Global Power Tools Market
Global Power Tools Market was valued at USD30.25 billion in 2019 which is expected to reach USD 45.12 billion by 2030 at a CAGR 4.88%.
The power tool is equipment which actuated by additional power source like electric motor, compressed air, and IC engines. These tools are used for various applications in shipbuilding, construction, automotive industry, and energy. Also, power tools have commercial as well as industrial application like cutting, shaping, sanding, drilling, routing, painting, polishing, and heating etc. Power tools are available in various forms such as Demolition Tools, Routing Tools, Material Removal Tools, Sawing and Cutting Tools, and Drilling and Fastening/Driving Tools.
Market Drivers
Drivers: Increasing Focus On Manufacturing Smart Power Tools with Wireless Connectivity
Information technology is revolutionizing products. Once it composed solely of mechanical and electrical parts, products have become complex systems that combine hardware, sensors, data storage, microprocessors, software, and connectivity in myriad ways. These smart and connected products made possible by vast improvements in processing power and device miniaturization and by the network benefits of ubiquitous wireless connectivity.
The power tools industry is witnessing innovations in every aspect of tool design, ergonomics, efficiency and productivity, battery performance, and other connectivity technologies. Manufacturers are investing more in cordless power tools to better position themselves in a highly competitive market. For instance, as a leading user of Industry 4.0 Bosch is also using connected solutions at its manufacturing plants to increase efficiency, e.g. Juarez and Toluca. The company also offers a wide spectrum of solutions in the areas of drive and automation technology as well as sensors and software for the manufacturing industry.
Electric tools account for the vast majority of total power tool sales, a reflection of their ease of use compared to other power tool types. Wireless power tools will post the most robust growth as steady improvements in power tool industry. Smart, connected products offer exponentially expanding opportunities for new functionality, far greater reliability, much higher product utilization, and capabilities that cut across and transcend traditional product boundaries. The changing nature of products is also disrupting value chains, forcing companies to rethink and retool nearly everything they do internally.
Increase in adoption of DIY techniques and investments in infrastructural developments which are expected to boost the global power tools industry. Also, increase in disposable income of people will have the positive impact on global power tools market growth. Furthermore, continuous progressions in the power tools industry by key competitors which are expected to propel the growth of power tools industry. For instance, in February 2019, Global Cents had launched next generation of power tools for OpenText. OpenText suite platform allows customer digitally sigh documents by using industry standard services like DocuSign.
Restraints: Manufacturing Lightweight and Ergonomic Power Tools
These advances in tools also have created new challenges involving the complex interactions between users and their tools. Improper hand tool selection has been known to result in injuries, variable quality of work and decreased efficiency and productivity.
Using the wrong tool or using the right tool incorrectly can cause work-related musculoskeletal disorders (WMSDs). WMSDs are injuries of the muscles, tendons, joints and nerves that usually manifest over a period of time and can affect a variety of body parts. Risk factors associated with the use of hand tools that can increase the risk of WMSDs are awkward wrist and hand postures, static muscle loading, mechanical stress, vibration, noise, torque, temperature and pinch points. Eliminate or at least minimize exposure to these risk factors helps reduce the risk of WMSDs for the worker.
Ergonomic power tools offer better regulation advantages, especially in household and industrial End Users. This general increase in DIY activities and assemble production processes at industrial level, has greatly broadened the market for power tools and resulted in expanded offerings for them. For this reason, there is a growing trend towards more supportive power tools.
Nowadays they widely differ in type, size and performance. The very recent ones in the market have ditched the old lead batteries and have come up with long-lasting lithium-ion batteries, amplified charger, dual battery support, light-weight and easy to grip designs like pistol drill grip, hammer drill grip and much more for added support.
For these reasons, manufacturing ergonomic power tools has received considerable attention in the past few years. Ergonomic design can help optimize human performance by ensuring that the hand tools support the task needs as well as the human capacity. Specifically, ergonomic design guidelines have been developed that ensure job demands do not exceed human capabilities.
However, high maintenance cost and raw material price fluctuations are the restraining factors which are expected to hamper the global power tools market growth.
