The Power Tools market was valued at USD 29.5 Billion in 2020, and it is expected to reach a value of USD 40.2 Billion by 2027, at a CAGR of 4.60% over the forecast period (2022 - 2027).
Over the coming years, the rising demand for power tools is expected to be driven by increased usage in the automotive and construction industries. Many fastening jobs are required on vehicle production and assembly lines. Power tools can help you save time and improve efficiency by lowering the time spent on these repetitious operations. As a result, power tools are being more widely used in the automotive sector by both vehicle manufacturers and repair and maintenance service providers. Similarly, the construction industry is increasing in demand for drills, sanders, wrenches, and other tools.
The growing popularity of cordless power tools, the higher demand for fastening equipment in industrial contexts, and the developing construction industry in emerging nations are the key forces driving the growth of the power tools market. In the power tool industry, manufacturers can emphasize smart connections in a variety of ways.
This report provides in-depth analysis of Global Power Tools market. We have analyzed 20+ data points that include product price trends, consumer purchase patterns, company annual sales performance, COVID-19 impact on distribution channels, parent industry performance, regional trends, and technological innovations, for tracking the Global market size and performance in the recent years.
Global Power Tools Market: Impact of COVID 19
COVID-19 has had a significant impact on the automotive industry, affecting production hubs in India, China, Italy, Germany, Spain, and the United States. Apart from assembly factories, several countries have announced a whole or partial shutdown of manufacturing units. Due to the shutdown of production operations, other tier-I manufacturers are seeing a drop in car sales as well. The closure of many manufacturing operations in Asian countries under lockdown has resulted in a significant loss of business and revenue. This will influence power tool demand in 2020..
Key Trends in Global Power Tools Market
- There has been a shift in power tool usage from corded to cordless. While corded equipment continues to sell well, the transition to cordless is significant. Band saws, circular saws, crimpers, hammer drills, impact drivers, impact wrenches, and other battery-powered equipment are among the cordless power tools available. The shift to cordless power tools demonstrates a demand for a more portable instrument. Today's cordless tools can also run for longer periods on a single charge.
- The growing popularity of Do-It-Yourself (DIY) projects has led to an increase in demand from consumers. Companies are developing goods with additional safety features to cater to the needs of customers who are not qualified professionals. For example, Bosh Power Tools includes Bosch Prevention features such as rotation control clutch in rotary hammer drills and angle grinder restart protection. Such features aid in the reduction of product-related harm hazards and the acceptance of power tools in domestic applications.
- Another aspect impacting market expansion is technological advances. Companies are introducing technologically advanced techniques to improve their products' efficiency. Dewalt's Flexvolt battery, for example, automatically adjusts the voltage based on the tool linked to it. Before using various corded power tools, an automatic voltage switch assists in manually regulating the power. Similarly, Bosch Power Tools debuted the X-Lock angle grinder lock interface in January 2019. The grinder wheel changing system ejects wheels with merely a pull of a lever, reducing the need for other equipment.
