The rapid expansion of the construction industry is expected to propel the growth of the power-tools market going forward. According to a new report by The Business Research Company, the global power-tools market size is expected to grow from $32.26 billion in 2021 to $35.40 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%.
This market consists of sales of power tools by entities (organizations, sole traders, and partnerships), used to speed up the completion of tasks that would take much longer with traditional tools.
The power tools contain a different range of energy-efficient tools that run on:
- Internal combustion
- Compressed air
Equipment that is driven by a mechanism or source other than the human body is termed a power tool. The most typical source of power for these tools is an electric motor base, and, there are a few that are fueled by gasoline.
The main types of power tools are drilling and fastening tools, demolition tools, routing tools, sawing and cutting tools, material removal tools, and other tool types. The drilling and fastening tools are used to form a hole of different sizes on a job. Drilling is a metal removing technique that may be done with a drilling machine. Drilling, reaming, and boring are all operations that can be done with a drilling tool.
The various mode of operations includes electric, pneumatic, others, and can be distributed through online, offline channels. Applications include construction, automotive, aerospace, energy, electronics, and others.
Attributed to construction
The rapid expansion of the construction industry is expected to propel the growth of the power-tools market going forward. The construction industry is a manufacturing and trade division that focuses on the building, maintenance, and repair of structures.
Power tools are employed in this industry as they give greater efficiency, accuracy, and worker safety. For instance, according to Invest India, an India-based investment and promotion agency, the Indian construction equipment sector revenue stood at $6.5 billion in 2020 and is expected to the growth by an average of 7.1% by 2025. Therefore, the rapid expansion of the construction industry drives the market.
New product innovations have emerged as the key trend gaining popularity in the power tools market. Major companies operating in the power tools market are inventing new product innovations to sustain their position in the market. For instance, in December 2021 Dewalt, a U.S.-based company that manufactures power tools launched its new Dewalt PowerStack 20V Max Compact Battery, which gives 50% more power. It contains broad application capabilities and fast performance with cordless tools. This battery is 25% more compact and 15% lighter.
In April 2019, Snap-on Incorporated, also a U.S.-based manufacturer of power tools, diagnostics, equipment, and systems acquired Power Hawk Technologies Inc. for a deal amount of $8 million. With this acquisition, Snap-on Incorporated projected its business to improve and develop snap-capabilities, as well as provide solutions to make work easier for serious professionals who apply their expertise in high-risk areas.
Mergers and acquisitions are also an important strategy in the market. In April 2019, Snap-on acquired Power Hawk Technologies for $8 million. With this acquisition, Snap-on projected its business to improve and develop snap-capabilities, as well as provide solutions to make work easier for serious professionals who apply their expertise in high-risk areas. Power Hawk Technologies is a manufacturer, designer, and distributor of power tools.
Major players in the power tools market are Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Copco, Ingersoll Rand, Snap-on Incorporated, Apex Tool Group, Hitachi Koki Ltd, Emerson Electric Co, Enerpac Tool Group, Carborundum Universal Limited, Electrex Power Tools, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, and Ridgid Tools.
Asia-Pacific was the largest region in the power tools market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global power tools market during the forecast period. The regions covered in the global power-tool market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The power-tools market research report is one of a series of new reports from The Business Research Company that provides power tools market statistics, including power tools industry global market size, regional shares, competitors with a power tools market share, detailed power tools market segments, market trends and opportunities, and further data to grow in this industry.