Power tools Market Overview:

According to a comprehensive research report by Market Research Future (MRFR), “Power tools Market Research Report, Type, Application and Region - Forecast till 2030” the Market is projected to be worth USD 37 Billion by 2030, registering a CAGR of 5% during the forecast period (2022-2030)

The global power tools market is growing rapidly. The strong market growth attributes to the rising uses of power tools led by the proliferation of DIY trends and rapid industrialization worldwide. Besides, continually increasing population, rapid urbanization across emerging regions, and economic growth worldwide foster power tools market size, driving the construction sector.

Power tools are used in building & construction, carpentry, automotive, manufacturing, and other industries. With the broader range of new and innovative stocked standards available in the market, the power tools industry is projected to gain significant accruals in the years to come.

The market appears highly competitive and fragmented due to the strong presence of well-established industry players. Global players are increasingly facing fierce competition from each other and local firms, who are growing aware of the industry's regulations and suppliers. Therefore, eminent players seek opportunities to integrate across the extended value chain while focusing on expanding their production facilities, R&D investments, and M&A activities to gain a larger impetus.

For instance, recently, on Dec. 14, 2020, Bosch Power Tools India announced that its Chennai-based manufacturing plant has crossed the one-crore unit production milestone. The company had set up the facility in mid-2015, which currently manufactures over 60 power tools, serving the construction, woodworking, and metalworking industry. The wide range of products from the plant has been instrumental in driving growth for the company's rise in the country.

Competitive Analysis

List of the Key Companies Profiled in the Power tools Market Research Report are –

• Hitachi Koki Co.Ltd
• Robert Bosch Tool Corporation
• Stanley Black & Decker Inc.
• Hilti Corporation
• Makita Corporation
• Husqvarna
• Snap on
• Techtronic Industries Co. Ltd
• Otto Baier GmbH
• Festool (TTS)

Growing Manufacturing Sectors Worldwide is a Major Driving Force

The power tools market outlook looks extremely promising. Increasing adoption of power tools across industries worldwide led by the global industrial sector growth and unavailability of cost-competitive and skilled workforces create significant market demand. Moreover, the increasing demand from the industrial and professional segments drives the power tools market growth.

Price Volatility and the Demand-Supply Gap in Raw Materials Restrain Market Growth

The power tools industry faces significant challenges, such as fluctuating prices and shortages of raw material supply required for production. Steel and aluminum are the raw material predominantly used in the manufacturing of power tools. Among these, steel is expensive as compared to any other metal. Raw material prices depend on its availability with the manufacturers, typically ranging from one year to multi-years.

Segmentation

The global power tools market is segmented based on type, application, and region. The type segment is further sub-segmented into electric power tools, engine-driven power tools, pneumatic power tools, hydraulic power tools, and others. Among these types, the engine-driven power tool is the largest segment projected to remain dominant throughout the review period.

The application segment is further sub-segmented into industrial, professional, and household. The industrial segment comprises verticals such as automotive, construction, electronics, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and others.

Regional Analysis

The Asia Pacific region has always been the market leader and could continue maintaining its leading position throughout the assessment period. Heightened demand for power tools and growth opportunities presented by residential and commercial sectors position the APAC region among the strongest contenders in the global market. Besides, the rapid increase in industrialization and urbanization in various APAC countries, such as China, India, Malaysia, and Indonesia, boosts market growth.

Moreover, the rise in export value and volume of power tools to the global market drives the growth of the APAC power tools market. Furthermore, the significant increase in online sales of power tools and the expansion of many leading global power tools manufacturers in the APAC region boost market size. China, Japan, South Korea, and India, backed by favorable government policies supporting the Foreign Direct Investments (FDI), account for considerable shares in the regional market.

Segmentation of Market covered in the research:

Information By Type (Engine-driven Power Tools, Electric Power Tools, Pneumatic Power Tools, Hydraulic Power Tools and others), By Application (Industrial, Professional and Household) and Region (North America, Europe, Asia-Pacific, and Rest of the World)

Browse an In-depth Market Research Report (111 pages) on Power tools

https://www.marketresearchfuture.com/reports/power-tools-market-3571 

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