Global power tools market size will grow by over USD 7.4 billion during 2017-2021

Technavio’s Global Power Tools Market 2017-2021 Report provides a detailed analysis of this global market by technology (electric power tools, pneumatic power tools market, and engine-driven power tools and others) and geography (the Americas, APAC, and EMEA). Moreover, the report also provides an analysis of the market’s competitive landscape and offers information on several power tools manufacturers including Apex Tool Group, Makita, Robert Bosch, Stanley, Black & Decker, and Techtronic Industries.

The market study identified the increasing demand for home improvement products as one of the primary factors that will fuel the growth of this market during the next few years. With the increase in labor costs, the developed countries are witnessing the growth in popularity of DIY, where customers prefer to carry out the maintenance and repair of their homes, vehicles, and machines themselves. Moreover, the growing focus of individuals on craftsmanship is also DIY is also increasing the popularity of DIY. This will fuel the need for power tools for home improvement, subsequently driving market growth. Our market research analysts predict that this market will grow at a CAGR of almost 5% by 2021

Image Courtesy: www.kregtool.com

The cordless electric power tools are powered by Ni-Cd batteries. However, with advancements in battery technology, power tools manufacturers will start preferring the adoption of Li-ion batteries owing to their advantages including smaller size and lighter weight. Moreover, the Li-ion batteries are also designed to minimize any self-discharge. This will drive the shift in preference of manufacturers from Ni-Cd to Li-ion batteries, which according to our industry research and analysis, will be one of the key trends that will gain traction in the power tools market during the next few years.

Power tool manufacturers and competitive analysis

This global market has the presence of a few multinational companies and several smaller, regional, and local vendors. Though the large power tools manufacturers focus on introducing innovative products, the small vendors in this market space mainly sell undifferentiated products. While few players in the power tools market focus on developing portable power tools with ease of handling, other vendors are concentrating on developing rugged products for specific applications. Some of the leading companies covered in this report are: Apex Tool Group, Makita, Robert, Bosch, Stanley, Black & Decker and Techtronic Industries