Power tools are primarily used in manufacturing and construction industry for the purpose of reducing workload and increasing the output. These tools have several types of operation such as drilling, chiseling, sanding and screw driving among others.
Power Tools Market: Key Trends
Power tools consume less time and workforce due to which their use has considerably increased across manufacturing industries globally. The demand for power tools has been primarily robust in emerging economies such as China, Brazil, and India. The rapid industrialization has further bolstered opportunities for power tools sales across these developing nations. Supported by the emerging concept of do-it-yourself (DIY) techniques, demand for power tools is expected to rise at a CAGR of 5.3%. As per Transparency Market Research (TMR), the global power tools market, which stood at US$26.1 bn in 2014, is expected to reach US$38.03 bn by the end of 2021.
Since the use of power tools is considerably high in the construction industry, investment in infrastructural development will subsequently bolster their sales. Despite their rising application across diverse industries, the high maintenance cost of power tools will threaten the market’s growth to an extent.
Opportunities in Asia Pacific Poised to Surge Exponentially
Regionally, producers of power tools have been witnessing rising demand in Asia Pacific and North America. Since the market in North America has already reached maturity, it demonstrates not many prospects for growth. The Asia Pacific market for power tools on the contrary is bustling with opportunities. As per TMR, the region held a dominant share of 34% in the global power tools market in 2014. The infrastructural development currently underway in India and China has been crucial in fuelling demand from the Asia Pacific power tools market.
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TMR estimates the power tools market in Asia Pacific to reach US$13.4 bn by 2021 from a valuation of US$8.8 bn in 2014. If these figures hold true, the Asia Pacific power tools market will exhibit a CAGR of 5.9% from 2015 to 2021. Based on technology, the demand for electric power tools is expected to surge at the highest pace during the forecast period.
Growth witnessed by the market in North America is expected to stagnate in the forthcoming years. Nevertheless, due to the changing lifestyle preference, the demand for electric power tools is projected to rise at a steady pace. The U.S. and Canada will emerge as the primary contributors to the power tools market in North America. The rise in construction applications will, however, secure demand for power tools in the region through the forecast period.
Rising Construction Activities Worldwide to Boost Demand for Power Tools
In terms of application, automobile, aerospace, construction, and electronics constitute the key segments in the power tools market. Of these, the construction industry emerged dominant in the market with a share of over 72% in 2014. The robust infrastructural development witnessed across emerging nations and the likelihood of the infrastructural investment to further increase in these nations have strengthened the market’s overall growth prospects.
Besides this, TMR expects the application of power tools to considerably increase in the automotive industry. Changing lifestyles and the rising disposable incomes across emerging nations have been fuelling demand for automobiles. This in turn creates opportunities for the increased application of power tools in the automotive sector.
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In the aerospace industry, the demand for power tools primarily arises during the manufacturing of airplanes and their repair. The demand power tools in this industry is therefore expected to rise at a steady pace. The electronics industry segment in the power tools market is however expected to gain substantially from the emerging DIY trends. An increasing number of people worldwide are purchasing power tools to fix minor faults in the electronic appliances themselves. This will create considerable sales opportunities for power tools.
Some of the leading companies operating in the market are Robert Bosch GmbH, Stanley Black & Decker Inc., Actuant Corporation, Makita Corporation, Danaher Corporation, Hilti, and others.