Power Tools Market to Grow at a CAGR of 5.0% by 2025
Higher Demand for Lithium-ion Batteries vis-à-vis Ni-Cd
Lithium-ion batteries are becoming the preferred choice for power tools manufacturers, owing to their advantages over Ni-Cd batteries. Power tool companies are focusing on catering to end-user demand for lightweight and energy-efficient systems. Lithium-ion batteries offer these features at an economical cost, making them sought-after in the power tools industry.
Cordless Power Tools Gaining Popularity
Although cordless power tools are more expensive than their corded counterparts, ease of use and enhanced safety are making them popular, especially among DIYers. The demand for cordless power tools is anticipated to witness a steady increase during the forecast period, as adoption grows in developing countries.
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Global Housing Sector Recovery
Demand for both hand and power tools is massively dependent on the fortunes of the construction sector. The subprime crisis of 2007-08 shrinked demand for hand and power tools; however, as global economy recovery and construction sector witnesses steady growth, demand for power tools is projected to remain strong during the forecast period.
Domination of China-manufactured Power Tools
Low price of China-manufactured power tools will continue to pose stiff competition to branded power tools. The domination of Chinese power tools of the global market is expected to continue during the forecast period. Currently, China accounts for nearly 80% of the total power tools produced globally.
Global Power Tools Market Forecast & Analysis by Mode of Operation
Approximately 200 million units of electric power tools were sold globally in 2015, a significant lead over 88 million pneumatic power tools. Although pneumatic power tools are expected to gain market share during the forecast period, electric power tools sales will dominate the global power tools market during the forecast period.
Power Tools Market by End-use
Demand for power tools can be widely categorised into industrial and household. The industrial segment is anticipated to remain the highest end-use sector for power tools during the forecast period. Demand is also expected to remain steady from the household segment owing to the growing DIY trend. During the forecast period 2015-2025, the industrial segment is expected to increase at 3.6% CAGR in terms of volume.
Region-wise Analysis on Power Tools Market
Asia Pacific excluding Japan (APEJ) remains the largest market for power tools globally. High production of power tools in China and India will continue to drive market growth, whereas exports to Western countries will add to the regional market revenues. In terms of volume, the APEJ power tools market was valued at 80.7 million units in 2015.
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Western Europe and North America are the other key markets for power tools, with EU5 and the U.S. dominating the market in these respective regions. The North America power tools market is projected to increase at a higher CAGR than Western Europe power tools market during the forecast period. Among all the regions, the market in Middle East & Africa is expected to increase at the highest CAGR during the forecast period.
Analysis on Leading Power Tools Companies
The leading companies profiled in the report include Stanley Black & Decker Inc., Robert Bosch Gmbh, Techtronic Industries Company Limited, Actuant Corporation, Atlas Copco AB, Apex Tool Group LLC, Snap-on Incorporated, Allied Trade Group (ATG) Stores
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