The
global power tools market
revenue is expected to grow at a significant
rate due to increased popularity of DIY & household activities, investments
associated to the infrastructural developments, and supported by the rise in
disposable income.The power tools further include different devices such as
handheld machine drills to the hydraulic presses and the pneumatic tools. Power
tools are also used for the wide scale applications as household tasks,
construction, gardening, etc. The power tools industry is registering new inventions
in aspect of tool design, ergonomics, efficiency and productivity, battery
performance, and other connectivity technologies. The manufacturers are also investing
more for the cordless power tools for better positioning in a highly
competitive power tools market.
Some
of the key players operating in the global power tools
market research report include
Robert Bosch Tool Corporation, Hitachi Koki Co., Ltd, Stanley Black &
Decker, Inc., Makita Corporation, Hilti Corporation, Husqvarna, Techtronic
Industries Co. Ltd, Snap on, Festool (TTS), Otto Baier GmbH and many others.
The
cordless power tools include a wide range of battery-powered tools, such as
hammer drills, impact wrenches, and circular saws, nailers and staplers. The
demand for use of mobile, flexible, and compact tools is expected to drive the
market for the cordless tools. The Lithium-ion batteries have also been
replacing the conventional nickel–cadmium (Ni-Cd) and nickel–metal hydride
(Ni-MH) power tools. Development in battery technology has contributed to
increase in adoption of the cordless power tools that can last longer once
charged. The use of power tools, such as assembly tools, precision instruments,
regular maintenance of moving parts. Moreover, the comfort of using delivered
power tools have further made it prevalent for the non-professional users using
it for the household needs. Further, the market has observed increased in adoption
due rise in use of power tools with a multitude of industries for automobile,
construction, energy, aerospace, and others.
The
power tools market is segmented based
on mode of operation, tool type, application, and region. Based on mode of
operation, market is segmented into electric, pneumatic, and others. The
electric power tools dominate the market. Based on type of tool type, market is analyzed
into drills, wrenches, material removal tool, saws, and others. Based on
application, market is segmented into industrial, professional, and household.
Among the applications, the industrial power tools have dominated the owing to
efficiency, accuracy, and perfection by reducing the human errors and enhancing
safety of workforce.
Based
on geography Asia-Pacific dominates power tool market due wide scale increase in
industrialization and urbanization across countries like China, India, and
Southeast Asian countries such as Malaysia and Indonesia. Moreover, increase in
export value and volume of power tools to drive the global power tool market is
also driving the growth of the market. The North American region held second
largest market for the power tools due to increase in manufacturing industries coupled
with well-established distribution network. However, the high labor cost is adding
the concern for the manufacturers in region.
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