Electric Tools Market Forecast and CAGR
Electric tools find their applications in almost all material modifications, as well as construction and manufacturing activities. The constant advancements in technologies in the electric toolsets increase their productivities and efficiencies, which thereby, have their implementation in several applications including residential, commercial and professional establishments.
Electric tools have transformed the automotive, construction and other industries, by saving the efforts and time required for meek operations including screw driving to complex tasks such as breaking and sawing. Additionally, minor sizes and easy availability of products endorse their implementation even in normal day-to-day applications such as cutting, drilling and others, which in turn drives the growth value of electric tools.
According to the latest research by Fact. MR., the electric tools market is projected to grow at 6% CAGR during the forecast period owing to the growing demand for (DIY) do-it-yourself techniques among household consumers.
The growth of electric tools is powered by improvements in the growing adoption and battery technologies of cordless tools among residential and industrial users. Rapid industrialization and urbanization are expected to further fuel the development of the market in the forecast period.
What is Driving Demand for Electric Tools?
The improved implementation of electric tools in the automobile and construction industry, owing to the structures of electric tools such as usability in remote locations, convenience & movability and high productivities, drives the demand for electric tools.
Furthermore, the addition of brush-less motors in the electric tools has enhanced the efficiency. As a result, the overview of brush-less motors in electric power tools impels the use for specialized tough operations; thereby, lashing the global demand.
Electric tools help in tumbling the time allied with these redundant tasks, along with providing amplified efficacy.
Thus, electric tools are gradually used by automobile manufacturers as well as the maintenance and repair service providers in the automotive industry. Likewise, the mounting use of wrenches, sanders, drills set and other tools in the construction segment is boosting the demand for such tools.
Additionally, the rising use of such tools in the industrial sector is also playing a significant role in asserting the demand in the upward direction. Several times, small and mid-sized key players are destined to use these tools, owing to their capability and flexibility of conveying dynamic solutions to their customers.
Moreover, to offer superior products to end-users, prominent key players globally are collaborating with each other. This allows companies to improve competent products, especially for workers working in the manufacturing industry and construction sector.
Do It Yourself Technique Likely to Augment Electric Tools Sales
The DIY (do-it-yourself) techniques are expected to have a significant effect on the value owing to the trend and growth witnessed by DIY supporters. This is mainly due to the rising household’s activities and growing spending capability across developed and developing economies.
Moreover, there is a comprehensive range of inspired DIY enthusiasts who are centering on getting armed with time-saving tools. This, in turn, has fascinated manufacturers to focus on smart tools that can be used athwart DIY application.
On an eternal basis, it has been observed that major players such as Stanley & Decker and Robert Bosch GmbH are focusing on creating such tools that can be user-friendly.
The residential and industrial sector is estimated to rule over the market but is likely to witness adequate growth over the forecast period. The power of this sector is expecting to have a high demand for tools from construction, automotive, aerospace, energy & power and other sectors.
North America Electric Tools Market Outlook
North America region is expected to dominate the global electric tools sales over the forecast period. In North America, such tools are extensively used for both residential/DIY (Do-It-Yourself) and industrial applications.
The trend of DIY is already dominant among end users in this region and is expected to continue to drive the demand for electric tools, particularly for cordless type. The USA is anticipated to hold the major share of the North American region. Key players based in the USA are likely to drive the potential for the product.
Increasing development in industry and infrastructure sector in the region is lashing the demand for these product. In addition to this, the presence of major companies such as Apex Tool Group, Emerson Electric Co., and Stanley Black & Decker are subsidizing to the revenue share of the region.
Furthermore, less availability of low-priced labors aids in the implementation of DIY techniques, thus, subsidizing to regional growth.
Avail customized purchase options for your needs
Asia Pacific Demand Outlook for Electric Tools
The Asia Pacific is the leading and exponentially growing market space. The demand for electric tools is directly proportional to the rising urbanization, infrastructure development and industrialization.
The rising construction & infrastructure development activities and growing disposable income, are prominent factors impelling the growth of the Asia Pacific region.
China dominates the electric tools consumption in the Asia-Pacific region as the major number of players including Robert Bosch offers numerous types of smart tools in the region whereas, Japan is the early adopter of these tools which allow supremacy for the Asia-Pacific region. Similarly, India is also ruling in the region due to various automobile and construction projects being launched in the region.
Apart from this, the growing number of Chinese manufacturers that are acquiring control over the market and providing such tools at less price would aid the regional growth. Furthermore, India is also projected to witness momentous growth over the forecast period.
Who are the Key Manufacturers and Suppliers of Electric Tools?
Some of the prominent players in the electric tools are
- Apex Tool Group
- Ingersoll Rand
- Snap-on Power Tools
- Hilti Corporation
- Robert Bosch GmBH
- Techtronic Industries
- Atlas Copco
- Stanley Black and Decker
- Koki Holdings
- Makita Tools
- Emerson Electric.
These players holds the majority of the global share in the market.
Manufacturers are also endowing in their R&D technologies in order to provide mechanically radical products. Such as, Robert Bosch has launched the Toolbox App that links to the power tools to augment the efficacy.
It offers services like managing tools and customized power control using mobile phones. The advent of electric tools has further strengthened the competition in the sales.
In order to inorganic growth strategies, manufacturers are fetching towards mergers & acquisitions and deliberate partnerships to reinforce their product range and provide viable variations.
For instance, Stanley Black and Decker in 2017 declared the acquirement of Newell Brands Inc.’s tools business to increase their product portfolio. Additionally, the rising number of companies entering into the manufacturing of electric tools as well as maneuvering on the launch of products is driving the global requirement.
An Adaptive Approach to Modern-day Research Needs
Electric Tools Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By Product Type
- Cord Type
- Cordless Type
By End-use Industry Type
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East And Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments by product type, by end use industry type and by geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
Precision Measuring Tools Market research report covers detailed information on Global Precision Mea...
Robotic End of Arm Tools Market research report categorizes the global market by Product Type (Gripp...
Portable tools market forecasts to surpass USD 121.6 Billion by 2032 at 4.2% CAGR. Portable tools in...