Power Tools Market - Share, Size & Industry Analysis – 2023
Power Tools Market Size, Growth, Trend and Forecast to 2023 | MarketsandMarkets
United States, 10 January 2019
-- Power Tools Market by Mode (Electric (Corded & Cordless), Pneumatic, Others), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY).
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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Submitted by stevestark002 on Thursday, 10 January 2019 at 8:37 PM
Category: Consumer Technology
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