A tool which actuates by additional power source and mechanism is considered as power tools. These are being extensively used in the manufacturing and construction projects, for several operations including drilling, sanding and it is the primary equipment in the construction industry. A German company invented the first power tool in 1895.
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Rapid growth in the construction industry, increasing number of sales in the commercial vehicles, increasing demand for the technologically innovative equipment & automation and emerging adoption of the lithium-ion batteries for charging cordless power tools are contributing the growth of power tools market. As per the Envision inteligence power tools market report, the market is estimated to witness high growth in an upcoming couple of decades owing to the increasing demand for the smart power tools with wireless connectivity. The increasing number of the novel products by the industry players is one of the primary reason for the growth of the power tools market.
Critical recent market developments from the industry players in the power tool market include:
- In July 2018, Apex tool group launched a novel industrial fastening tool for the durability and better fit.
The global power tool market as per the Envision inteligence power tool market is $27.19 billion in 2018 and is estimated to reach up to $35.90 billion by 2024 at a GAGR of 8.4% during 2019-2014. Geographically North America is likely to acquire the large market size of $10.60 billion in 2018, and it is expected to reach up to $14.02 billion by 2024.
Drilling and fastening tools are dominating power tools market owing to the increasing usage in electronics aerospace and automotive. Electronics vertical accounted for the leading market share in the power tools market for the demand on the application on the corded power supply and plug-n-play tools. Additionally, growing infrastructure and other construction investments primarily in the developed economies across the globe are projected to enhance the market growth in the coming years. As per the Envision Inteligence analysis, power tools market is expected to have the emerging growth in the coming years owing to the technological innovations, rising construction market and increasing need of the novel products by the industry players.
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