Power Tools Market Set to Grow at 6% CAGR as Cutting the Cord Trend Drives Investments in Cordless and Electric
A latest research study by Future Market Insights reveals that the global power tools market is set to capture value at stake with growth pegged at 6% through 2030. Whether it is ergonomics, design, battery performance and integrated connectivity, innovations in power tools are keeping manufacturers on the tenterhooks.
Power Tools Market
Future Market Insights’ latest report on global power tools market, offers historica...
Despite short-term uncertainties and a decline in both sales and volume in first quarter of 2020, the market will rebound sufficiently by the fourth quarter of 2020. Slated for a share erosion of 50BPS through 2020, our analysis estimates that the market will reach its pre-pandemic demand growth on the back of nuanced and cutting edge mobility solutions in automotive, regulatory tailwinds and revived consumer sentiment. In the future, Industry 4.0 technologies with power tools supported by big data and analytics will help product portfolios to become more competitive.
“As the pandemic progresses, manufacturers will look at scaling up with the proliferation of standout offerings in order to sustain through this slowdown. Simultaneously, high adaptability to the prevailing business models, employee safety and business continuity plans will mitigate the impact of COVID-19 on power tools manufacturers”, says the FMI analyst
Key Takeaways of Power Tools Market Study
- Power tools will pick up steam in the prevailing pandemic with leading stakeholders making targeted investments in industrial manufacturing in regions which have not been adversely affected.
- Post pandemic, the growth of the power tools market is slated to be the highest in the Asia Pacific region. With resumption of trade and manufacturing in China, key players will also target countries like India for re-shoring and reduced dependency on supply chains to China
- The advent of brushless motor technology is a significant game changer in the power tools landscape, making way for tools that have improved performance, reduced friction and lower voltage fluctuations
- App technology for smart power tools is helping users locate missing tools and manage inventories through customization of settings
- Power tools are also witnessing accelerated adoption in automotive. With the ability of power tools to perform heavy-duty tasks such as cutting of metal sheets, manufacturers in the automotive sphere are capitalizing on these for accelerated sales
- Till now the low price of China manufactured power tools was heating up the competition landscape. This will change in the aftermath of the COVID-19 crisis as affected regions look at reducing their dependency on China
COVID-19 Impact Insights
The market for power tools is in the midst of near-term fluctuations with muted demand and halted production at manufacturing facilities. The first quarter of 2020 witnessed a considerable dip in both value and volume for power tools as the virus attacked China, one of the major manufacturing hubs for power tools.
Stalled projects and a cut back on discretionary spending is nullifying demand for power tools in the construction sector. As production resumes and starts to hit an even keel, manufacturers will reduce their dependency on conventional end-uses to other areas in order to survive the prevailing uncertainty.
In the long term, our analysis predicts that the market will make a quick recovery with high adoption in automotive and the advent of driverless systems. The use of Li-ion batteries in power tools will further give traction to the market and sustain growth in both industrial and automotive.
Some of the leading players in the market are - Stanley Black & Decker Inc, Atlas Copco AB, Robert Bosch GmbH, Techtronic Industries Company Limited, Atlas Copco, Makita Corporation and Ingersoll Rand
Stanley Black & Decker is one of the top players in the power tools market providing a range of power tools, its storage solutions and related accessories. For instance, its retractable utility knives and pro coping saw not only provides an optimized grip but also higher speeds for blade replacement.
Similarly, Robert Bosch GmbH specializes in heavy duty power tools that have heightened demand prospects in the construction and industrial sector. Bosch’s GKS 235 Turbo Professional circular saw comes with a powerful motor that has a robust structure and has long-lasting operability in myriad applications.
Know more about FMI’s Power Tools Market Study
Power tools market, a new study from Future Market Insights, opines on the study of power tools market dynamics from 2015 - 2019 and presents demand projections from 2020 - 2030 on the basis of; category (power tools, hand tools), end-use sector (industrial, household); mode of operation (electric, pneumatic and others) across seven prominent regions.
For additional insights on how the market growth will unfold amid and after the COVID-19 crisis, write to [email protected]
About the Industrial Automation and Equipment Division of FMI
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analysing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector.
The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry stakeholders and channel partners when it comes to sustain, grow, and identify new revenue prospects.
About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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