The power tool can be well-defined as equipment actuated by an additional power source likewise an electric motor, IC engines, and compressed air. Power Tools are utilized for countless applications in construction, shipbuilding, energy, and the automotive industry. The Power Tools have innumerable commercial and industrial applications such as drilling, shaping, sanding, routing, cutting, polishing, grinding, heating, and so on.
These tools are often accessible in various forms and are simple to operator tools comprise hammer drills, electric screwdrivers, and fast screw guns. Electric drilling and fastening tools are utilized by professionals and DIY customers, while most pneumatic drilling and fastening tools are optimized in industrial environments such as automotive and aerospace manufacturing plants. Electric drilling and fastening tools are functioned either through a battery, reliant on application, or through a corded power supply. The Hydraulic drilling tools are supreme for the heavy industry and construction applications.
Electric Power Tools are also used in an extensive range of industries comprising construction, automotive, aerospace, energy, and shipbuilding. Moreover, the comfort of use distributed by Power Tools has made them predominant even for non-professional users principally in household functions. The ease of accessibility and portability of electric Power Tools stimulate their implementation even in ordinary everyday applications comprising drilling, sawing, and cutting, which in turn boosts the global Power Tools Market growth.
Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), and Hilti Corporation (Liechtenstein) are a few major players in power tools market competition.
In addition, the major Global power tool manufacturers have employed automation technologies to manage their electric power tools throughout the operations. The penetration of automation has made it achievable for the operators to track, connect, and customize their tools on several jobsites and hence, achieve more productivity through the similar electric power tool. Such automation technologies are probable to assist in generating the global electric power tools market choices during the review period.
Furthermore, the Power tools market future outlook is predicted to propel owing to technological innovations, the growing adoption of cordless tools that deliver easy mobility and no external power source. The market is projected to descent owing to the setback experienced by the automotive and several other industries caused by the outbreak of COVID-19 pandemic. However, increasing demand from household applications and the revival of industries during the near future is projected to upkeep the market growth over the review period.
In addition to inorganic growth strategies, companies are also contributing in their research and development in order to deliver the technologically advanced products. For instance, Robert Bosch has introduced the Toolbox App that links to the power tools to enhance efficiency. It proposes the services such as personalized power control and managing tools using smartphones. The initiation of connected power tools has further strengthened the competition in the market. Therefore, it is predicted that during the near period the market of power tools will develop over the assessed duration.
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power tools market competition
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