Power Tool Gears Market to Witness Significant Revenue Slowdown in 2020
Power tools have long been a breeding ground for innovation and application versatility. Moreover, the technological leap forward in power tools has been weighing on the same scale as the rapidly evolving power tool gears space, with manufacturers striving to achieve a myriad of innovations. Sales of power tool gears are directly correlated to the demand for a greater number of power tools tailored to end users’ needs. However, the situation is not the same in the current scenario due to rapid spread of the novel coronavirus. A study by Future Market Insights finds that, the power tool gears market in 2020 is estimated to witness significant revenue slowdown, in the view of shutdown of manufacturing and supply chain operations to contain the virus and prevent new infections.
Key Factors Shaping Power Tool Gears Market
Rise in Metal Fabrication and Wooden Operations for Varied Purposes
Growth in woodworking and metal fabrication works, and also metal hammers at construction sites and some products in automotive garages, is estimated to provide strong growth outlook for the power tool gears market. In emerging countries of South Asia Pacific, increasing use of power tool gears in power tools is anticipated to develop the market. Also, in developed regions such as the U.S. and Europe, the trend of timber usage and adoption wooden parts is on the rise, which will also provide numerous growth opportunities for the market
High Powered Tools and Ease in Operations to Drive Market Growth
Development of new advanced power tools by numerous manufacturers is increasing end user customer’s proclivity towards these products. The new features included in power tool gears, such as noise reduction and lightweight products with powerful performance will also push market growth. Increasing introduction of cordless power tools that provide easy manoeuvrability and safe and easy operations is also helping the market reach new growth avenues. As gears are installed as a medium to transmit power, higher power itself implies the need for more durable and capable gear sets. With a rise in the development of high power gear tools, the need for more durable gear sets will increase at a prominent pace. Ease in operations imparted by these products is also elevating their acceptance for home use purposes.
Impact of COVID 19 Pandemic
The global economy has taken a massive hit due to the spread of the novel coronavirus across the globe. According to recent findings, even in the best possible scenario, the global economy is anticipated to witness a fallout of US$ 2.3 trillion. As per the International Monetary Fund (IMF), around 170 countries are projected to witness negative per capita income growth. All this economic downfall is anticipated to curb the manufacturing and sales of power tool gears. Although, the downfall is anticipated for the near term, after which, the power tool gears market is expected to recover from the losses.
Rising Demand for Professional Purposes Propelling Sales of Power Tool Gears
For professional operations, the use of power tools in increasing, thereby boosting sales in the market. Smooth operation and even cuts are the main factors attracting professional end users towards these products. In the manufacturing of products in woodworking and metalworking operations, the drills and saw cuts needs to be precise in order to manufacture rugged and durable products. Also, in professional power tools, there is the requirement of higher gear sets to handle high-powered tools. With increasing demand for wooden products and metal fabrication, there is more requirement to increase production output from woodworking and metalworking manufacturing facilities, thereby increasing the customers for power tool gears.
Market of South Asia Pacific and East Asia to Provide Lucrative Growth Opportunities
In terms of growth, the South Asia Pacific and South Asia power tool gears markets are anticipated to expand at a promising pace. Due to increasing manufacturing of power tool gears in countries such as India and China, these two regions are collectively to account for 40% of the market share by 2030.
Power Tool Gears Market: Structure Analysis
- The global power tool gears market is decently fragmented, due to the presence of numerous players. The market is anticipated to retain the same structure throughout the forecast years.
- Porite Group, hGears, Zhejiang Oliver manufacturing Gear Co. Ltd, and Zhejiang Fore Intelligent Technology Co., Ltd. are identified as key participants in the global power tool gears market.
- Manufacturers active in the market are aiming for product diversity; these players are working to elevate their manufacturing capacity to increase their production output.
Base Year Considered
Actual Estimates/Historical Data
2015 - 2019
2020 - 2030
Market Value (2019)
US$ 2.7 Bn
End Use, Gear Type, Application, and Region
North America, Latin America, Europe, South Asia Pacific, East Asia, and MEA
Porite Group, hGears, Zhejiang Oliver manufacturing Gear Co. Ltd, and Zhejiang Fore Intelligent Technology Co., Ltd.
