A latest research study by Future Market Insights reveals that the global power tools market is set to capture value at stake with growth pegged at 6% through 2030. Whether it is ergonomics, design, battery performance and integrated connectivity, innovations in power tools are keeping manufacturers on the tenterhooks.

Despite short-term uncertainties and a decline in both sales and volume in first quarter of 2020, the market will rebound sufficiently by the fourth quarter of 2020. Slated for a share erosion of 50BPS through 2020, our analysis estimates that the market will reach its pre-pandemic demand growth on the back of nuanced and cutting edge mobility solutions in automotive, regulatory tailwinds and revived consumer sentiment. In the future, Industry 4.0 technologies with power tools supported by big data and analytics will help product portfolios to become more competitive.

“As the pandemic progresses, manufacturers will look at scaling up with the proliferation of standout offerings in order to sustain through this slowdown. Simultaneously, high adaptability to the prevailing business models, employee safety and business continuity plans will mitigate the impact of COVID-19 on power tools manufacturers”, says the FMI analyst

Key Takeaways of Power Tools Market Study

Power tools will pick up steam in the prevailing pandemic with leading stakeholders making targeted investments in industrial manufacturing in regions which have not been adversely affected.
Post pandemic, the growth of the power tools market is slated to be the highest in the Asia Pacific region. With resumption of trade and manufacturing in China, key players will also target countries like India for re-shoring and reduced dependency on supply chains to China
The advent of brushless motor technology is a significant game changer in the power tools landscape, making way for tools that have improved performance, reduced friction and lower voltage fluctuations
App technology for smart power tools is helping users locate missing tools and manage inventories through customization of settings
Power tools are also witnessing accelerated adoption in automotive. With the ability of power tools to perform heavy-duty tasks such as cutting of metal sheets, manufacturers in the automotive sphere are capitalizing on these for accelerated sales
Till now the low price of China manufactured power tools was heating up the competition landscape. This will change in the aftermath of the COVID-19 crisis as affected regions look at reducing their dependency on China
COVID-19 Impact Insights

The market for power tools is in the midst of near-term fluctuations with muted demand and halted production at manufacturing facilities. The first quarter of 2020 witnessed a considerable dip in both value and volume for power tools as the virus attacked China, one of the major manufacturing hubs for power tools.

Stalled projects and a cut back on discretionary spending is nullifying demand for power tools in the construction sector. As production resumes and starts to hit an even keel, manufacturers will reduce their dependency on conventional end-uses to other areas in order to survive the prevailing uncertainty.

In the long term, our analysis predicts that the market will make a quick recovery with high adoption in automotive and the advent of driverless systems. The use of Li-ion batteries in power tools will further give traction to the market and sustain growth in both industrial and automotive.

Competition Landscape

Some of the leading players in the market are - Stanley Black & Decker Inc, Atlas Copco AB, Robert Bosch GmbH, Techtronic Industries Company Limited, Atlas Copco, Makita Corporation and Ingersoll Rand

Stanley Black & Decker is one of the top players in the power tools market providing a range of power tools, its storage solutions and related accessories. For instance, its retractable utility knives and pro coping saw not only provides an optimized grip but also higher speeds for blade replacement.

Similarly, Robert Bosch GmbH specializes in heavy duty power tools that have heightened demand prospects in the construction and industrial sector. Bosch’s GKS 235 Turbo Professional circular saw comes with a powerful motor that has a robust structure and has long-lasting operability in myriad applications.