Industry Background:
Power tools are operated with the help of electricity or battery that are widely used to perform complex tasks like drilling, cutting, etc. The adoption of power tools has been increasing across the globe as industries are looking to complete tasks quickly and easily. Power tools like drills are commonly used for household applications and the construction industry that will create significant opportunities for the market. Further, compared to manual tools, power tools are more precise the user doesn’t require any specific skill and performs the job with comfort of mind.This growth is primarily driven by Increasing Demand of Power Tools Across Various End-Use Industries to Replace With Conventional Tools.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Electrical Components & Equipment sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Robert Bosch Tool Corporation (United States), DEWALT (United States), XTRA POWER (India), Koki Holdings Co., Ltd. (Japan), Stryker Corporation (United States), JCB (United Kingdom), Black+Decker Inc. (United States), KPT Industries (India), FERM (Netherlands), Carborundum Universal Ltd (India), Makita (India), Craftsman (United States), Hilti (India), Porter-Cable (United States), Neutron Power Tools (India), Milwaukee Tool (United States) and Snap-on Incorporated (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In 2020, Bosch Power Tools, a global leader in the power tool segment launched smart cordless measuring tools, GLM 150 C, GLL 30 G, GTC 400 C for on-the-go professionals in India. GTC 400 C is an intuitive cordless power tool that allows users immediate thermographic inspection of temperatures onsite. With this launch, the main aim of the company is to meet the increasing demand for a cordless range of power tools across India.The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Increased Focus on the Development of Power Tools with Long Battery Life
Market Growth Drivers:
Increasing Demand of Power Tools Across Various End-Use Industries to Replace With Conventional Tools
Challenges:
High Maintenance and High Risk of Injury If it does not Handle Properly
Restraints:
High Cost Associated with the Power Tools Compared to Hand Tools May Limit the Growth
Opportunities:
Growing Popularity of Cordless and Battery Operated Power Tools Among Consumers
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Power Tools Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Power Tools Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Power Tools players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Power Tools Study Sheds Light on
The Power Tools Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Power Tools industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Power Tools industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.