Power tools are specific tools or mechanical devices that work when an additional power source & mechanism is initiated. Few of the most common tools used are powered by IC - combustion engine or compressed air and electric motor. Power tools include huge range of devices, from the hand-held machine drills to the hydraulic presses & pneumatic tools. These tools are typically used for screw-driving, grinding, household tasks, drilling, routing, polishing, leveling, painting, sanding, cutting, shaping, construction, and gardening. Rising preference towards the speed & effectiveness by end-use industries and desire to eliminate the strenuous manual labor across various industries has been contributing to the growth of global power tools market.
Leading companies of power tool market are continuously focused on increasing their facilities that considerably drives the market growth. This market is very competitive because of the presence of local players. Power Tools Market Competition is expected to intensify in the Power Tools Market Future Outlook owing to moderately low entry barriers that support novel entrants to enter further. Mergers & acquisitions (M&A), long-term partnerships, and increase in investment in the power tools market are the key development strategies adopted by the players to prolong the intense competition.
Growth in urbanization, high efficiency & effectiveness, rise in disposable income of people, increase in automotive sales in the developed nations, surge in popularity of DIY techniques, increase in investments in housing and rise in demand from the manufacturing assembly units, fabrication and service sectors are driving the power tools market growth. However, the regular price fluctuation in raw materials is a hindering factor for global market. Moreover, substantial growth in commercial & residential construction is a leading opportunity for global market. Furthermore, increase in sales via online channels is a major trend for market. The power tool can rigorously cause accidents & health issues, in addition to the intense body of the power tools that tend to make it difficult to operate with the full efficiency, these factors act as key challenge for the power tools market.
Based on geography, the North-America region holds major share in global market owing to increase in customer preference for cordless power tools across the region. The cordless segment is mainly benefiting from the performance advantages in evaluation to plug in segment of tools. Additionally, the Germany is likely to be the leading market for power tools in Europe region as a result of high demand from the construction industry. The Asia-Pacific region is estimated to witness higher growth rate due to increase in presence of various Chinese firms that are aiming to provide the unique power tools at cost-effective prices over the forecast period. On the other hand, increase in labor costs in the developing countries such as China, and India is predictable to boost the growth of material handling equipment market, which in turn is a persuasive manufacturer to use the power tools to ensure the high productivity. Moreover, the Middle East and Africa region is projected to grow steadily caused by growth in industrialization across the power & energy, oil & gas, and construction sectors during the forecast period.
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Ankur Gupta, Head Marketing & Communications