Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) -- The Global Power Tools Market is set to gain traction from the rising development of energy-efficient products equipped with state-of-the-art technologies. In January 2021, for instance, Milwaukee Tool unveiled the fastest cordless rivet tool named M18 FUEL™ ¼” Blind Rivet Tool w/ONE-KEY™. It delivers 3X longer life and is up to 50% faster compared to other Power Tools. This information is given by Fortune Business Insights™ in a new report, titled, “Power Tools Market, 2021-2028.” As per the report, the market size was USD 25.24 billion in 2020. It is projected to grow from USD 25.52 billion in 2021 to USD 33.05 billion in 2028 at a CAGR of 3.8% in the forecast period.
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Fall of Energy & Aerospace Industries amid COVID-19 Pandemic to Hamper Growth
Wuhan, China is considered to be the major manufacturing base for a large number of companies. But, the current COVID-19 pandemic has caused lockdown measures in the country, thereby halting production activities. Power Tools are extensively adopted by the construction, shipbuilding, automotive, energy, and aerospace industries. But, a downfall of these sectors because of the pandemic would hinder growth in the near future.
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Electric Segment Earned 59.4% Share in 2019
The market is categorized into the mode of operation, tool type, application, and region. By tool type, it is segregated into drilling & fastening tools, material removal tools, sawing and cutting tools, demolition tools, and others. Based on application, it is divided into industrial and DIY. Lastly, based on the mode of operation, it is fragmented into pneumatic, electric, and others. Amongst these, the electric segment generated 59.4% in terms of the Power Tools market share in 2020. This growth is attributable to the ability of electric Power Tools to revolutionize the work culture of various industries.
We follow an innovative research methodology that includes data triangulation on the basis of bottom-up and top-down approaches. We conduct extensive primary research to validate the projected market numbers. The data used to come up with the forecast for various segments at the country, regional, and global levels are collected through interviews with multiple reputed stakeholders. We also derive information from paid databases, industry journals, SEC filings, and other authentic resources. The report includes several details, such as drivers, opportunities, challenges, and dynamics of this market.
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Drivers & Restraints-
Increasing Partnerships & Collaborations among Prominent Companies to Boost Growth
Reputed manufacturers present across the globe are striving to provide better products to end-users. To do so, they are constantly adapting the strategy of partnership and collaborations. It is further enabling them to create novel products for the construction and manufacturing industries. Triax Technologies, Inc., for instance, joined hands with Robert Bosch Tool Corporation in May 2018, to co-develop a tracking solution device for aiding construction companies to track tool and equipment locations. These factors are expected to propel the Power Tools market growth in the upcoming years. However, persistent price fluctuations of raw materials may obstruct the demand for these tools.
The Asia Pacific to Dominate Stoked by Presence of Chinese Firms
Regionally, Asia Pacific held USD 8.78 billion in 2020 in terms of revenue. It is set to remain in the dominant position throughout the forthcoming years backed by the increasing presence of various Chinese firms that are aiming to offer unique Power Tools at cost-effective prices. On the other hand, the Middle East and Africa is expected to grow steadily on account of the surging industrialization across the oil & gas, power & energy, and construction sectors.
Key Players Focus on Launching Technologically Advanced Products to Compete with Rivals
The global market possesses multiple local and international power tool manufacturers. They are mainly striving to develop advanced tools for a wide range of end-users. Some of the others are participating in strategic collaborations to intensify competition. Below are the two latest industry developments:
- February 2020: Makita U.S.A., Inc. introduced its 18 Gauge 2” Brad Nailer (AF506) that features a built-in air duster and enhanced ergonomics to offer convenient airflow for clearing work surfaces.
- July 2019: Bosch Tools launched its new GSB18V-535C 18V Hammer Drill/Driver (GSR18V-535C Drill/Driver) that provides Bluetooth® connectivity for user control. It is a powerful, compact cordless tool that can be linked to the Bosch Toolbox App for receiving in-depth tool usage feedback.
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A list of renowned Power Tools manufacturers operating in the global market:
- Robert Bosch GmbH (Germany)
- Stanley, Black & Decker, Inc. (United States)
- Hilti Corporation (Liechtenstein)
- Atlas Copco Ltd. (Sweden)
- Makita Corporation (Japan)
- Emerson Electric Co. (United States)
- Hitachi Koki Ltd. (Japan)
- Ingersoll Rand. (United States)
- Techtronic Industries Co. Ltd. (Hong Kong)
- Enerpac Tool Group (United States)
- CHEVRON (China) Trading Co., Ltd. (China)
- ANDREAS STIHL AG & Co. KG (Germany)
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Table Of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Impact Analysis of COVID 19
- Global Power Tools Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Mode of Operation (Value)
- Others (Hydraulic, etc.)
- Market Sizing Estimations and Forecasts – By Tool Type (Value)
- Drilling & Fastening Tools
- Material Removal Tools
- Sawing and Cutting tools
- Demolition Tools
- Others (Routing Tools etc.)
- Market Sizing Estimations and Forecasts – By Application (Value)
- Market Analysis, Insights, and Forecast – By Region (Value)
- North America
- Asia Pacific
- The Middle East and Africa
- Latin America
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