Asia-Pacific Power Tools Market, By Type (Sawing and Cutting Tools, Drilling and Fastening Tools, Demolition Tools, Routing Tools, Portable Nibblers, Air-Powered Tools, Material Removal Tools, Electric Cords and Plugs, Accessories, Others), Mode of Operation (Electric, Liquid Fuel Tool, Hydraulic, Pneumatic, Powder-Actuated Tools), Application (Concrete and Construction, Woodworking, Metalworking, Welding, Others), Material (Concrete, Wood/Metal, Brick/Block, Glass, Others), End User (Industrial/Professional, Residential), Sales Channel (Indirect Sales, Direct Sales) – Industry Trends and Forecast to 2029
Market Analysis and Size
Various type of power tools available in corded and cordless platforms possessing power capacities are being widely deployed. The functionality and penetration of use for large scale jobs has improved due to the enhanced mechanisms and batteries.
Asia-Pacific Power Tools Market was valued at USD 8568.93 million in 2021 and is expected to reach USD 14847.17 million by 2029, registering a CAGR of 6.00% during the forecast period of 2022-2029. Drilling and Fastening Tools accounts for the largest type segment in the end use industry owing to their easy and cheaper than other power tools. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
From the name itself, it is clear that power tools are the semiconductor tools that are used for a range of industrial applications when actuated by an additional power source. Circular saws, jigsaws, drills, hammer-drills, sanders, grinders, routers and numerous others are the examples of power tools. However, if not operated carefully, power tools can bring numerous hazards if not operated with due considerations and carefulness.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Sawing and Cutting Tools, Drilling and Fastening Tools, