Feb 1, 2022   SOURCE: BusinessWire

$45 Bn Power Tools Markets: Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools - Global Forecast to 2026 - ResearchAndMarkets.com

The "Power Tools Market with COVID-19 Impact by Tool Type (Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others), Mode of Operation, Application and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global power tools market size is expected to grow from USD 34.3 billion in 2021 to USD 45.2 billion by 2026, at a CAGR of 5.7%

The growth of this market is mainly driven by growing construction industry in the emerging economies, high demand for power tools in automotive industry, rising adoption of battery-powered power tools globally, and surging demand for electric fastening tools in industrial environment.

However, factors such as high repair and replacement parts cost of power tools and fluctuations in raw material prices are restraining the market growth.

Drilling and Fastening tools to dominate the power tools market in 2020

The market for the drilling and fastening tools held the largest share in 2020 and is estimated to remain the same during the forecast period. The growth of the segment is attributed to the rising adoption of these tools in the automotive assembly and wind turbine installation operations. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants.

Electric tools to hold the largest share of power tools market in 2020

The electric segment holds the largest share of the power tools market in 2020 and is expected to hold significant CAGR during the forecast period. The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding.

The growth of this segment is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Currently, manufacturers are focusing towards the production of cordless electric power tools powered by lithium-ion batteries. As a result, the demand for cordless power tools with lithium-ion batteries is expected to increase during the forecast period.

Industrial/Professional application dominated the power tools market in 2020.

The power tools market for industrial/professional application is dominant in 2020. The growing construction activities in both developed and developing countries are responsible for the adoption of power tools at construction sites. Power tools play an important role in every stage of construction activity, including design, survey, construction, and maintenance phases.

Market in APAC to grow at highest CAGR during the forecast period

APAC is expected to hold the largest growth rate of the global power tools market during the forecast period. Rising urbanization, growing manufacturing industry, and increasing automotive sales in this region are the key factors fueling the growth of the power tools market in APAC.

Besides, the increasing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC is expected to fuel the growth of the market during the forecast period. India and China remain lucrative growth markets for manufacturers of power tools.

Major players profiled in this report are as follows: Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), and others.

Premium Insights

  • Increasing Number of Construction Activities is Likely to Create Lucrative Opportunities for APAC Power Tools Market
  • Drilling & Fastening Tools Segment to Grow at Highest CAGR During Forecast Period
  • Industrial/Professional Application to Hold Larger Share of Power Tools Market in 2021
  • North America Hold Largest Size of Power Tools Market in 2021

Market Dynamics

Drivers

  • Growing Construction Industry in Emerging Economies
  • Surging Demand for Power Tools from Automotive Industry
  • Rising Adoption of Battery-Powered Power Tools Globally
  • Surging Demand for Electric Fastening Tools in Industrial Environments

Restraints

  • High Repair and Replacement Parts Cost of Power Tools
  • Fluctuations in Raw Material Prices

Opportunities

  • Rising Demand for Fastening Tools in Wind Energy Industry
  • Development of Smart and Connected Power Tools
  • Growing Demand for Power Tools for Household Applications

Challenges

  • Designing Ergonomic and Lightweight Power Tools
  • Stringent Regulatory Compliance and Safety Standards

Case Study Analysis

  • New River Electrical Corporation Used Portable Electric Band Saw from Cs Unitec, Inc. for Cutting of Large Cables
  • Lowe Offshore International, Ltd Used Pneumatic Magnetic Drill from Cs Unitec, Inc. for Construction of Devils Tower

Technology Trends

  • Connected Assembly Power Tools
  • Brushless Dc Motors
  • Wireless Charging
  • Easy Start System

Patent Analysis

  • Top 10 Companies with Highest Number of Patent Applications in Last 10 Years

Market Standards

  • Ansi/Asa S12.15-1992 (R2020)
  • Ansi B165.1-2019
  • Iso 28927-12:2012
  • Iso/Ts 21108:2005

Companies Mentioned

  • Aimco
  • Andreas Stihl AG & Co. Kg
  • Apex Tool Group, LLC
  • Atlas Copco Ab
  • C. & E. Fein Gmbh
  • Chervon (China) Trading Co. Ltd.
  • Cs Unitec
  • Dynabrade
  • Ferm International B.V.
  • Festool Group GmbH & Co. Kg
  • Hilti Corporation
  • Ingersoll Rand
  • Interskol
  • Ken Holding Co. Ltd.
  • Key Players
  • Koki Holding Co. Ltd.
  • Makita Corporation
  • Panasonic Electric Works Europe Ag
  • Positec Tool Corporation
  • Ridgid, Inc.
  • Robert Bosch Gmbh
  • Snap-On Incorporated
  • Stanley Black & Decker, Inc.
  • Techtronic Industries Co. Ltd.
  • Uryu Seisaku, Ltd.
  • Yamabiko Corporation

For more information about this report visit https://www.researchandmarkets.com/r/6ztga1.