The
global power
tools market is projected to reach USD 41.7 billion by 2024
from USD 31.8 billion in 2019, at a CAGR of 5.5% during the forecast
period.
The
power tools industry is witnessing innovations in every aspect of tool design,
ergonomics, efficiency and productivity, battery performance, and other
connectivity technologies. Manufacturers are investing more in cordless power
tools to better position themselves in a highly competitive power tools market.
The
power tools market for material removal tools to grow at a significant rate
from 2019 to 2024.
Material
removal tools such as grinders are used for abrasive cutting, grinding, and
polishing applications. They are mostly used in metal fabrication shops,
automotive worksites, and construction sites. Other material removal tools,
such as belt sanders, delta sanders, and orbital sanders, are used in
industrial and residential applications. Rising demand for material removal
tools in industries such as automotive, motor vehicle, and aerospace is driving
the growth of the power tools market.
The
Power Tools market for electric-powered equipment to grow at a higher CAGR from
2019 to 2024.
Increasing
demand for cordless electric power tools is driving market growth. Power tool
manufacturers are focusing on producing cordless tools by launching cordless
versions of electric power tools types. The growth of electric power tools is
fueled by innovations in lithium-ion battery technology. The energy density of
lithium-ion is typically twice than that of the standard nickel–cadmium. In
addition, self-discharge in a lithium-ion battery is less than half when
compared with nickel–cadmium when the tool is not in use.
Residential/DIY
applications are likely to exhibit the highest growth in the power tools market
during the forecast period.
One
of the biggest trends in the power tools market is the growing
trend of DIY culture. All advances in power tools have made easier for DIY
enthusiasts to use power tools. This, along with the drop in the availability
of professionals working on household jobs, and the availability of ergonomic,
user-friendly power tools have stimulated growth in the do-it-yourself (DIY)
market. Electric power tools are mostly used by DIY consumers for residential
refurbishment and improvement projects.
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Remodeling
and renovation projects are growing at a faster rate than new construction
projects. This is especially true in residential projects wherein there is
heightened interest in remodeling and refurbishing existing homes rather than
purchasing new ones among consumers. Therefore, the use of power tools by DIY
enthusiasts for remodeling and renovation projects is driving the demand for
power tools, especially in developed countries.
Power
Tools Market in APAC to grow at fastest CAGR during forecast period”
APAC is the emerging market for power tools.
The market in this region is expected to grow at the fastest rate during the
forecast period. Rising urbanization, growing manufacturing industry, and
increasing automotive sales in this region are the key factors fueling the
growth of the market in APAC. China and India are the major countries in
APAC that are witnessing significant growth in GDP. According to the
Organization for Economic Cooperation and Development, India’s GDP growth will
hover near 7.5% by 2020 compared with 7.25% in 2019.
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