Power Tools Market Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027

 

Power Tools Market

Power Tool demand is increasing rapidly in the automotive industry, owing to rising sales of passenger and commercial vehicles in regions such as Asia Pacific and Europe. According to the International Organization of Motor Vehicle Manufacturers, commercial vehicle sales in Europe were 2 million and passenger vehicle sales were 14 million units in 2020; in Asia Pacific, commercial vehicle sales were 80 lakhs and passenger vehicle sales were 1 million units in 2020. Such high sales figures reflect rising vehicle demand, which has prompted automakers to increase production.

Power tools, for example, are precision instruments that require regular maintenance of their moving parts. For precise operations, power tools must be recalibrated at regular intervals. Over time, motors, batteries, power cords, drive belts, carbon brushes, and bearings wear out and fail. In addition to the aforementioned power tool components, other components such as power switches, drill bits, and accessories necessitate frequent maintenance due to the frequency with which these tools are used in almost every industry.

The global Power Tools Market is estimated to account for US$ 30,000.8 Mn in terms of value in year 2019, and is expected to grow at CAGR of 5.1% for the period 2020-2027.

A Power Tool is a tool that is powered by a source of energy other than manual labour. Electric motors are used in the majority of power tools. There are various types of power tools, such as electric screwdrivers and hammer drills. Power tools are commonly used in manufacturing, construction, and do-it-yourself projects. These tools come in a variety of sizes and shapes and are relatively simple to use. Power tools are classified into two types: portable and stationary.

Globally, the use of power tools has grown significantly in recent years. This is due to the significant advantages that cordless tools have over corded tools, such as portability, lightweight, and less equipment to carry. Corded power tools are bulky to handle, and because they are connected to a power source, users have difficulty manoeuvring the tool. Furthermore, corded power tools are connected to an electric source, and they cannot be used if there is no electricity available. When construction begins, this can be a significant challenge. Furthermore, corded power tools necessitate frequent cord replacement because faulty cords can pose a potential safety hazard to users. Because cordless power tools are lightweight and easy to manoeuvre, they are more convenient. Therefore, these factors are expected to drive growth of the global power tools market during the forecast period.

The infrastructure sector is rapidly expanding, particularly in emerging markets such as China, India, South Africa, and Brazil. According to the India Brand Equity Foundation (IBEF), India will be the world's third-largest construction market by 2022. According to the same source, India is expected to invest approximately US$ 1.4 trillion in infrastructure between 2019 and 2023 to ensure the country's long-term development. Rapid infrastructure development has increased demand for a wide range of power tools, including electric drill machines, hammer drills, impact drivers, electric screwdrivers, rotary hammers, and many others. As a result, these factors are expected to drive growth in the global power tools market over the forecast period.

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