Northbrook, IL -- (SBWIRE) -- 01/10/2021 -- The power tools market is projected to grow from USD 29.5 billion in 2020 to USD 36.9 billion by 2025; it is expected to grow at a CAGR of 4.6% from 2020 to 2025. The key factors fueling the growth of the market growing adoption of cordless power tools, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies are the key factors driving the growth of the power tools market. The power tools market offers several opportunities for manufacturers to focus smart connectivity for power tools.
COVID-19 impact on the power tools market
COVID-19 has emerged as a global pandemic that has spread across 215 countries worldwide and disrupted various industries around the world. The dynamics upon which various industries used to operate are set to change drastically. As the world continues to fight this crisis, multiple industries continue to experience a constant decline. Among these industries, the automotive industry has a diverse effect.
COVID-19 has been spreading across the world, starting from APAC, then moving to Europe, and currently accelerating in North America. COVID-19 has affected nearly all continents; however, the US, Russia, Brazil, India, UK, Spain, Italy, and Germany have experienced a sharp increase in diagnosed cases. Globalization and interconnected economies of most countries would be affected due to COVID-19.
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The drilling and fastening tools segment of the power tools market is projected to grow at the highest CAGR from 2020 to 2025.
Currently, drilling and fastening tools is projected to grow at highest CAGR during forecasted period. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants. Electric drilling and fastening tools are operated either through a battery, based on application or through corded power supply. Hydraulic drilling tools are ideal for heavy industry and construction applications. The prominent players offered drilling and fastening tools, have been affected owing to the outbreak of COVID-19. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the power tools market in FY20.
The electric power tools market is projected to grow at the highest CAGR during the forecast period.
The electric power tools market is projected to grow at the highest CAGR during the forecast period owing to the increasing demand for do-it-yourself (DIY) techniques among household consumers. Electric power tools are also used in a wide range of industries including construction, automotive, aerospace, energy, and shipbuilding. The growth of electric power tools is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Rapid urbanization and industrialization are anticipated to further fuel the growth of the market in the near future.The COVID-19 outbreak is expected to impact all end-user industries. This, in turn, is expected to affect electric power tools production, as well as demand for a power tools in the market.
The power tools market in APAC is projected to grow at the highest CAGR during the forecast period.
APAC is likely to be the fastest-growing region in the power tools market. Countries such as China and India are witnessing rising demand for power tools. COVID-19 forced lockdowns across APAC. The supply chains in and around APAC have been disrupted, which has resulted in limited permissible transportation. Asian countries under lockdown have suffered tremendous loss of business and revenue due to the shutdown of many manufacturing units. This has impacted the demand for power toolss in 2020.
Key Market Players
The power tools players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, contracts, partnerships and, business expansions, to strengthen their offerings in the market. The major players are Atlas Copco AB (Sweden), Apex Tool Group, LLC (US), Robert Bosch GmbH (Germany), Hilti Corporation (Liechtenstein), Makita Corporation (Japan), Ingersoll-Rand plc (Ireland), Stanley Black & Decker, Inc. (US), Techtronic Industries Co., Ltd. (Hong Kong), KOKI Holdings (Japan), and Snap-on Incorporated (US) were the major players in the power tools market.