The major differences between power tool and the hand tool is power tools are safer to use whereas a naïve apprentice may result in casualty while having a rough hand with a hand tool. Power tools majorly operate on electricity resulting into accuracy and relevancy. But to gain more out of the use of power tools is it needs to be used under safety. Guards and safety switches need to be employed, since it can be hazardous when used inappropriately. Several type of power tools are recognized by their power source such as pneumatic, hydraulic, powder-actuated, solid and liquid fuel.
The commercial market seems to grow at a remarkable CAGR displaying an upward trend owing to increase in innovation for tool production and consumer safety.
The major drivers for market growth include appealing features of power tools with low consumption of time and exponential demand for power tools due to increase in industrialization and DIY techniques. Positive traction in the construction industry, increasing in investment in infrastructural developments and rise in application among several industries is likely to contribute to the market growth in the estimated period.
Power tool market segmented by mode, includes pneumatic and electric. Electric segment is further bifurcated into corded and cordless. Electric segment dominates the market growth in the forecast period due to rise in use of automated devices and increase in production of consumer appliances.
Tool components under power tool market comprise demolition, sawing, material removal and drilling & fastening. Drilling & fastening segment occupies a major chunk of market share on the grounds of rise in construction industry for commercial and residential applications.
Application segment for power tool market includes automotive, aerospace, energy and construction. Automotive segment leads the global market scenario since the rise of sales in aftermarket service and demand for the same.
Region wise, North America leads the global market scenario during the estimated period due to tremendous growth in manufacturing, construction and automobile industries. Power tools being of prime importance for construction and manufacturing industries is highly used for commercial as well as residential applications. Adoption of DIY trends is likely to hit the market in the near future. Increase in sales of commercial vehicles and upcoming opportunities attributing to market expansion is likely to propel the market growth in the near future.
Asia-Pacific regions account for a significant market position due to rise in e-commerce and increase in joint ventures for supplying raw materials and finished goods to the construction industry. Rise in aftermarket service for power tools highly attracts consumers. Europe market is expected to follow the trend with rise in adoption to natural energy for residential applications. Installation of solar energy panels and wind energy is contributing to the sales of power tools.
Middle East and African regions also hold a leading position in the international market because of government spending on commercial projects and increase in vacancies for skilled employment.
Prominent players in the power tool market include Black & Decker, Techtronic Industries, Makita, Apex Tool Group, Atlas Copco, Ingersoll-Rand, Snap-On, Hitachi and C&E Fein.