Power tool manufacturers are largely focusing on the optimization of supply chains in a bid to maintain liquidity and inventory levels for post pandemic operations.
DUBAI, UAE / ACCESSWIRE / July 30, 2020 / The power tools market is anticipated to expand at a promising 6% CAGR from 2020 to 2030. According to a recent FMI report, the power tools market is expected to face significant challenges for the duration of the coronavirus pandemic. The sharp slump in industrial and manufacturing activity is hurting the demand for power tools in the short term. On the other hand, online sales channels will be essential to sustain revenue flow during the crisis period.
'The growing popularity of DIY trends has resulted in increasing power tool applications in household settings. Consequently, manufacturers are focusing on the development of superior safety features. This aids in reducing risk of injury and bolsters adoption of power tools in numerous non-technical applications,' says the FMI analyst.
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Power Tools Market - Important Takeaways
- Electric power tools are fast gaining ground to surpass pneumatic alternatives, owing to improvements to performance of rechargeable battery technologies, and lower energy consumption.
- Fastening and drilling applications account for significant market share owing to improvements in durability and resistance to temperature and shock.
- Asia Pacific will reflect a rapid growth rate owing to extensive industrialization and urbanization in countries such as China and India.
Power Tools Market - Driving Factors
- Continued, rapid growth of construction activities on a global scale, remains the primary driver behind the power tools market.
- Innovations in performance and automation of power tools in industrial applications, is contributing to adoption rates.
Power Tools Market - Leading Constraints
- High costs of purchasing electric power tools is a key obstacle to sales and adoption.
- Volatility in the prices of raw materials required to manufacture power tools holds back market growth.
Expected Impact on Market by Coronavirus Outbreak
The coronavirus is impacting the power tools market in multiple fronts. Lockdown measures have resulted in closure of factories, and disruption of logistics. In addition, the trade restrictions imposed during the outbreak has created raw material shortages, which will negatively impact pricing and inventory in the short term. However, the popularity of DIY practices, coupled with online sales channels will help to partially mitigate revenue losses.
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Some of the leading players operating in the power tools market are WEN Products, Atlas Copco, Triton Tools, Robert Bosch Power Tools GmbH, Stanley Black & Decker Inc., Ingersoll Rand plc, Snap-on Inc., Milwaukee Tool, Makita Corp., Elektricitäts-Gesellschaft AG, Koki Holdings Co., and Apex Tool Group.
Major players in the power tools market are investing in strategic industry collaboration, and research into the potential integration of IT technologies in product offerings.
For instance, ToolSense has come up with a range of power tools with IoT and web and mobile app integration, for automation in applications. Robert Bosch Power Tools GmbH has collaborated with Gardena GmbH to standardize products with 18-volt batteries of the exact same specifications. Robbox Inc. has unveiled a power drill with laser measuring, depth sensing, and touch screen capabilities.
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More on the Report
FMI's provides in-depth insights on the power tools market. The market is segmented in terms of product type (drilling and fastening, hammers, cutting tools, material removal tools, routers, and others), operation type (corded and cordless power tools), end use (industrial enterprises, commercial contractors, and DIY/individual), and sales channel (online and offline sales) across six key regions (North America, Latin America, Europe, South Asia Pacific, East Asia, and Middle East & Africa).
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