.
The company has developed a range of professional products, especially for
emerging markets, owing to the potential of low-price tools in APAC and Africa.
The company has brought wireless charging technology in the power tool market.
Stanley
Black & Decker (US) offers various power tools under several brands
including Stanley, DeWALT, BLACK+DECKER, Porter Cable, Lista, Vidmar,
Craftsman, PROTO, FACOM, and BOSTITCH. Stanley Engineered Fastening is the
major brand that offers fastening tools, such as cordless and corded
nutrunners. The company offers its all power tools in more than 30 countries
worldwide. The company is dedicatedly working on providing innovative and
advanced power tools. The company has a well-established distribution network
across various regions. The company is focusing more on manufacturing
battery-powered cordless tools. The company launched several cordless tools in
2017. In August 2017, the company opened
a new facility in Towson, US. This new facility creates a collaborative
environment for the company employees to develop and innovate new products and
allows local students and educators to access to state-of-the-art resources to
pursue research on power tools. The purchase of the Craftsman Brand from Sears
Holdings Corporation (US) and the acquisition of Newell Tools helped the
company to gain more effectiveness in the market.
Techtronic
Industries (TTI) is the fastest-growing company in the power tools market. The
company has built a diversified product portfolio that enables it to mitigate
business risks and to respond to challenges and opportunities in the market
effectively. The company has strong brands, such as Milwaukee, AEG, RYOBI,
Empire, STILETTO, and HART, through which the company offers professional power
tools, power tool accessories, and outdoor power tool products. The company
offers power tools for do-it-yourselfer (DIY), professional, and industrial
users. The Milwaukee brand has a strong footprint in North America and is
continuously expanding its presence through the development of innovative
cordless tools. The company has strong global manufacturing footprints with 5
manufacturing plants in the US, along with the 4 R&D centers. In 2016, the
company expanded its production capacity in the US to cater to the increasing
demand for cordless tools.
Other
players in the power tools market include Atlas Copco (Sweden), Apex Tool Group
(US), Ingersoll-Rand (Ireland), Hitachi Koki (Japan), Snap-on (US), C. & E.
Fein (Germany), Emerson Electric (US),
Chevron Group (China), TTS Tooltechnic Systems (Germany), Illinois Tool Works
(US), Positec Group (China), CS Unitec (US), FRIEDRICH DUSS (Germany), Uryu
Seisaku (Japan), Deprag Schulz (Germany), KYOCERA (Japan), AIMCO Global (US),
INTERSKOL (Russia), and FERM (Netherlands).
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