The
power tools market is expected to be worth USD 35.58 billion by
2023, growing at a CAGR of 4.6% between 2017 and 2023. The constantly growing
construction industry in emerging economies, increasing sales of commercial
vehicles across the world, and rising demand for cordless tools. However, the
high maintenance cost associated with power tools hinders the market growth.
The market has been segmented on the basis of mode of operation, tool type,
application, and geography.
Drilling
and fastening tools held the largest share of the overall market in 2016.
Electric drilling and fastening tools are used by professionals as well as DIY
consumers, while most pneumatic drilling and fastening tools are used in
industrial environments, such as automotive and aerospace manufacturing plants.
The increase in the adoption of fastening tools, such as impact tools,
screwdrivers, and nutrunners, is due to the continuously growing automotive
sales all over the world and the rising installation of wind power plants as
these tools are essential elements in automotive assembly and wind turbine
installation operations.
The
construction industry held the largest share of the power tools market in 2016.
The construction industry is the largest shareholder of the market. Power tools
play an important role at every stage of the construction activity, including
the design, survey, construction, and maintenance phases. They are used for
various construction applications such as drilling, driving, demolition,
concrete cutting, and polishing. Tools such as impact drills, drivers, and
rotary hammers are widely used in construction projects. The growing
construction activities in countries such as the US, China, and India, demand
technologically advanced and innovative power tools, thereby driving the market
growth.
Other
key players in the market include C. & E. Fein (Germany), Emerson Electric (US), Chevron
Group (China), Panasonic (Japan), TTS Tooltechnic Systems (Germany), Illinois
Tool Works (US), Positec Group (China), CS Unitec (US), FRIEDRICH DUSS (Germany),
Uryu Seisaku (Japan), Deprag Schulz (Germany), KYOCERA (Japan), AIMCO Global
(US), INTERSKOL (Russia), and FERM (Netherlands). These players are focusing on
product launches and developments, acquisitions, and collaborations to enhance
their product offerings and expand their businesses.
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Electric
drilling and fastening tools are used by professionals as well as DIY
consumers, while most pneumatic drilling and fastening tools are used in
industrial environments, such as automotive and aerospace manufacturing plants.
The increase in the adoption of fastening tools, such as impact tools,
screwdrivers, and nutrunners, is due to the continuously growing automotive
sales all over the world and the rising installation of wind power plants as
these tools are essential elements in automotive assembly and wind turbine
installation operations.
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