The Global Power Tools Market, By Tool Type (Drilling Solutions, Material Removal, Sawing, Wrenches, and Other Solutions) By Mode of Operation (Electric (Corded and Cordless), Pneumatic) By Application (Industrial and DIY), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 44,697.1 million by 2027, exhibiting a CAGR of 5.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A power tool is a tool that is actuated by an additional power source or mechanism other than human labor. Most common power tools use electric motors, while some use compressed air or internal combustion engines. Power tools are typically used in industry, garden, construction, manufacturing, housework, and repair & maintenance operations. They are used for cutting, shaping, sharpening, routing, driving, drilling, painting, heating, and other activities. Common power tools include a chainsaw, drills, lathes, torque wrench, sanders, grinders, and more.
The global power tools market is estimated to account for US$ 30,000.8 Mn in terms of value in year 2019, and is expected to grow at CAGR of 5.1% for the period 2020-2027.
Growing applications of power tools in a multitude of industries is expected to boost the global power tools market growth over the forecast period
Power tools are highly sophisticated and efficient to use and thus, they are being adopted in a multitude of industries such as energy, automobile, construction, aerospace, and others. These tools are majorly actuated by electricity and thus are highly energy efficient. Furthermore, significant demand for electric fastening tools in industrial environments is expected to boost the sales of power tools. Electric fastening tools play a vital role in the installation of wind turbines. These tools include gearboxes, rotor bearing tools, and bolts. Moreover, these tools are used in maintenance & repairing applications. Thus, these factors are expected to drive growth of the global power tools market during the forecast period.
The advent of connected power tools for Industry 4.0 can present significant growth opportunities in the global power tools market
Industry 4.0 is the digital transformation of manufacturing and production-related industries. With Industry 4.0, business owners can gather and analyze data across machines, allowing faster, more efficient, and more flexible processes to produce greater quality goods at reduced costs. Connected power tools offer valuable insights to factor owners where they can monitor the performance of a tool, via a smartphone app and can also prevent theft. It can also alert the company for timely repair & maintenance operations, which can avert unwarranted breakdowns. Connected power tools can be monitored via a smartphone app or web.
Stringent regulatory compliances are expected to hamper the global power tools market growth over the forecast period
Since power tools are used in a variety of sectors including automobile, construction, and household applications, manufacturers are required to comply with stringent regulations that may differ according to every industry. For instance, domestic and international channels along with end-users demand safety and reliability. Therefore, manufacturers are required to comply with safety regulations. Furthermore, manufacturers are also required to address quality and environmental sustainability issues. Such parameters are challenging to fulfill, which in turn, is expected to hamper the global power tools market growth over the forecast period.
Among regions, Asia Pacific is expected to witness significant growth in the global power tools market during the forecast period. This is owing to the robust growth construction industry and rising infrastructure development activities across the region. Furthermore, rising disposable income is expected to propel the regional market growth over the forecast period.
North America is expected to register a robust growth rate in the global power tools market over the forecast period. This is owing to rising industrial and infrastructure development across the region. Moreover, the large presence of major market players such as Emerson Electric Co. and Apex Tool Group is expected to boost the regional market growth in the near future.
Key players operating in the global power tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation.
Major market players are focused on product launches, in order to expand the product portfolio. For instance, in June 2020, Robert Bosch introduced a new Bosch Power Tools GFA18-H Rotary hammer attachment for Flexiclick.
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