A power tools is
actuated by an additional power source, such as electric, pneumatic, hydraulic,
or gas power source. An electric power tool is the most common power tool that
operates either on battery-operated or requires continuous power. Pneumatic
power tools are driven by compressed air, supplied through air compressors,
while hydraulic power tools operate on hydraulic fluids. Hydraulic power tools are
powered by pressurized liquids and are used in heavy-duty industrial
applications. Power-actuated tools are generally called as direct fastening
tools and operate on explosion created by chemical substances. The power
tools market is projected to grow from USD 29.5 billion in 2020 to USD 36.9
billion by 2025;
Atlas Copco AB
(Sweden), Apex Tool Group, LLC (US), Robert Bosch GmbH (Germany), Hilti
Corporation (Liechtenstein), Makita Corporation (Japan), Ingersoll-Rand plc
(Ireland), Stanley Black & Decker, Inc. (US), Techtronic Industries Co.,
Ltd. (Hong Kong), KOKI Holdings (Japan), and Snap-on Incorporated (US) are
among the major players in the power tools market.
Stanley Black & Decker offers a
diversified range of power tools for residential and industrial applications.
The company has well-balanced product portfolio comprising various brands. The
company focuses on producing battery-powered cordless tools. In line with its
strategy, the company launched several cordless power tools in 2019. The
company dedicatedly works on providing innovative and advanced power tools.
Majority of the company’s power tools are sold to home centers and mass
merchants in the US and Europe. The company adopts product innovations and
acquisitions as key strategies to foster sustainable revenue growth. The
company strongly focuses on new product developments, for instance, in 2019,
the company launched the ATOMIC Compact Series, a part of the 20V MAX* System
products. These products would be available throughout 2019 and 2020.
Techtronic Industries (TTI) has a
diversified product portfolio pertaining to the power tools market. The company
is continuously growing by being on the technology forefront with a cordless
product portfolio. Its technological innovation capabilities in lithium battery
technology, high performance brushless motors, and system electronics helped
achieve higher revenue growth in the Power Equipment, Accessories & Hand
Tools business segment. The Milwaukee brand has strong footprint in North
America and is continuously expanding its presence through the development of
innovative cordless tools. The company plans to invest in Asia at selective
targets, such as South Korea and Malaysia, and Latin America, which are gaining
momentum.
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Robert Bosch has a diversified product portfolio, including
cordless and corded power tools. The company heavily invests in R&D to
offer new innovative products. The company has strong geographic footprint with
manufacturing plants, sales offices, and distributors. The Power Tools division
of the Bosch Group is the market leader for power tools across the world. The
company is continuously expanding its range of cordless tools for professionals
and home improvements/DIY customers. The company has been facing reductions in
the predicted 2020 revenues, due to closures and lockdowns, which have become
mandatory in many countries. The company has been expecting a downfall for many
retailers of power tools and would likely implement strategies such as
partnerships and collaborations to increase sales after lockdown due to
COVID-19.
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