The Power Tools Market Is Estimated To Witness High Growth Owing To Increasing Infrastructural and Renovation Activities
The power tools market is estimated to be valued at US$ 29995.02 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power tools are equipment that are powered by electricity, gasoline, or compressed air and are used for construction, sawing, drilling, fastening, material removal, and other similar operations. Common power tools include drills, saws, sanders, grinders, routers, and hammers. Power tools offer higher efficiency and productivity over manual tools. They find extensive applications in construction, woodworking, metalworking, and other industrial sectors.
Market Dynamics:
The growth of the power tools market is majorly driven by increasing infrastructural and renovation activities across both residential and non-residential sectors. Rapid urbanization in developing regions is boosting the need for new residential and commercial spaces, thus driving the demand for construction equipment such as power tools. Additionally, the growing repair and maintenance activities in established infrastructures are also contributing to market growth. Furthermore, advancement in power tool technology in terms of efficiency, battery life, ergonomics, and cordless options is further augmenting the demand. Manufacturers are focusing on developing sustainable and environment-friendly power tools using advanced lithium-ion batteries which is also expected to support market growth over the forecast period.
SWOT Analysis
Strength: Power tools market offers various advantages to end-users that drives its demand. Strong brand recognition of leading manufacturers helps them strengthen market position. Power tools provide efficiency and precision during operations in various industries.
Weakness: High initial costs of technologically advanced power tools limits its adoption. Rising raw material prices increases production costs.
Opportunity: Growing construction industry worldwide owing to rapid urbanization provides lucrative opportunities. Rising demand for DIY activities expands consumer market size.
Threats: Availability of cheaper alternatives from local manufacturers poses pricing challenges. Strict emission regulations on petrol powered tools poses threat.
Key Takeaways
Global Power Tools Market Size is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period, due to increasing infrastructure development activities across developing nations. Rising construction of roads, bridges, commercial buildings and homes stimulates the sales of power tools. Additionally, increasing participation in do-it-yourself (DIY) activities among individuals to manage household repair works has augmented the demand for power tools over the years.
Regional analysis: Asia Pacific dominates the power tools market and is expected to continue its dominance, growing at a CAGR of 9.5% during the forecast period. Rapid infrastructure development and industrialization in countries such as China and India provides impetus to market growth in the region. North America and Europe hold significant market shares and projected to grow steadily driven by rising home improvement and maintenance activities.
Key players operating in the 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. Key players are focusing on new product launches to expand their product portfolios. For instance, in 2022, Bosch Power Tools launched its CS5 cordless drill for professional users with capacities of maximum torque of 55 Nm and maximum speed of 2000 rpm.
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