National players dominate in terms of numbers while regional players dominate hold the highest market share, despite the presence of around 300 competitors, finds recent market research on the global power tools market by Ken Research.
Power tools are the equipment used to cut, clamp, saw, drill and polish materials. It is classified as stationary power tools and portable power tools. Stationary power tools such as table saws, drill presses, band saws and others are used for precision, strength and smoothness. Portable power tools are used for low weight, minimal heat generation and longer machine life, such as wrenches and drills.
Ken Research shares 3 key insights into the competitive landscape of this dynamic market from its latest research study.
Global players constitute around 10% of the total number of competitors, while domestic niche players dominate, accounting for around 55% of the total number of competitors
Competitive analysis by the research study found that the global power tools market is highly competitive with around 300 players, including domestic niche players, regional players as well as a significant number of globally diversified players, engaged in manufacturing and the supply of power tools. National niche players hold a major share of the market revenue share, followed by regional players. Most players are headquartered in the North American region.
Regular product improvisation and new product development drives major players to formulate their key strategies.
Detailed comparative analysis of the main competitors available within the research study reveals that players have a variety of power tool products for various end users, including cordless power tools, drills, hammer drills, impact drills, grinders, sanders, pneumatics, saws and such. All major competitors have a strong presence in the global power tools market. Additionally, several companies and organizations are investing heavily in R&D to meet end-user demand.
- In May 2022, Makita Corporation launched 19 new XGT cordless tools and equipment to expand the system. The 40V | The 80V XGT system provides users with a battery platform for a full range of equipment and tools.
- In January 2022, Bosch Power Tools, the world leader in power tools and power tool accessories, launched a new hammer drill/driver under the PROFACTOR system. The hammer drill/driver features Bosch Power Tools BITURBO Brushless technology to help power the next generation of high-power cordless tools.
Government policies and increased adoption of power tools globally, driving major industry-wide developments, acquisitions and collaborations
- The National Capital Goods Policy plans to increase production of capital goods from ~US$28 billion in 2014-15 to ~US$91 billion by 2025. Capital goods include machinery -tools, textile machinery, molds and press tools, printing and packaging machinery, and others. It plans to increase exports from the current 27% to 40% of production while increasing the share of domestic production in Indian demand from 60% to 80%.
- In October 2021, Stanley Black and Decker partnered with specialist materials supplier Eastman to advance sustainability in the power tool industry. Black+Decker, a Stanley Black & Decker brand, will launch a new product line, reviva, offering the brand’s first durability-focused power tools that use Eastman’s Tritan Renew copolyester.
- In February 2019, KYOCERA acquired 100% ownership of Van Aerden Group BV, a European manufacturer of pneumatic tools. Through this acquisition, KYOCERA aims to strengthen its air tools business in Europe.
For more information on the research report, refer to the link below:
Global power tools market
Ankur Gupta, Marketing and Communications Manager