According to study, “World Power Tools Market Research Report 2024 (covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world power tools market are Robert Bosch Tool Corporation, Hilti Corp., Stanley Black & Decker Inc., Hitachi Koki Co. Ltd., TTI, Snap-on International, Festool (TTS),Kulkarni Power Tools,Danaher Corp., Techtronic Industries Co. Ltd., Interskol, Husqvarna, FEIN Power Tools India Pvt. Ltd., Du, Makita Corp., Actuant Corp., Atlas Copco AB, Collomix, OttoBaier GmbH, Metabo.
A power tool is a tool which is actuated by an additional power source & mechanism. Power tool includes electric motors and compressed or internal combustion engines. It also includes many types of devices from handheld machine drills to hydraulic presses & pneumatic tools. It is used for various kinds of applications for instance construction, household tasks, gardening, etc.It is classified as stationary power tools and portable power tools (hand-held).Stationary power tools have advantages in speed & precision while portable power tools have advantages in mobility.
Based on tool type, power tools market is segmented into demolition tools, drilling & fastening tools, material removal tools, sawing & cutting tools, routing tools and others. Demolition tools are further sub-segmented into rotary hammers/hammer drills/demolition hammers. Drilling & fastening tools are further sub-segmented into drills and screwdrivers &nutrunners. Material removal tools are further sub-segmented into grinders (die & straight grinders and angle grinders) and sanders/polishers or buffers. Sawing & cutting tools are further sub-segmented into reciprocating saws, band saws, jigsaw, circular saws and shears & nibblers. Additionally, routing tools are further sub-segmented into routers/planers or joiners.Based or power sources, market is segmented into steam engines, direct burning of fuels & propellants (in powder-actuated tools), and natural power sources (wind or moving water). Based on raw material, market is segmented into aluminum and steel. Based on mode of operation, market is segmented into pneumatic (corded electric tools and cordless tools), electric and others. In addition, based on application, market is segmented into residential/DIY and industrial or professional (energy, automotive, construction, aerospace and shipbuilding).
The power tools market is driven by increase in sales of commercial vehicles, followed by growth in adoption of cordless power tools, rise in demand for electric fastening tools in industrial environments, increase in availability of affordable & energy-efficient power tools, rise in automation & time-efficiency requirements and growth in construction industry in emerging countries. However, fluctuation in raw material prices, human safety concerns, high maintenance cost and decline in automotive sales may impact the market. Moreover, smart connectivity in power tools and connected power tools for industry are key opportunities for market.
Based on geography, the Asian-Pacific region holds major share, followed by North-American region in power tools market owing to rapid increase in the industrialization & urbanization, emergence of durable, cost-effective multi-functional power tools,increase in consumer confidence index& online retail sales and growth in the manufacturing industries & well-established distribution network in the region. Europe is expected to witness higher growth rate due to rapid growth in the end-use industries over the forecast period. It is anticipated that the future of the market will be bright on account of increase in development of low-cost & energy-efficient tools and growth of smart technologies.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications