Power tools will continue to outsell hand tools, as need for faster completion of projects will influence buying decisions, according to a Future Market Insights study. Demand for power tools will also be supported by their applications in house renovations and other DIY tasks. By 2025, global construction volume is projected to reach US$ 15 trillion, with nearly 60% of revenues expected to remain concentrated in China, India, and the U.S. Leading power tools manufacturers are focusing on China, India, and the U.S. to leverage on the projected demand for power tools in these markets. Other major trends anticipated to shape up the market include a steady shift from corded to cordless and preference for Lithium-ion batteries vis-à-vis Ni-Cd batteries.
On the basis of end-use sector, FMI’s report has segmented the power tools market into industrial and household. Demand for power tools is higher from the industrial segment vis-à-vis household, and the trend is expected to continue during the forecast period. Of the US$ 27.58 billion worth of power tools sold in 2015, the industrial segment accounted for US$ 15.64 billion.
By mode of operation, the power tools market has been segmented into electric, pneumatic, and others. Among these three sub-segments, demand for electric power tools is the highest. However, pneumatic power tools segment is expected to witness the highest growth rate during the forecast period. On account of surging demand, the revenue share of pneumatic power tools segment is expected to increase by nearly 1.5% to reach 29% by 2025.
Region-wise Insights on Power Tools Market
The U.S., China, and India remain key for the growth of the power tools market. These three markets are collectively anticipated to grow at a robust pace during the forecast period and account for a significant share by 2025. In terms of revenues, North America is anticipated to remain the largest market, followed by Western Europe and Asia Pacific excluding Japan (APEJ). The power tools market in Middle East & Africa (MEA) and Latin America are at a nascent stage, owing to which they are projected to increase at a high CAGR during the forecast period.
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