The global power tools market is set to gain traction from the rising development of energy-efficient products equipped with state-of-the-art technologies. In January 2021, for instance, Milwaukee Tool unveiled the fastest cordless rivet tool named M18 FUEL™ ¼” Blind Rivet Tool w/ONE-KEY™. It delivers 3X longer life and is up to 50% faster compared to other power tools. This information is given by Fortune Business Insights™ in a new report, titled, “Power Tools Market, 2021-2028.” As per the report, the power tools market size was USD 25.24 billion in 2020. It is projected to grow from USD 25.52 billion in 2021 to USD 33.05 billion in 2028 at a CAGR of 3.8% in the forecast period.
A List of Renowned Manufacturers of Power Tools Present in This Report:
- Robert Bosch GmbH (Germany)
- Stanley, Black & Decker, Inc. (United States)
- Hilti Corporation (Liechtenstein)
- Atlas Copco Ltd. (Sweden)
- Makita Corporation (Japan)
- Emerson Electric Co. (United States)
- Hitachi Koki Ltd. (Japan)
- Ingersoll Rand. (United States)
- Techtronic Industries Co. Ltd. (Hong Kong)
- Enerpac Tool Group (United States)
- CHERVON (China) Trading Co., Ltd. (China)
- ANDREAS STIHL AG & Co. KG (Germany)
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REPORT COVERAGE-
We follow an
innovative research methodology that includes data triangulation on the basis
of bottom-up and top-down approaches. We conduct extensive primary research to
validate the projected market numbers. The data used to come up with the
forecast for various segments at the country, regional, and global levels is
collected through interviews with multiple reputed stakeholders. We also derive
information from paid databases, industry journals, SEC filings, and other
authentic resources. The report includes several details, such as drivers,
opportunities, challenges, and dynamics of the market for power tools.
DRIVERS & RESTRAINTS-
Increasing Partnerships & Collaborations
among Prominent Companies to Boost Growth
Reputed
manufacturers present across the globe are striving to provide better products
to end-users. To do so, they are constantly adopting the strategy of
partnership and collaborations. It is further enabling them to create novel
products for the construction and manufacturing industries. Triax Technologies,
Inc., for instance, joined hands with Robert Bosch Tool Corporation in May
2018, to co-develop a tracking solution device for aiding construction
companies to track tool and equipment locations. These factors are expected to
propel the power tools market growth in the upcoming years. However, persistent
price fluctuations of raw materials may obstruct the demand for power tools.
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COVID-19 IMPACT-
Fall of Energy & Aerospace Industries
amid COVID-19 Pandemic to Hamper Growth
Wuhan, China
is considered to be the major manufacturing
base for a large number of companies. But, the current COVID-19 pandemic has
caused lockdown measures in the country, thereby halting production activities.
Power tools are extensively adopted by the construction, shipbuilding,
automotive, energy, and aerospace industries. But, a downfall of these sectors
because of the pandemic would hinder growth in the near future.
REGIONAL INSIGHTS-
Asia Pacific to Dominate Stoked by Presence
of Chinese Firms
Regionally,
Asia Pacific held USD 8.78 billion in 2020 in terms of revenue. It is set to
remain in the dominant position throughout the forthcoming years backed by the
increasing presence of various Chinese firms that are aiming to offer unique
power tools at cost-effective pricings. On the other hand, the Middle East and
Africa is expected to grow steadily on account of the surging industrialization
across the oil & gas, power & energy, and construction sectors.
COMPETITIVE LANDSCAPE-
Key Players Focus on Launching
Technologically Advanced Products to Compete with Rivals
The global
market possesses multiple local and international power tool manufacturers.
They are mainly striving to develop advanced tools for a wide range of
end-users. Some of the others are participating in strategic collaborations to
intensify competition. Below are the two latest industry developments:
- February 2020: Makita U.S.A., Inc. introduced its 18 Gauge
2” Brad Nailer (AF506) that features a built-in air duster and enhanced
ergonomics to offer convenient air flow for clearing work surfaces.
- July 2019:
Bosch Tools launched its new GSB18V-535C 18V Hammer Drill/Driver (GSR18V-535C
Drill/Driver) that provides Bluetooth® connectivity for user control. It is a
powerful, compact cordless tool that can be linked to the Bosch Toolbox App for
receiving in-depth tool usage feedback.
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