Power Tools Market Size, Global Growth Drivers, Opportunities

 The global power tools market size is projected to reach USD 65.5 billion by 2027 growing at a CAGR of 8.9% during forecast. Power tools are highly adopted by industries such as construction, aerospace, automotive, shipbuilding, and energy. Homeowners also utilize them for various residential applications. Power tools manufacturers design, manufacture, and sell a wide variety of power tools in the market that are made of the highest quality materials. Growing construction activities in emerging economies, high demand for power tools in the automotive industry, and the rising adoption of battery power tools globally are driving the power tools market.

DRIVER: Growing construction industry in emerging economies

Rising construction activities across the world result in the growth of the construction industry. Factors such as the rising population in both developed and developing countries, rapid urbanization, and the increasing number of residential and commercial construction projects are fueling the need for advanced infrastructural development. Infrastructural development projects include projects dealing with the development of roads, railways, airports, energy, utilities, and commercial and residential buildings. A wide range of power tools such as cordless drills, demolition jackhammers, circular saws, jigsaws, and reciprocation saws are widely used at construction sites, as it requires specialized and powerful tools for drilling, demolition of stones or concrete bricks, cutting wooden pieces, fastening screws, which can be used for both industrial and residential construction projects.

RESTRAINT: Fluctuations in raw material prices

The manufacturing of power tools requires resin and ferrous and non-ferrous metals such as steel, zinc, copper, brass, aluminum, and nickel. These tools also require other components such as batteries, motors, brushes, belts, power cords, and other electronic components. The rising variation in the cost of materials, component parts, or finished goods could result in manufacturing interruptions, delays, inefficiencies, or an inability to market products. The highly varying raw material costs also lead to ineffective price management and fluctuations in profit margins. These instabilities in raw material prices also result in the increased price of power tools and affect the sales of power tools, thereby restraining the growth of the power tools market.

OPPORTUNITY: Growing demand for power tools for household applications

Consumers prefer manual working or hand tools in residential applications such as repairing furniture, fittings, or cutting in plumbing and electrification and residential construction projects. The residential applications carried out by the households themselves are known as Do-it-yourself (DIY) applications. However, using hand tools requires much energy and is time-consuming. Power tools are gaining traction among residential users to repair furniture and remodel and refurbish existing homes. These tools are efficient, quick, and easy to cut, drill, and fasten. These tools help easily complete time-consuming residential construction and repair tasks without causing any disruptions. Electric cordless power tools are highly adopted by residential users owing to the rising demand for flexible, portable, and compact tools. These household power tools include hammer, cordless drills, jigsaws, sanders, cutters, electric screwdrivers, etc.

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CHALLENGE: Designing ergonomic and lightweight power tools

Currently, power tool manufacturing companies are facing the challenge of designing tools to fit operators’ needs. Misuse of electrically powered portable tools can cause many fatal and painful injuries. Presently, customers are looking for tools that offer desired performance, along with a conformable ergonomic design. Ergonomically designed tools reduce fatigue and physical stress and increase user performance. Such tools also prevent and reduce the health problems associated with or caused by using specific power tools. Ergonomically designed power tools provide better comfort and control to the operator, allowing the work to be completed with ease and less fatigue. Besides, features such as vibration reduction and non-slip grips, balancing tools for heavier machines, lightweight housings, and extra handles help enhance user comfort and efficiency while using the power tools. With the development of cordless tools, the addition of battery elements in power tools has increased the tool's weight. Therefore, the ergonomic and lightweight design of the tool is an important concern for tool manufacturers. To overcome these design-related challenges, manufacturers need to focus more on the ergonomic design and comfort of a user than on the capacity and battery run time of a power tool.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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Power Tools Industry worth $65.5 billion by 2027

 The report "Power Tools Market by Product (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools), Mode of Operation (Electric, Pneumatic), Application and Region - Global Forecast to 2027" The global power tools market size is estimated to be USD 42.8 billion in 2022 and is projected to reach USD 65.5 billion by 2027 at a CAGR of 8.9%. The growth of the market can be attributed to the growing construction industry in emerging economies, the high demand for power tools in the automotive industry, the rising adoption of battery-powered power tools globally, and the surging demand for electric fastening tools in industrial environments.

