Driven by the Rising Manufacturing and Construction Industry, and Adoption of Power Tools in Household Applications. The Global Power Tools Market is forecasted at approximately US$ 50 Bn by 2028 says Ken Research Study.
Power tools are the equipment used to cut, wrench, saw drill, and polish materials. Power tools are classified as stationary power tools and portable power tools. Stationary power tools are used for precision, strength, and smoothness such as table saw machines, drill presses, band saws, and others. Portable power tools are used for low weight, minimal heat generation, and longer time span of the machine such as wrenches, and drill machines.
“Ken Research shares 3 key insights on this high-opportunity market from its latest research study.”
1. Emerging Construction and Manufacturing Industry Worldwide, Is Likely to Propel the Growth of the Power Tools Market.
According to Ken Research Analysis, the Global Power Tools Market was valued at US$ 25 billion in 2017, it is estimated to be ~US$ 35 billion in 2022 and is forecasted to reach a market size of ~US$ 50 billion opportunities by 2028, owing to the surging construction and manufacturing industry. Multiple power tools are used in the manufacturing industry such as impact wrenches, electric screwdrivers, handheld portable grinders, sockets, pliers, and others.
According to Indian Machine Tool Manufacturers Association, the apex industry body for the machine tools sector in India mentioned that the national capital goods policy envisages increasing production of capital goods from ~ US$ 28 billion in 2014-15 to ~ US$ 91 billion by 2025. Capital goods include machine tools, textile machinery, moulds and press tools, printing and packaging machinery, and others. It envisages increasing export from the current 27% to 40% of production while increasing the share of domestic production in India’s demand from 60% to 80%.
2. Rising Usage of Power Tools in Automotive is Driving the Growth of the Market.
Power tools are mostly used by vehicle manufacturers as well as repair and maintenance service providers in the automotive industry. Power tools help in decreasing the time linked with these redundant tasks, along with delivering increased efficiency. In car production over 55 different types of power tools are used including torque wrenches, impact drivers, air wrenches, power drills, polishing machines, air compressors, spray guns, and others.
As per the International Organization of Motor Vehicle Manufacturers (OICA), an organization working in the interest of vehicle manufacturers and assemblers stated that China’s vehicle production increased by 3% from approximately 25 million units in 2020 to approximately 26 million units in 2021.
3. Fluctuating Prices and Disruption in the Supply of Raw Materials is Likely to Restrain the Power Tools Market.
Steel, aluminum, zinc, and others are the key material used in manufacturing power tools. Apart from this, batteries, motors, and other electronic components are used in the production of power tools. During COVID-19, the prices of materials have declined significantly but as the demand surged and supply reduced, the prices of these materials have soared to an all-time high.
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As per the European Power Tool Association (EPTA), which represents power tool manufacturers, stated that cordless power tools (CPT) account for approximately 50% of the power tool market. CPT is lightweight, low voltage, and requires no electric cables while in production. Furthermore, lithium-ion batteries are classified as dangerous goods in international transport law and have special regulations for carriage. Batteries with an energy content over 100Wh are more heavily regulated.
Increasing lithium prices will affect the prices of cordless power tools, which can likely hamper the growth of the overall power tool market.
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