Power Tools Market

Stanley Black & Decker (US), Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation (Japan) and Hilti Corporation (Liechtenstein) are leading players in Power Tools Market

The power tools market is estimated to grow from USD 31.8 billion in 2019 to USD 41.7 billion by 2024, at a CAGR of 5.5%. Key factors driving the power tools market growth include growing adoption of cordless power tools, increasing sales of commercial vehicles, rising demand for fastening tools in industrial environments, and growing construction industry in emerging economies. However, the high maintenance cost of power tools and fluctuations in raw material prices may hamper the growth of the market.

Stanley Black & Decker (US), Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), KOKI Holdings (Japan), and Snap-on Incorporated (US) are among the major players in the power tools market.

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Stanley Black & Decker offers a diversified range of power tools for residential and industrial applications. The company has well-balanced product portfolio comprising various brands. The company’s revenue for Tools & Storage business segment reached USD 9.81 billion, increased by 8.4% in 2018 from 2017. The company focuses on producing battery-powered cordless tools. In line with its strategy, the company launched several cordless power tools in 2018. The company dedicatedly works on providing innovative and advanced power tools. Majority of the company’s power tools are sold to home centers and mass merchants in the US and Europe. The company adopts product innovations and acquisitions as key strategies to foster sustainable revenue growth. For instance, in March 2017, the company acquired the tools business of Newell Tools for USD 1.95 billion. With this acquisition, the company strengthened the portfolio of power tool accessories by the addition of Newell’s brands, such as Irwin and Lenox.

Techtronic Industries (TTI) has a diversified product portfolio pertaining to the power tools market. The company is continuously growing by being on the technology forefront with a cordless product portfolio. Its technological innovation capabilities in lithium battery technology, high performance brushless motors, and system electronics helped achieve about 17% revenue growth in the Power Equipment, Accessories & Hand Tools business segment. The Milwaukee brand has strong footprint in North America and is continuously expanding its presence through the development of innovative cordless tools. The company plans to invest in Asia at selective targets, such as South Korea and Malaysia, and Latin America, which are gaining momentum. In 2018, the company launched several cordless power tools under its Milwaukee brand.

Robert Bosch has a diversified product portfolio, including cordless and corded power tools. The company heavily invests in R&D to offer innovative power tools in the market, especially in the fields of battery, sensor technology, and networking of power tools. In 2018, the company introduced a large number of intelligent power tools for professionals. The company has strong geographic footprint with manufacturing plants, sales offices, and distributors. The Power Tools division of the Bosch Group is the market leader for power tools across the world. The company is continuously expanding its range of cordless tools for professionals and home improvements/DIY customers.

Hilti Corporation is among the leading players in the power tools market. The company has strong presence in the European power tools market, especially for the construction industry. The company invests a significant amount in R&D. The company offers both cordless and corded fastening tools, including electric screwdrivers and impact wrenches. The company also provides software and calibration services to test and readjust fastening tools. Hilti operates in more than 120 countries. The company has launched several cordless power tools and fastening systems from 2017 to 2018.

Makita Corporation offers an extensive range of power tools including impact wrenches, drilling machines, and electric screwdrivers. In FY 2017–18, sales of power tools increased by 10.9% from the previous fiscal year to USD 2.68 billion, accounting for 62.7% of consolidated net sales. Although Makita offers both corded and cordless fastening tools, the company focuses on providing lithium-Ion battery-enabled cordless tools. The company has an extensive product line for 18-volt cordless power tools. The company also manufacturers brushless DC motors for power tools. Product launches and developments are the major strategies adopted by the company to compete in the market. It launched several new power tools in FY 2018–19; the company continuously focuses on the development of advanced technologies and product enhancement.

Related Reports:

Power Tools Market by Mode (Electric (Corded & Cordless), Pneumatic), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY) - Global Forecast to 2024

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Report Code
SE 5705
RI Published ON
8/12/2019
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