Drilling and Fastening Tools to grow at the highest CAGR during review period

Drilling and fastening tools are to grow at the highest CAGR among all tool types of power tools during the forecast period. This segment includes a detailed description of all major drilling and fastening tools, such as drills, impact drivers, impact wrenches, screwdrivers, and nutrunners. Drilling and fastening tools are expected to continue dominating the power tools market due to their extensive use in industrial and residential applications. A few driving factors for the power tools market growth include the rising demand for electric power tools in industrial environments, significant growth in the adoption of battery-powered power tools and increasing construction activities in emerging economies.

Electric power tools to grow at highest CAGR during forecast period

Electric power tools will likely grow at the highest CAGR in the forecast period. Professional and DIY users primarily use electric power tools. Depending on the application, they are operated either through a battery or a corded power supply. Corded power tools are completely reliant on electricity for their energy source. An electric power tool is a portable power tool driven by an electric motor, which is widely used for machining materials, for instance, metalworking and woodworking. The most widely used electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers.

Residential/DIY Application to grow at the higher CAGR in forecast period

The Residential application is growing at the higher growth rate during the forecast period. Rising adoption of cordless power tools from homeowners is driving market growth. Mostly, electric power tools are used by DIY consumers for residential refurbishment and improvement projects. DIY users prefer small and lighter power tools while doing ordinary trades. Thus, there is a growing tendency for preferring small, ergonomic tools that are more powerful than traditional tools. This has led to a significant increase in demand for smaller and lighter power tools.

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Asia Pacific to be the fastest-growing market during forecast period

The regional market is likely to grow at the highest rate during the forecast period, attributed to the increasing demand for power tools in major countries such as China and Japan. Also, with the growing automotive industry and manufacturing sector, Asia Pacific has become one of the major regions to adopt power tools. Besides, the countries, such as China, Japan, and India, in the region, have one of the world’s largest construction markets. Countries are investing heavily in infrastructure development and urban area planning, which is consequently driving the demand for power tools. The rapid increase in population has increased the demand for residential houses and commercial facilities. The increasing urbanization and the development of smart cities are expected to support the growth of the power tools market for the construction industry.

Major companies operating in the power tools market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co., Ltd. (Hongkong), Makita Corporation (Japan), Atlas Copco AB (Sweden), Ingersoll Rand (US), Snap-on Incorporated (US), and Apex Tool Group, LLC (US), among others.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Hardware Encryption Industry worth $357 million by 2027

 The report "Hardware Encryption Market by Product Type (External HDD, Internal HDD, SSD, Inline Network Encryptor, USB Flash Drive), Application (Consumer Electronics, Aerospace & Defense, Transportation, Healthcare) and Region – Forecast to 2027" The global hardware encryption market is projected to grow from USD 271 million in 2021 to USD 357 million by 2027, at a CAGR of 4.8% during the forecast period from 2022 to 2027.Extensive acceptance of cloud computing, and substantial development and growth of IoT in various industries create opportunities whereas increasing apprehension over data security and confidentiality, compliance with data privacy security regulations and standards, and development of digital content are the key drivers.

External Hard Disk Drive is expected to hold the second-largest share of the market during the forecast period

External Hard Disk Drive holds the second-largest market share and is expected to retain its position as second-largest during the forecast period from 2022-2027. Post-pandemic, companies worldwide have switched to a hybrid model of working, which includes both working from home and the office to ensure employees’ health and safety. This has led to employees working remotely and from their office desks both. As a large volume of data, which is generated from remotely operated machines, requires to be managed in leading IT companies, the adoption of external hard disk drives has increased and is expected to increase more in the future considering their portability, high storage capacity, reduced price, and security features.

Transportation application in Asia Pacific dominated the market in 2021

Transportation application in Asia Pacific dominated the market and accounted for ~58% in 2021, considering the presence of automotive companies with massive production plants in the region, such as Maruti Suzuki India Limited (India), Toyota Motor Corporation (Japan), Hyundai Motor Company (South Korea), and others. The embodied encrypted products are connected during the manufacturing stage, which makes them of utmost importance in manufacturing companies. With the increase in the adoption of IoT-enabled products in automobiles, the demand for hardware encryption has increased. In addition to these direct applications in the transportation sector, hardware encryption is also used for securing computing devices, which contain confidential data such as sales data, payment card details for intelligent parking and automated toll collection, passengers details, and others.

