According
to the new market research report "Power Tools Market by Mode (Electric (Corded &
Cordless), Pneumatic), Tool Type (Drilling & Fastening, Sawing, Demolition,
Material Removal), Application (Industrial (Construction, Automotive,
Aerospace, Energy), DIY) - Global Forecast to 2024", The power tools market is estimated to
reach USD 41.7 billion by 2024 from USD 31.8 billion in 2019, at a CAGR of
5.5%.
Growing
adoption of cordless power tools, increasing sales of commercial vehicles,
rising demand for fastening tools in industrial environments, and growing
construction industry in emerging economies are the key factors driving the
growth of the power tools market. However, the high maintenance cost of power
tools and fluctuations in raw material prices may hamper the growth of the
market. The power tools market offers several opportunities for manufacturers
to focus smart connectivity for power tools. The power tools manufacturers are
facing challenges in designing ergonomic and lightweight power tools.
“Drilling and fastening tools to lead
power tools market from 2019 to 2024”
Currently,
drilling and fastening tools hold the largest market share among all other tool
types in the power tools market, and a similar trend is likely to continue
during the forecast period. Drills or impact drills are used for drilling and
screw driving applications. Electric drilling and fastening tools are used by
professionals and DIY consumers, while most pneumatic drilling and fastening
tools are used in industrial environments such as automotive and aerospace
manufacturing plants.
“Market for electric power tools to grow
at fastest CAGR from 2019 to 2024”
Electric
power tools are operated either through battery, based on application, or
through corded power supply. Corded electric tools are plug-n-play tools,
whereas cordless tools are easy to operate, efficient, and handy in nature. Due
to their ergonomic advantages, end users prefer cordless tools over
conventional tools. The European Union has already banned the use of
nickel–cadmium (Ni-Cd) for power tool batteries due to the toxic properties of
cadmium. Majority of manufacturers are focusing more on launching cordless
tools powered by lithium-ion batteries. As a result, the demand for cordless
electric power tools with lithium-ion batteries is likely to increase during
the forecast period.
“Industrial application to hold largest
market for power tools from 2019 to 2024”
Power
tools are used in several industries, such as construction, automotive,
aerospace, energy, and shipbuilding. The construction industry is at the
leading position in the power tools market as these tools are used in a
majority of construction projects. Automotive and energy industries are likely
to have high growth opportunities in the near future owing to rising commercial
vehicle sales and increasing installation of renewable power plants across the
world. Fastening power tools have major applications in automotive, aerospace,
and energy industries. Moreover, material removal tools are also used for
polishing and finishing work in the automotive industry.
“North America to be largest market for
power tools during forecast period”
North
America is expected to dominate the global power tools market during the
forecast period. In North America, power tools are extensively used for both
industrial and residential/DIY applications. The DIY trend is already prevalent
among consumers in this region and is likely to continue to drive the demand
for power tools, especially for cordless tools. The US is expected to hold the
largest share of the North American power tools market. Manufacturing companies
based in the US are expected to drive the demand for power tools. The
construction industry is expected to witness significant demand in the near
future, which will drive the demand for power tools.
Major
players in the power tools market are Stanley Black & Decker (US),
Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation
(Japan), Hilti Corporation (Liechtenstein), Atlas Copco (Sweden), Apex Tool
Group (US), Ingersoll-Rand (Ireland), KOKI Holdings (Japan), and Snap-on
Incorporated (US).
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