Power Tools Market – Global Industry Analysis Report, 2015 – 2023
Tools that aid in manufacturing products with ease, convenience and efficiency are termed as power tools. Power tools assist in quick and accurate completion of complex operations. Generally, power tools are used in tasks such as cutting, grinding, drilling, chiseling, routing, screw-driving, sanding, polishing, buffing, and leveling among others. Power tool offers an operational advantage over non-powered tool as it is more effective with significantly less efforts.
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Tools assisting in accomplishing complex work with great convenience and ease are usually coined under the power tools category. Power tools are driven by electrical and pneumatic power means with the high level of efficiency and effectiveness. Today, in the era of development there is a need of speedy operations that can result in project completion in less time than required. In such situations power tools serve as an appropriate solution for quick operations. Power tools are approved for several tasks such as buffing, polishing, chiseling, planning, routing, screw-driving, drilling, sanding, and leveling. These tools have been adopted in many industries such as aerospace, electrical and electronics, automotive, infrastructure, construction and woodworking including residential sector. Power tool provides an operational advantage over non-powered tool as it is feasible and viable.
The global power tools market is very mature and has grown significantly since its inception. Power tools are used in various industries to manufacture products. Power tools are also available in battery mode, which has further improved its usage and practicality. Power tools have a huge market in North America, Europe and Asia Pacific. Middle East, Latin America and Africa also have a growing market for power tools.
The global power tool market can be segmented on the basis of technology, application and geography. The different types of power tools include electric power tools, pneumatic power tools, engine driven power tools, hydraulic power tools and powder-actuated power tools. Generally, electrical power tools are most commonly used. Rechargeable-battery powered tools have further augmented the demand for these tools. Pneumatic power tools are operated with the effective utilization of compressor, while engine-driven power tools use gasoline for its operation. Hydraulic power tools uses hydraulics technology for its operation, while powder-actuated power tools operates on a controlled explosion generated by chemical propellant charge. Power tools are used in various industries and sectors such as automobile, infrastructure, construction, woodworking, residential, aerospace, electrical and electronics. North America and Asia Pacific have a huge market for power tools. Countries such as the U.S, China, Canada, Japan, South Korea, Malaysia and Indonesia have huge market share of power tools market. Europe and Middle East including countries such as Germany, France, U.K, Poland, Saudi Arabia, Kuwait, and Iran have huge markets for power tools. Africa and Latin America also have a fast growing market for power tools.
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Power tools are witnessing growing demand owing to numerous applications in different end use sectors; hence market can be segmented on the basis of end-user types. The major end-user sectors are residential, construction and manufacturing. These sectors use power tools for different applications in an effective manner according to the need arises. China is one of the largest consumers of the power tools and India is one of the leading producers of these tools in Asia Pacific. Thus, this can be anticipated that sales of power tools in India will grow in future. In North America, the U.S. is also a leading producer and major consumer of power tools. The consumption is increasing and likely to continue with the same momentum with the growth of infrastructural and constructional activities. The power tool market in Europe and Latin America is expected to grow with the growth of electric vehicle industry.
Global power tools market growth is reliant on the growth of construction, motor vehicle and manufacturing industries due to the utilization of significant amount of power tools. In residential sector the widespread interest in do-your-self-concept can result in a significant expansion in power tool production market. Many developing countries are focusing on the development in major industrial sectors to improve economic conditions. Therefore, the need for faster accomplishment of projects has become the major factor of improvement for these developing countries resulting in the increase in power tools market. High initial purchase price of power tools compared to non-powered tools is one of the biggest restraints for this market. However, power tools provide feasibility and convenience in operations.
Some of the major producers of power tools are Blount International Inc., Makita Corp., Black & Decker Co., Snap-On Corp., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Hilti AG, Hitachi Koki Co., Emerson Electric Co., Ltd., Panasonic Corp, Stanley Black & Decker Inc., C. & E. Fein GmbH and Actuant Corp.
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