About DIY Power Tools
Power tools are used to create products with ease and convenience. Engine-driven, electric, and pneumatic are the three types of power tools. They help in performing tasks such as screw driving, drilling, chiseling, routing, sanding, buffing, polishing, and leveling. Skilled professionals use power tools mainly in the construction industry and are used by home users undertaking refurbishment and improvement projects. Applications of power tools are spread across sectors such as automotive, consumer, infrastructure, construction, woodworking, aerospace, and electrical and electronics. The global DIY power tools market includes both corded and cordless power tools used by the consumer segment.
Technavio’s analysts forecast the global DIY Power Tools market to grow at a CAGR of 4.04% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global DIY Power Tools market for 2017-2021. To calculate the market size, the report considers the revenue generated from sales of cordless and corded DIY power tools by vendors in the market to the consumer segment.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global DIY Power Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global DIY power tools market: Makita, Robert Bosch Tools, Stanley Black & Decker, and Techtronic Industries.
Other Prominent Vendors in the market are: Atlas Copco, BAIER, Casals, Craftsman, Freudenberg, Hilti, Husqvarna, IRWIN TOOLS, Klein Tools, and Snap-on.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is emergence of energy-efficient power tools. Inflation rates and fluctuations in the economy signify that organizations worldwide need to accomplish increased productivity with maximum cost savings. Energy management is one of the key cost factors that concern organizations. In addition, the development of power tools with high power consumption creates several problems that need to be faced by companies as well as customers and other end-users. This increases the cost of utilizing power tools.”
According to the report, one of the major drivers for this market is DIY concept gaining momentum in developed countries. DIY is a method of building, repairing, and modifying things without the help of any professionals. Many companies are adopting the idea of DIY to reduce their operational costs and provide products to the customer at a reduced price. One of such companies is IKEA where to the DIY concept has been modified to ready to assemble (RTA). This concept has reduced the company’s operational expenses, and the company can focus on product development. The company’s product comes with all the instructions and tools required to assemble them.
Further, the report states that one of the major factors hindering the growth of this market is High cost for power tools. Different power tools are developed for efficient and easy movement of goods. These power tools are available with various capabilities and features to increase the operational convenience. Also, they are available with increased usability, accurate controls, and fool-proof technology to eliminate the risks in mishandling high-speed power tools, which increases the cost of power tools. The high cost of consumables coupled with high maintenance costs causes several small-scale industries to avoid investing in efficient and effective power tools. In addition, high-quality and energy-efficient power tools are expensive, which small-scale industries and the residential sector cannot afford. The decline in demand for power tools is expected to hinder the growth of the DIY power tools market.
Makita, Robert Bosch Tools, Stanley Black & Decker, and Techtronic Industries.Atlas Copco, BAIER, Casals, Craftsman, Freudenberg, Hilti, Husqvarna, IRWIN TOOLS, Klein Tools, and Snap-on.
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