Power tools are equipment powered by additional power sources such as battery and electric motors. Power tools are used for various applications in various industries such as construction industry, manufacturing, and others. Moreover, power tools are used for various household applications such as cutting, shaping, grinding, and drilling. Power tools are available in different size and are easy to operate, which include hammer drills, electric screwdriver, and fast screw guns.
Market Dynamics:
The growth for the power tools market is majorly attributed to the growing construction industry in the emerging economies such as China, India, across the globe. In the construction industry, power tools are used for number of applications such as woodcutting, drilling, welding, reshaping, which boosts demand for them. For instance, according to Invest India, The Real Estate Industry in India is expected to reach $1 Tn by 2030 and will contribute 13% to India’s GDP and construction output is expected to grow on average by 7.1% each year. In addition, cordless power tool is majorly getting adopted in various industries, as they are flexible, compact, and are easy to use.
Power tools are precision tools that require frequent maintenance, and need to be recalibrated after a regular interval of time. Motors, batteries, rotor that requires a frequent maintenance is expected to be a challenging factor for the power tools market growth.
Key features of the study:
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