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Power tools are several types of tools and mechanical devices used for various kinds of applications such as household tasks such as drilling, cleaning, grinding, cutting, as well as used in construction, gardening, and many other applications. These could generally comprise electric motors and compressed or internal combustion engines. The new developments made in power tools market such as wireless battery charging technology, and a switch from Ni-Cd to Li-ion battery, etc. are expected to fuel the growth for power tools market throughout the forecast period 2019-2026.
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Furthermore, there are also many new trends in the global power tools market such as the ongoing trend of constructing smart buildings and rapid infrastructure growth in emerging economies such as India, China, Brazil, etc. are expected to boost the global power tools market growth during the forecast period 2019-2026.
Additionally, the increasing adoption of cordless power tools globally also provides many opportunities for manufacturers in emerging economies.
The major players in the global power tools market include Techtronic Industries, Robert Bosch, Stanley Black & Decker, Makita Corporation, Hilti Corporation, Apex Tool Group, Ingersoll-Rand, Atlas Copco, C. & E. Fein, etc.
By Mode of Operation
The adoption of power tools across businesses in the developed and the developing countries are expected to be increased owing to the lack of availability of a skilled workforce and the high cost of labor. Also, the increasing use of power tools in household applications would be a significant factor for the growth of power tools during the forecast period 2019-2026.
North America has been dominating the global power tools market. In North America, power tools are widely used for both industrial and residential applications. The high number of manufacturing and construction companies based in the US are expected to drive the demand for power tools market during the forecast period 2019-2026. In Europe, the demand for cordless electric power tools with lithium-ion batteries is anticipated to increase during the forecast period 2019-2026 owing to majority of manufacturers focusing more on launching cordless tools powered by lithium-ion batteries after the ban of use of nickel-cadmium (Ni-Cd) for power tool batteries due to the toxic properties of cadmium by the European Union.
APAC is the developing market for power tools. The power tools market in this region is projected to dominate the global market during the forecast period 2019-2026. The most important factors fuelling the growth in Asia Pacific would be rising urbanization, growing manufacturing industry, and increasing automotive sales. China and India are the key countries in APAC that are observing a significant growth in GDP and the highest market for power tools.
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