Major players in the power tools market are Techtronic Industries, Robert Bosch GmbH, Hilti Corporation, Makita Corporation, Stanley Black & Decker, Apex Tool Group, Hitachi Koki Ltd., Emerson Electric Co., Atlas Copco, Enerpac Tool Group, Snap- on Incorporated, Festools GmbH, KYOCERA Corporation, Ingersoll Rand, Husqvarna AB, Panasonic Corporation of Europe, 3M, Delta Power Equipment Corporation and C. & E. Fein GmbH.
Pune, India, June 08, 2022 (GLOBE NEWSWIRE) —
The global power tools market size is expected to witness massive growth over the forecast period, owing to the increase in construction expenditure in developing economies. The remarkable growth of the automotive ecosystem in Japan, China and India has paved the way for a huge increase in infrastructure development activities. Below are some key trends observed in three major regional markets:
Cordless power tools to gain momentum in APAC: Between 2021 and 2027, the Asia-Pacific cordless power tools market size is expected to register a CAGR of 7%. These devices are adopted in residential sectors as well as commercial facilities due to their multiple benefits. With the increasing disposable income of the regional population, more and more users have switched from corded tools to cordless alternatives, which are relatively expensive but more powerful.
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Electric Wrench Market in China and India: The market share of APAC wrenches is expected to account for around 10% of total revenue by 2027. These units are widely used in manufacturing facilities to improve work efficiency and productivity. The advent of Industry 4.0 in India and China has enabled more companies to make informed decisions regarding automated power tools. Regional governments have actively funded the industrial sector, which has increasingly contributed to GDP in recent years.
New investments in construction: By 2027, the construction industry in APAC is expected to generate more than $13 billion in revenue, thanks to the growing number of renovation and new construction activities. From smart city projects to undersea rail tunnels, the regional construction industry is booming. China has recently resorted to public funds to stabilize its economy after COVID-19, hoping that infrastructure projects will help create more employment opportunities to boost the national economic scenario.
Sawing and cutting tools market in Europe: European market share of the sawing and cutting tools segment was valued at approximately $2.7 billion in 2020. Manufacturers responded to the surge in demand for electric chainsaws, marble cutters, saber saws, jigsaws, concrete cutters and more powerful table saws. They have added innovative products to their product lines. More practical, more compact and very reliable products are coming onto the market as the number of residence permits has increased since the pandemic.
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Germany power tools market size: Germany accounted for more than 26% of total turnover in Europe in 2020. With the mechanical engineering industry making significant progress, the reliance on high-torque, cost-effective products has increased. Construction companies in the region have upgraded their toolkits, further pushing product penetration. The regional market will register a steady CAGR of around 6.3% during the assessment period. Regional maintenance services focus on improving service delivery, thereby promoting product utilization.
Electric drills will see increased sales in North America: By 2027, drilling and fastening power tools in North American market is estimated at more than $5 billion. The increasing penetration of advanced technologies in heavy industrial applications has been responsible for the upcoming growth of this market. Professionals as well as DIYers have preferred the use of these tools over other alternatives. The manufacturing plants of aerospace and automotive companies depend on pneumatic drilling and fasting tools to accelerate their production rates.
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DIY segment to register more profits in the United States: Since the onset of the COVID-19 pandemic, the United States and Canada have seen growth in DIY home improvement business. Thanks to the popularity of smart kitchens, regional consumers have taken on large and small DIY projects such as painting, plumbing, installing new countertops and flooring. Many customers have added cordless drills, power saws, cordless jigsaws and screwdrivers to their personal toolboxes, increasing their market share in the United States.
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