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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