Industrial segment accounts largest share
As economic conditions continue to improve worldwide, the demand for machines increasing from various sectors such as aerospace, food and beverages, energy, packaging, materials handling, and automotive. The industrial segment is undergoing significant changes as developing countries drive growth and expand their operations.
Increasing global competition requires industrial machinery companies to continuously innovate and optimize their products. Power tools meets the demanding nature of industrial machinery manufacturers by streamlining the design-to-fabrication process under one roof.
Market Segmentation
Global Power Tools Market is segmented into tool such as Demolition Tools, Routing Tools, Material Removal Tools, Sawing and Cutting Tools, Drilling and Fastening/Driving Tools, and Others, by mode of operation such as Electric, Pneumatic, and Others. Further, Global Power Tools Market is segmented into application such as Residential, and Industrial/Professional.
Also, Global Power Tools Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as KOKI Holdings, Snap-On, Ingersoll-Rand, Atlas Copco, Hilti, Makita, Techtronic Industries (TTI), Bosch, and Stanley Black & Decker.
Global Power Tools Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Power Tools Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Power Tools Market, By Tool
5.1 Y-o-Y Growth Comparison, By Tool
5.2 Global Power Tools Market Share Analysis, By Tool
5.3 Global Power Tools Market Size and Forecast, By Tool
5.3.1 Demolition Tools
5.3.2Routing Tools
5.3.3Material Removal Tools
5.3.4Sawing and Cutting Tools
5.3.5Drilling and Fastening/Driving Tools
5.3.6Others
6 Global Power Tools Market, By Mode of Operation
6.1 Y-o-Y Growth Comparison, By Mode of Operation
6.2 Global Power Tools Market Share Analysis, By Mode of Operation
6.3 Global Power Tools Market Size and Forecast, By Mode of Operation
6.3.1 Electric
6.3.2 Pneumatic
6.3.3Others
7 Global Power Tools Market, By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Power Tools Market Share Analysis, By Application
7.3 Global Power Tools Market Size and Forecast, By Application
7.3.1 Residential
7.3.2 Industrial/Professional
8 Global Power Tools Market, By Region
8.1 Global Power Tools Market Share Analysis, By Region
8.2 Global Power Tools Market Share Analysis, By Region
8.3 Global Power Tools Market Size and Forecast, By Region
9 North America Power Tools Market Analysis and Forecast (2017 – 2030)
9.1 Introduction
9.2 North America Power Tools Market Share Analysis, By Tool
9.3 North America Power Tools Market Size and Forecast, By Mode of Operation
9.4 North America Power Tools Market Size and Forecast, By Application
9.5 North America Power Tools Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Power Tools Market Analysis and Forecast (2017 – 2030)
10.1 Introduction
10.2 Europe Power Tools Market Share Analysis, By Tool
10.3 Europe Power Tools Market Size and Forecast, By Mode of Operation
10.4 Europe Power Tools Market Size and Forecast, By Application
10.5 Europe Power Tools Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4. Rest of Europe
11 Asia Pacific Power Tools Market Analysis and Forecast (2017 – 2030)
11.1 Introduction
11.2 Asia Pacific Power Tools Market Share Analysis, By Tool
11.3 Asia Pacific Power Tools Market Size and Forecast, By Mode of Operation
11.4 Asia Pacific Power Tools Market Size and Forecast, By Application
11.5 Asia Pacific Power Tools Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Power Tools Market Analysis and Forecast (2017 – 2030)
12.1 Introduction
12.2 Latin America Power Tools Market Share Analysis, By Tool
12.3 Latin America Power Tools Market Size and Forecast, By Mode of Operation
12.4 Latin America Power Tools Market Size and Forecast, By Application
12.5 Latin America Power Tools Market Size and Forecast, Country
13 Middle East Power Tools Market Analysis and Forecast (2017 – 2030)
13.1 Introduction
13.2 Middle East Power Tools Market Share Analysis, By Tool
13.3 Middle East Power Tools Market Size and Forecast, By Mode of Operation
13.4 Middle East Power Tools Market Size and Forecast, By Application
13.5 Middle East Power Tools Market Size and Forecast, By Country
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 KOKI Holdings
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Snap-On
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Ingersoll-Rand
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Atlas Copco
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Hilti
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Makita
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Techtronic Industries (TTI)
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Bosch
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Stanley Black & Decker
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
