Power Tools Market

Product Launches and Developments, Collaborations, and Acquisitions are Some of the Major Strategies Adopted by the Players to Grow in the Power Tools Market

The overall analysis of the power tools market consists of evaluating various modes of operations, tool types, applications, and geographic regions. The market based on mode of operation has been segmented into electric, pneumatic, and other tools, namely, hydraulic and power-actuated tools. Electric power tools have been further classified into corded and cordless tools. On the basis of tool type, the market has been segmented into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others that include measuring and layout tools, laser tools, dust extractors, glue guns, and heat guns. The market based on application has been segmented into industrial/professional and residential/DIY applications. Further, on the basis of industrial application, the market is segmented into construction, automotive, aerospace, energy, shipbuilding, and other industries that include mining, oil and gas, and electronics.

The market is expected to be worth USD 35.58 Billion by 2023, growing at a CAGR of 4.6% between 2017 and 2023. The market is mainly led by electric power tools. The market is highly competitive with the presence of several big and small market players. Product launches and developments, collaborations, and acquisitions are some of the major strategies adopted by the players to grow in the market.

As of 2016, Robert Bosch (Germany), Stanley Black & Decker (US), Techtronic Industries (TTI) (Hong Kong), Makita (Japan), and Hilti (Liechtenstein) were the major players in the power tools market. These companies operate globally and provide comprehensive products and services. They rely on their R&D capabilities and product innovations to gain a larger market share.

Robert Bosch (Germany) has a diversified product portfolio, including cordless and corded power tools. In 2016, the company introduced a large number of connected products for tradesmen. Europe is the biggest market for the company, followed by the APAC region. Bosch Rexroth is Bosch-owned subsidiary that also offers power tools. It focuses strongly on providing significant benefits of innovations to customers. Between 2015 and 2017, the company launched several cordless products for professional as well as DIY users. Bosch is focusing on various growth areas such as connectivity and high-performance cordless tools. The company has developed a range of professional products, especially for emerging markets, owing to the potential of low-price tools in APAC and Africa. The company has brought wireless charging technology in the power tool market.

Stanley Black & Decker (US) offers various power tools under several brands including Stanley, DeWALT, BLACK+DECKER, Porter Cable, Lista, Vidmar, Craftsman, PROTO, FACOM, and BOSTITCH. Stanley Engineered Fastening is the major brand that offers fastening tools, such as cordless and corded nutrunners. The company offers its all power tools in more than 30 countries worldwide. The company is dedicatedly working on providing innovative and advanced power tools. The company has a well-established distribution network across various regions. The company is focusing more on manufacturing battery-powered cordless tools. The company launched several cordless tools in 2017.  In August 2017, the company opened a new facility in Towson, US. This new facility creates a collaborative environment for the company employees to develop and innovate new products and allows local students and educators to access to state-of-the-art resources to pursue research on power tools. The purchase of the Craftsman Brand from Sears Holdings Corporation (US) and the acquisition of Newell Tools helped the company to gain more effectiveness in the market.

Techtronic Industries (TTI) is the fastest-growing company in the power tools market. The company has built a diversified product portfolio that enables it to mitigate business risks and to respond to challenges and opportunities in the market effectively. The company has strong brands, such as Milwaukee, AEG, RYOBI, Empire, STILETTO, and HART, through which the company offers professional power tools, power tool accessories, and outdoor power tool products. The company offers power tools for do-it-yourselfer (DIY), professional, and industrial users. The Milwaukee brand has a strong footprint in North America and is continuously expanding its presence through the development of innovative cordless tools. The company has strong global manufacturing footprints with 5 manufacturing plants in the US, along with the 4 R&D centers. In 2016, the company expanded its production capacity in the US to cater to the increasing demand for cordless tools.

Other players in the power tools market include Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), Hitachi Koki (Japan), Snap-on (US), C. & E. Fein  (Germany), Emerson Electric (US), Chevron Group (China), TTS Tooltechnic Systems (Germany), Illinois Tool Works (US), Positec Group (China), CS Unitec (US), FRIEDRICH DUSS (Germany), Uryu Seisaku (Japan), Deprag Schulz (Germany), KYOCERA (Japan), AIMCO Global (US), INTERSKOL (Russia), and FERM (Netherlands).

Related Reports:

Power Tools Market by Mode (Electric (Corded & Cordless), Pneumatic, Others), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY) - Global Forecast to 2023

Mr. Rohan
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Report Code
SE 5705
Published ON
Nov, 2017
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