Global power tools market 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.
Download PDF Brochure:
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.
Please Explore Relevant Reports:
Outdoor Power Equipment Market by Equipment Type (Lawn Mower (Lawn Tractor, Zero-turn, Walk-behind, Robotic), Chain Saw, Trimmer & edger), Application (Commercial, Residential), Power Source (Fuel, Electric), and Geography – Global Forecast to 2024
DC Torque Tool Market by Type (Handheld and Fixtured Tools), Power Source (Corded and Cordless), Control System (Transducer and Current), Industry (Automotive, Aerospace, and Energy), and Geography – Global Forecast to 2023
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States