Power tools: Key market research findings
- Extensive application of power tools in the medical field drives market growth
- Electric segment accounts for a majority of the market’s revenue
- Key vendors – Makita, Robert Bosch, Stanley Black & Decker, and Techtronic
Technavio’s market research analysts predict the global market for power tools to grow at a CAGR of around 5% between 2016 and 2020. The demand for power tools stems from the extensive use of power tools in the medical field. Handheld surgical devices have requirements such as precision and high resistance to heat development and vibration. In addition, these tools react with saline solutions and alkalis because of sterilization requirements. During 2015, the global power tool market was dominated by the Americas with a market share of almost 40%. The demand from the flourishing manufacturing, construction, and automotive industries from especially the US and Canada will propel growth of the power tools market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the power tool segments based on the equipment type.
“Major players in the market are updating technologies and registering patents to improve the overall efficiency of the tool. DeWalt launched a Bluetooth platform which enables power tools to operate within a virtual fence beyond which the tools are not operable. Besides, these tools can be connected to the mobile through Bluetooth, to check the battery charge and temperature of the tool. This will enhance the tool and battery life, therefore, improving the overall efficiency,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
By 2020, the electric segment will account for around 73% of the overall market share to become the key revenue-generating vertical in the global power tools market. Electric power tools are electrically actuated and are either corded or cordless models. There are various kinds of electric power tools that include drills, sanders, saws, polishers and grinders, screwdrivers, planers and routers, impact wrenches, and hammers. The demand for these tools is spurred based on the technology and convenience they offer to end-users.
The key vendors in the global power tools market include Makita, Robert Bosch, Stanley Black & Decker, and Techtronic. Key players are focusing more on emerging economies such as India, Indonesia, and Thailand in APAC. The construction sector accounts for considerable share in the market revenue for every firm. For instance, Stanley Black & Decker in 2015 announced that it is planning to expand its operations in India by three times in the next 5 years. The company sees India as one of the potential markets with extensive requirements from the manufacturing and construction sector.
A more detailed analysis is available in the Technavio report, Global Power Tools Market 2016-2020.
