Power tools are specific tool, used to produce the products with increased comfort & convenience. Some types of power tools include engine-driven power tools, electric power tools, and pneumatic power tools. Engine-driven power tools require steam engines to work and are used by both professionals and individuals to cut the wood & hedges. Power basis for pneumatic power tool is beaten air from the air compressors that helps the tool to function proficiently. The key trends expected to shape up the power tools market include rise in demand for lithium-ion batteries, particularly Ni-Cd. Key essential features of power tools include durability, better performance, precision, and time efficiency.
By technology, power tools market is categorized as pneumatic power tools and electric power tools (corded power tools and cordless power tools). Electric tools segment holds major share in the global market. However, the pneumatic power tools are emerging as prospective alternatives to electric power tools in industries, even though commercial production of pneumatic tools is still low owing to their high price as well as unavailability of compressed air cylinders. By tool type, market is categorized into concrete segment, metal segment, wood-working segment and others. In addition, by verticals, market is categorized as industrial, construction, automotive and others.
Rise in adoption of cordless power tools, growth in construction industry in emerging economies and rise in demand for fastening tools in industrial environments are some major factors, which are responsible for growth of the power tool market. However, fluctuations in raw material prices and high maintenance cost of power tools are major hindering factors for market.
Global power tools industry is fragmented with the presence of global & regional players in the market. Creating client awareness by aggressive marketing strategies and better visibility of products across sectors are some steps taken by market participants to generate the demand. Intense Power Tools Market Competition among top players in the market has ongoing fierce competition at various levels for instance driving aggressive promotional strategies, new & innovative product launches, and growth in research & development (R&D) expenditure.
By regional analysis, the Asia-Pacific is estimated to be the fastest-growing market for global power tools. The demand for power tools for residential applications is limited owing to lack of do-it-yourself (DIY) activities in the region wherein inexpensive labor is abundant. The low-priced power tools have created strong competition among the manufacturers. With growing manufacturing sectors, India country has become one of the fastest-growing countries in the adoption of power tools. Rise in investments in residential & infrastructure markets in the region are projected to boost the construction industry, thus driving the use of power tools. In North-America region, countries like Canada and U.S. have been witnessing rise in demand for cordless power tools. Wireless charging power tools use inductive charging technology for charging and this eliminates the requirement to remove the battery from the tool. These wireless chargers are having superior technology and are witnessing higher demand from the residential consumers as well. It is anticipated that global Power Tools Market Growth Forecast will be reached at rapid pace because of growth in construction industry during the forecast period.
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Ankur Gupta, Head Marketing & Communications