According to the new
market research report "Power Tools Market with COVID-19 impact Analysis by Mode
(Electric (Corded & Cordless), Pneumatic), Tool Type (Drilling &
Fastening, Sawing, Demolition, Material Removal), Application (Industrial
(Construction, Automotive, Aerospace, Energy), DIY) - Global Forecast to
2025", the power tools market is projected to grow from USD 29.5 billion in 2020
to USD 36.9 billion by 2025; it is expected to grow at a CAGR of 4.6% from 2020
to 2025. The key factors fueling the growth of the market growing adoption of
cordless power tools, 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. The power tools market offers
several opportunities for manufacturers to focus smart connectivity for power
tools.
“Drilling and fastening tools to lead power
tools market during forecasted period”
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. However, several industrial units across the world have suspended their
operations owing to the outbreak of the COVID-19. This is expected to create a
temporary slag in the growth of the power tools market in 2020.
“Market for electric power tools to grow at
fastest CAGR from 2020 to 2025”
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 larger market
share for power tools in 2020”
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.
Energy sector is likely to have high growth opportunities in the near future
owing to increasing installation of renewable power plants across the world.
Fastening power tools have major applications in automotive, aerospace, and
energy industries. However, during the period of economic depression due to
COVID-19 pandemic, the difficulties that power tool manufacturers and their
customers face in accessing credits strongly affect the sector as credits are
critical for investments.
“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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