Revenue Forecasts, Company Shares, Competitive Landscape, Growth Factors, and Trends
Spur Gears Remain Highly Preferred; Spiral Gears Close in
Accounting for nearly 1/3 of total demand, spur gears continue to witness higher demand than helical gears, owing to ease of installation and high power transmission efficiency. In addition to high reliability and offering constant velocity, spur gears lack slippage and are ideal for limited spaces, which continues to fuel demand. On the other hand, growing demand for cost-effective tools providing long-lasting performance with minimal need for repairs and replacement is compelling manufacturers to increase the production of spiral gears. However, movement restrictions and paralyzed supply chain in the time of the COVID-19 pandemic are causing manufacturers to revisit their growth strategies.
North America Leads the First Wave of Growth
North America will continue to maintain its lead in the global power tool gears market, despite a sustained standstill in 2020 due to coronavirus-related disruptions. Growing popularity of DIY culture in developed markets has been boosting the demand for power tools, and subsequently the sales of power tool gears. A greater need for lighter, faster, and powerful tools for DIY consumers is opening new growth avenues for market players in the region. Lucrative opportunities are expected East Asia and South Asia with the reopening of factories in China and resuming of construction operations. Manufacturers in these regions are also putting protocols in place to maintain the continuity of production and supply.
The Future Lies in Cordless Power Tools
Power source requirements and high risk of output fluctuations and interrupted power supply have been key challenges for the operation of power tools, resulting in the introduction of cordless options. Additionally, the emergence of new cordless battery technology, advanced electronics, and powerful innovative tools has been opening new windows of opportunities for key players in the power tool gears market. Heavy duty power tools are also expected to jump on the cordless wagon, thereby compelling market players to identify and leverage white spaces in their selling points. While the future appears promising with the rise of smart power tools and brushless motor technology, manufacturers will need to take immediate measures as a response to the current COVID-19 related disruptions.
Spur gears remain the bestselling category
Demand for spiral gears increases rapidly
High application in grinding machines
Use in DC cordless screw drivers to pick pace
Professional takes the lead
Use in DIY to grow considerably
How Growth will Unfold
Grinding machines remain a key application area of power tool gears, on account of the growing need for powerful performance to improve the speed of construction operations. Rising application of power tool gears in DC cordless screw drivers and drills is expected to result in increased market share, amidst power tool companies putting emphasis on R&D activities for cordless technologies to accelerate the shift away from conventional corded tools. With these companies hanging their hat on new trends and innovations, key players in the power tool gears market should be looking at a future of tools becoming more compact and lightweight, and rapidly respond to newer demands to stay ahead of the curve.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Future Market Insights published its recent report on the global power tool gears market, which comprises global industry analysis of 2015-2019 and opportunity assessment for 2020-2030. It includes a comprehensive assessment of relevant and related market dynamics. After conducting a complete analysis on the historical as well as current growth prospective of the power tool gears market, the growth predictions for the market are obtained with maximum accuracy.
Power Tool Gears Market Taxonomy
The global power tool gears market is segmented into four segments in detail to cover every aspect of the market and present complete market intelligence to the reader.
- DIY (Consumer)
- Bevel Gears
- Spiral Gears
- Spur Gears
- Helical Gears
- Hypoid Gears
- Grinding Machines
- DC Cordless Screw Drivers
- North America
- Latin America
- South Asia Pacific
- East Asia
The report begins with the executive summary of the power tool gears market, which includes a summary of the key findings and statistics. It also includes the market value (US$ million) estimates of prime segments of the market.
Readers can find detailed taxonomy and definitions for the power tool gears market in this chapter, which will help them understand basic information about the market. This section also highlights the inclusions and exclusions, which help readers understand the scope of the power tool gears market.
This section explains the global market volume analysis and forecast for the power tool gears market.
This section highlights the average prices of air-water power tool gears, air-air power tool gears, ground source power tool gears, and hybrid power tool gears. The pricing benchmark for manufacturer-level pricing and distributor-level pricing is analyzed in this section.
This section explains the global market value analysis and forecast for the power tool gears market during 2014-2029. This chapter includes detailed analysis of the historical market, along with an opportunity analysis for the future. Readers can also find absolute $ opportunity for the current year (2019-2020) and incremental $ opportunity for the forecast period (2020-2030).
This chapter explains the parent market analysis and the share of the power tool gears market from overall power tools market with description for the share of professional segment and DIY (consumer) segment in the market.
This chapter explains the key macroeconomic factors that are expected to influence the growth of the power tool gears market over the forecast period.
This section highlights the value chain of power tool gears, from manufacturers to end users. There is also a description of the forecast factors that are anticipated to impact the market.
This section highlights the opportunity analysis and key market dynamics of the power tool gears market, such as the drivers, restraints, trends, and opportunities. Moreover, readers will understand key trends followed by prominent manufacturers in the market.
