Power Tools Market forecast to 2023: Trends & Growth Factors, Top Companies and Detail Research for Business Development

Power Tools Market
Global Power Tools Market by Type (Engine driven power tools, Electric power tools, Pneumatic power tools, Hydraulic power tools and others), Application (Household, Industrial, and Professional) & by Region – Global Forecast to 2023

Power Tools Market Share, Size, Trends, And Business Opportunity Analysis Report 2018 include historic data, with forecast data to 2023. Power Tools Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023

Robert Bosch Tool Corporation (Germany), Stanley Black & Decker, Inc (US), Makita Corporation (US), Hilti Corporation (Germany), Husqvarna (Sweden), Techtronic Industries Co. Ltd (Hong Kong), Snap on (US), Hitachi Koki Co., Ltd (Japan), Festool (TTS) (Germany), and Otto Baier GmbH (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Power Tools Market.

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Global Power Tools Market – Overview

Power tools are several types of tools and mechanical devices that works when they are initiated by an added power source and mechanism and not the manual labour used with hand tools. This could usually be electric motors, compressed or internal combustion engines. Power tools contain various types of tools from hand held machine drills to hydraulic presses and pneumatic tools. These tools can be handy for numerous applications like household tasks, construction, gardening etc.

Electric motors are the most common type of power tools, whereas internal combustion engines and compressed air are other major type of power tools. The market is compelled by numerous factors such as growing demand from industrial sector, growth in professional segment and growing usage of power tools for DIY & household activities. Howesver, market growth can be hindered by the factors such as fluctuation in raw material prices.

The manufacturing industry is one of the largest contributors for the economic growth of any country. The growing industrial sector across the world is expected to drive the power tools market. The adoption of power tools across the industries is increasing rapidly owing to the lack of availability of skilled workforce and the high cost of labour.

 Many organizations are progressively adopting the power tools for reducing the labor costs and enhancing the efficiency, though the primary cost of buying a set of power tools is high, but once used they offer higher throughput, efficiency, and profits. Many governments across the world are making huge investments in the industrial sector to lift the GDP of the country. Several initiatives being introduced like Make in India which will provide further boost to the growth of power tools market. The professional field is mainly motivated by the carpenters, craftsmen, electricians, plumbers, etc. Additionally, gro0wing demand from furniture industry is also increase the demand of the market. The major factors responsible for the growth of the furniture market is rapid growth in construction, renovation activities as well as growing disposable income among the individuals. As per Business and Institutional Furniture Manufacturers Association (BIFMA), the U.S. office furniture market production had increased from USD 9,335 million in 2013 to USD 10,254 million in 2015.

Global Power Tool Market – Segmentation

The scope of global power tool market is segmented into two major segments which are explained below:

Based on type, the market has been segmented into Engine-driven Power Tools, Electric Power Tools, Pneumatic Power Tools, Hydraulic Power Tools, and Others

Based on application, the market has been segmented intoIndustrial, Professional, and Household

Global Power Tool Market – Competitive Analysis

In competitive landscape, the report studies the growth strategies embraced by the companies between 2014 and 2017. Major players acquired various strategies to retain and expand their market share. Key strategies followed by most companies within the global power tools market were new product launch or product development.

The key players operational in this market, who have adopted these strategies are Bosch Power Tool Corporation (Germany), Hitachi Koki Co. Ltd (Japan), Makita (Japan), and others. Extensive research in this market has brought to light that new product development and merger & acquisition are the key strategies adopted by the major players in the global power tools market. This tactics is broadly adopted to increase their global presence and accomplish operational efficiencies. The market is greatly technology driven and thus demands for regular product innovation in high. As a result, increased investment in R&D. Adding to this, merger & acquisition is also the major strategy adopted by the players with a share of 3.25% to increase the market share and their client base.

Industry News

In March 2017, Stanley Black & Decker recently completed the acquisition with Newell Brands tools business to increase the product portfolio. This acquisition helps the company to expand its presence in the global tools market. Furthermore, the addition of Irwin, Lenox and Hilmor brands will boost the company’s product portfolio. This will make a positive impact on the power tool industry to expand the market growth in the untapped regions.

In May 2017, Snap-on Incorporated a leading global manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions has completed the acquisition of Norbar Torque Tools Holdings Limited, along with its U.S. and Chinese joint ventures for around USD 72 million.

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