Global power tools market size is estimated to grow from USD 31.8 billion in 2019 to USD 41.7 billion by 2024, at a CAGR of 5.5% as per a report by MarketsandMarkets.
Growing adoption of cordless power tools
Cordless power tools include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. The demand for more mobile, flexible, and compact tools is driving the market for cordless tools. Lithium-ion batteries are replacing conventional nickel–cadmium (Ni-Cd) and nickel–metal hydride (Ni-MH) power tools. Advances in battery technology are contributing to the increasing adoption of cordless power tools with high-density batteries that can last longer once charged.
According to the European Power Tool Association (EPTA), in 2018, the cordless power tools segment accounted for ~50% of the power tool market and is the fastest-growing business segment in Europe. Lithium-ion batteries provide higher energy density and longer operational life to power tools. These batteries are lightweight and do not exhibit self-discharge. Therefore, lithium-ion batteries have become the most popular option for powering cordless power tools. Furthermore, with consumers’ attraction toward cordless tools, tool manufacturers are focusing on cordless power tools and launching innovative products in the market.
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High maintenance cost
Power tools, such as assembly tools, are precision instruments, requiring regular maintenance of its moving parts. Power tools are required to be recalibrated at regular intervals for precise operations. Motors, batteries, power connections, and other components of power tools wear out and fail over time. Regular maintenance, e.g., oiling, sharpening, and replacing parts, and other repairs, is required for proper working of tools, which, in turn, incurs high cost. Consumers, particularly in developing countries, are reluctant to spend on the maintenance of power tools due to the availability of low-cost manual labor. Thus, the high cost of maintenance is restraining the growth of the power tools market. Also, the cost of ownership of power tools increases because of maintenance and repair requirements. Therefore, consumers in developing countries are leasing power tools, which is also hampering the growth of the market for power tools.
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