China in Asia Pacific accounts for largest market share of hardware encryption market during forecast period

China in Asia Pacific holds the largest market share and is expected to retain its position as the largest during the forecast period from 2022 to 2027. China is one of the leading countries in the adoption of encryption solutions. The country is increasingly investing in encryption solutions to combat data breach scams, which are on the rise. Many enterprises are moving toward digital transformation and becoming more customer centric. Owing to these factors, hardware encryption is being adopted rapidly.

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With the emergence of the country as a global manufacturing hub, the demand and consumption of hardware-encrypted devices are expected to increase in China during the forecast period. It is one of the largest automobile manufacturers in the world, as well as a leading producer of consumer electronics such as smartphones and tablets. Both these automotive and consumer electronics industries use hardware encryption-enabled products and solutions. However, the market in China is influenced by several cultural and social factors, with the concept of encryption being looked down on in some parts of the country owing to its cultural preference for transparency. This may hinder the growth of the hardware encryption market in China.

Some of the key companies in the hardware encryption market include Western Digital Technologies, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Micron Technology, Inc. (US), Kingston Technology Corporation (US), Seagate Technology Holdings PLC (US), NetApp, Inc. (US), KIOXIA Holdings Corporation (Japan), Kanguru Solutions (US), Intel Corporation (US), WinMagic Inc. (Canada), Maxim Integrated Products, Inc. (US), Thales e-Security, Inc. (US), McAfee, LLC (US), Broadcom Inc. (US), etc.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook

Sports Technology Industry worth $41.8 billion by 2027

 According to the new market research report "Sports Technology Market by Technology (Devices, Smart Stadiums, Sports Analytics, Esports), by Sport (Soccer, Baseball, Basketball, Ice Hockey, Rugby, Tennis, Cricket), End User (Sports Associations, Clubs, Leagues) and Region - Global Forecast to 2027" The sports technology market is estimated to grow from USD 21.9 billion in 2022 to reach USD 41.8 billion by 2027; it is expected to grow at a CAGR of 13.8% from 2022 to 2027. The growth of the sports technology market can be attributed to increasing focus on delighting and engaging fans at stadiums, growing pressure to improve player and team performance, and surging adoption of esports technology.

The sports technology market for devices is expected to hold largest share in 2023.

The high market share is expected to be driven by the increasing adoption of smartwatches and smart wristbands for tracking the performance of athletes. The sale of smartwatches continued at a higher rate through online retail channels, as many consumers have been using smartwatches to monitor their health and fitness during the lockdown, leading to higher adoption in sports as well. For instance, in July 2022, Garmin launched the world’s first dedicated GPS-running smartwatch with solar charging, the Forerunner 955 Solar, with up to 49 hours of battery life in GPS mode.

The sports technology market for sports athletes is expected to grow at the highest CAGR during the forecast period.

Advancement in sports technology is booming as teams are becoming more concerned about athlete performance and health. Athlete performance technologies, such as wearable devices and sensors, are being used to optimize training, game-day decision-making, and recovery. Companies such as NormaTec, Rapid Reboot, and Air Relax are offering pneumatic recovery units to help athletes enhance blood flow and circulation, improving recovery after a hard workout or big game.

The sports technology market in North America is expected to hold the largest size during the forecast period.

The sports technology market in North America is expected to hold the largest share during the forecast period. The US is the home of many leagues and teams, leading to increased demand for technologically advanced stadiums. For instance, Sofi stadium in the US has over 2,500 Wi-Fi 6 access points which offer faster speeds for immersive-experience applications. Numerous smart stadium vendors have their presence in the US and are leveraging advanced technology to provide a better and more connected stadium for their spectators. For instance, Cisco and Hollywood Park entered a partnership that forms the technology leader as the IT network services partner of SoFi Stadium and Hollywood Park.

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Key players in the sports technology market include IBM (US), Ericsson (Sweden), Cisco (US), Fujitsu (Japan), Huawei (China), Intel (US), SAS Institute (US), SAP (Germany), Oracle (US), NEC Corp.(Japan), Sharp Corp. (Japan), Samsung Electronics (South Korea), Fitbit (US), Apple Inc. (US), Garmin Ltd. (US), Xiaomi Corp. (China) Sony Group Corp. (Japan), Panasonic Corp. (Japan), Modern Times Group (Sweden), Activision Blizzard (US), Tencent Holdings Ltd. (China), Catapult (Australia), and Zebra Technologies (US). Most of the leading companies have adopted partnerships and acquisitions as key strategies to boost their revenues in the sports technology market.

 

 

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.