CHICAGO, Aug. 14, 2019 /PRNewswire/ -- According to the new market research report "Power Tools Market by Mode (Electric (Corded & Cordless), Pneumatic), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY) - Global Forecast to 2024", published by MarketsandMarkets™, the Power Tools Market is estimated to reach USD 41.7 billion by 2024 from USD 31.8 billion in 2019, at a CAGR of 5.5%.
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Growing adoption of cordless power tools, increasing sales of commercial vehicles, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies are the key factors driving the growth of the power tools market. However, the high maintenance cost of power tools and fluctuations in raw material prices may hamper the growth of the market. The power tools market offers several opportunities for manufacturers to focus smart connectivity for power tools. The power tools manufacturers are facing challenges in designing ergonomic and lightweight power tools.
"Drilling and fastening tools to lead power tools market from 2019 to 2024"
Currently, drilling and fastening tools hold the largest market share among all other tool types in the power tools market, and a similar trend is likely to continue during the forecast period. Drills or impact drills are used for drilling and screw driving applications. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants.
"Market for electric power tools to grow at fastest CAGR from 2019 to 2024"
Electric power tools are operated either through battery, based on application, or through corded power supply. Corded electric tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy in nature. Due to their ergonomic advantages, end users prefer cordless tools over conventional tools. The European Union has already banned the use of nickel–cadmium (Ni-Cd) for power tool batteries due to the toxic properties of cadmium. Majority of manufacturers are focusing more on launching cordless tools powered by lithium-ion batteries. As a result, the demand for cordless electric power tools with lithium-ion batteries is likely to increase during the forecast period.
"Industrial application to hold largest market for power tools from 2019 to 2024"
Power tools are used in several industries, such as construction, automotive, aerospace, energy, and shipbuilding. The construction industry is at the leading position in the power tools market as these tools are used in a majority of construction projects. Automotive and energy industries are likely to have high growth opportunities in the near future owing to rising commercial vehicle sales and increasing installation of renewable power plants across the world. Fastening power tools have major applications in automotive, aerospace, and energy industries. Moreover, material removal tools are also used for polishing and finishing work in the automotive industry.
Browse in-depth TOC on "Power Tools Market"
68 – Tables
60 – Figures
172 – Pages
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"North America to be largest market for power tools during forecast period"
North America is expected to dominate the global power tools market during the forecast period. In North America, power tools are extensively used for both industrial and residential/DIY applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for power tools, especially for cordless tools. The US is expected to hold the largest share of the North American power tools market. Manufacturing companies based in the US are expected to drive the demand for power tools. The construction industry is expected to witness significant demand in the near future, which will drive the demand for power tools.
Major players in the power tools market are Stanley Black & Decker (US), Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), KOKI Holdings (Japan), and Snap-on Incorporated (US).
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