Global Power Tools Market 2017-2021
About Power Tools
Power tools are mechanical or electromechanical equipment that draw electricity from an external power source, without the application of manual labor to achieve a specific action. Power tools are commonly used in the construction and manufacturing industries to perform activities such as drilling, sawing, grinding, screwing, and cutting. However, application areas for power tools are diverse and wide, depending on the end-user and the industry. Power tools are used to increase the efficiency of manual operations, thereby increasing worker productivity and saving time. There are also several end-user applications that require the use of customized power tools to perform specific tasks.
Technavio’s analysts forecast the global power tools market to grow at a CAGR of 4.77% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global power tools market for 2017-2021. To calculate the market size, the report considers the sales revenue.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Power Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global power tools market: Apex Tool Group, Makita, Robert Bosch, Stanley Black & Decker, and Techtronic Industries
Other Prominent Vendors in the market are: ANDREAS STIHL, Atlas Copco, C. & E. Fein, CHERVON (China) Trading, Emerson Electric, Evolution Power Tools, Hilti, Hitachi Koki, Illinois Tool Works, INTERSKOL, JET Tools, Josch Group, Master Air Tool, Nemo Power Tools, Panasonic, Positec Tool, Snap-on, and Triton Tools.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Wireless battery charging technology. Cordless, battery-powered electric power tools have been available in the market for several years, but their adoption has been slow due to functional issues with battery operated tools, including long charge times and short duration of the operation. Most of the existing battery-powered power tools require the removal of the battery pack from the tool for charging. However, the rising number of complaints and feedback from end-users regarding the time consuming and cumbersome charging process has led to the development of wireless charging batteries for power tools. The adoption of this technology is expected to boost the market demand for cordless power tools.”
According to the report, one of the major drivers for this market is Rise in global construction and infrastructure development activities. Power tools are most commonly used in the construction industry. These tools are essential to carry out construction operations such as cutting, drilling, and grinding. They are essentially support tools used to increase the efficiency and productivity of labor at construction sites. Therefore, any growth in the global construction activities will have a positive impact on the global power tools market.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in prices of raw materials. The volatility in raw material prices may be a major challenge to vendors and manufacturers, as a number of players in the market start competing on the basis of pricing to sell their products, most of which are undifferentiated or generic power tools. The production of power tools involves the use of steel, copper, rubber, plastic, and other composites. Also, the motor inside most electric power tools constitutes magnets that are made of rare earth materials. Most of these raw materials are globally traded commodities, and their prices are prone to significant fluctuations, which may negatively impact power tool manufacturers due to a reduction in profit margins or sales caused by higher prices of power tools.
Apex Tool Group, Makita, Robert Bosch, Stanley Black & Decker, Techtronic Industries, ANDREAS STIHL, Atlas Copco, C. & E. Fein, CHERVON (China) Trading, Emerson Electric, Evolution Power Tools, Hilti, Hitachi Koki, Illinois Tool Works, INTERSKOL, JET Tools, Josch Group, Master Air Tool, Nemo Power Tools, Panasonic, Positec Tool, Snap-on, and Triton Tools.
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