Power Tools Market
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The power tools market is estimated to grow at a high rate 3.87% during the forecast period. Key factors driving the market growth include growing adoption of cordless power tools, increasing sales of commercial vehicles, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies. However, the high maintenance cost of power tools and fluctuations in raw material prices may hamper the growth of the market.
Material removal tools to grow at a significant rate during the forecast period. Material removal tools such as grinders are used for abrasive cutting, grinding, and polishing applications. They are mostly used in metal fabrication shops, automotive worksites, and construction sites. Other material removal tools, such as belt sanders, delta sanders, and orbital sanders, are used in industrial and residential applications. Rising demand for material removal tools in industries such as automotive, motor vehicle, and aerospace is driving the growth of the market.
The market for electric-powered equipment to grow at a higher CAGR during the forecast period. Increasing demand for cordless electric power tools is driving market growth. Power tool manufacturers are focusing on producing cordless tools by launching cordless versions of electric power tools types. The growth of electric power tools is driven by innovations in lithium-ion battery technology. The energy density of lithium-ion is typically twice than that of the standard nickel–cadmium. In addition, self-discharge in a lithium-ion battery is less than half when compared with nickel–cadmium when the tool is not in use.
APAC is expected to grow at the highest CAGR. The power tools market in this region is expected to grow at the fastest rate during the forecast period. Rising urbanization, growing manufacturing industry, and increasing automotive sales in this region are the key factors driving the growth of the market in APAC. China and India are the major countries in APAC that are witnessing significant growth in GDP.
Key Market Players includes Stanley Black & Decker (US), Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), KOKI Holdings (Japan), and Snap-on Incorporated (US)
Key Questions Addressed by the Report
- How the shift from pneumatic to electric and corded to cordless will change the revenue mix of the manufacturers?
- Which power tool type is expected to have the highest demand in the future?
- Who are the top 5 players in the power tools market?
- What are the growth opportunities for manufacturers in residential and industrial applications?
- How tool manufacturers can tap high growth opportunities in the market?
2. Research Methodology
Limitation and Assumptions
3. Executive Overview
4. Market Overview
5. Power Tools Market, By Application
6. Power Tools Market, By Tool Type
Sawing and cutting tools
Drilling and fastening tools
Material removal tools
7. Power Tools Market, By Mode of Operation
8. Power Tools Market, By Region
Rest of Europe
Rest of APAC
Rest of Middle East
Rest of the World
9. Company Profiles
Stanley Black & Decker
APEX Tool Group
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