Based on end user, the power tool gears market is segmented into professional and DIY (consumer). In this chapter, readers can find information about the key trends and developments in the power tool gears market, and market attractiveness analysis based on end use.
This chapter provides details about the power tool gears market on the basis of gear type - bevel gears, spiral gears, spur gears, helical gears, and hypoid gears. In this chapter, readers can also understand the market attractiveness analysis for these divisions.
This chapter provides details about the power tool gears market on the basis of where they are used - grinding machines, drills, hammers, DC cordless screws, drivers, saws, and others. Grinding machines are further categorized into small angle grinders, middle angle grinders, large angle grinders, polishers, and DC angle grinders. The drills segment is categorized into AC standard drills, AC corded drills, percussion drills, and DC cordless percussion drills. The hammers segment is categorized into rotary hammer LD, rotary hammer HD, and DC hammers. The saws segment is categorized into reciprocating saws, jig saws, circular saws, and miter saws. In this chapter, readers can understand the market attractiveness analysis based on application.
This chapter provides details about the power tool gears market on the basis of the gear type (DIY consumer) - professional and consumer. In this chapter, readers can understand the market attractiveness analysis based on gear type.
This chapter provides details about the power tool gears market on the basis of the application (DIY consumer) - grinding machines, drills, hammers, DC cordless screw drivers, saws, and others. Grinding machines are further categorized into small angle grinders, middle angle grinders, large angle grinders, polishers, and DC angle grinders. The drills segment is categorized into AC standard drills, AC corded drills, percussion drills, and DC cordless percussion drills. The hammers segment is categorized into rotary hammer LD, rotary hammer HD, and DC hammers. The saws segment is categorized into reciprocating saws, jig saws, circular saws, and miter saws. In this chapter, readers can understand the market attractiveness analysis based on application (DIY consumer).
This chapter explains how the power tool gears market will grow across several geographic regions such as North America, Latin America, Europe, South Asia Pacific, East Asia, and the Middle East & Africa (MEA).
This chapter includes detailed analysis of the growth of the power tool gears market in North America, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on end users and countries in North America.
Readers can find detailed information about several factors such as pricing analysis and regional trends that are impacting of the growth of the power tool gears market in Latin America. This chapter also includes the growth prospects of the market in prominent LATAM countries such as Brazil, Mexico, and the Rest of Latin America.
Important growth prospects of the power tool gears market based on its end users in several countries such as Germany, the U.K., France, Spain, Italy, BENELUX, Russia, and the Rest of Europe are included in this chapter.
India, Thailand, Indonesia, Malaysia, Oceania, and the Rest of South Asia Pacific are prominent countries in the Asia Pacific Excluding Japan region that are the prime subjects of assessment to obtain the growth prospects of the power tool gears market. In this chapter, readers can find detailed information about the growth parameters of the market in the South Asia Pacific region during the forecast period.
This chapter highlights the growth of the power tool gears market in China, Japan, and South Korea. This section also helps readers understand the key factors responsible for the growth of the power tool gears market in East Asia.
This chapter provides information about the power tool gears market growth in major countries in the MEA region, such as GCC Countries, Turkey, Northern Africa, South Africa, and the Rest of Middle East during the forecast period.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the power tool gears market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the power tool gears market, along with detailed information about each company. This includes company overview, revenue shares, strategic overview, and recent company developments. Some of the key market players featured in the report are hGears, TFM Group, Niranjan Engineering Company, Zhejiang Oliver manufacturing Gear Co. Ltd., Zhejiang Fore Intelligent Technology Co., Ltd., Yangzhou Haichang New Material Co., and Ltd. (Seashine), among others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the power tool gears market report.
This chapter helps readers understand the research methodology followed to obtain several conclusions as well as important qualitative and quantitative information about the power tool gears market.
How the research was conducted?
Primary research interviews with key opinion leaders and other participants were conducted for data collection and validation of the below information:
- Adoption of Power Tool Gears
- Average Selling Price (US$) and Market Growth
- Key Developments
- Key Trends and Opportunities
- Regional wise Dynamics
- Market Share Information
- Key Brands
- Competition & Key Vendor Strategies
- Company Press Release
- Published Trade Data
- Quarterly Financial Statements, 10-K & 10-Q Filings, Factiva, Morning Star
- Annual Reports/SEC filings/Investor Presentations/Earning Call Transcript
- Industry Journals
- Press Information and Data Released by Exhibitions Conducted By Associations, etc.
- European Heat Pump Association (EHPA), Renewable Energy Department, and other Power Tool Gears related associations and organizations
Primary Interview Splits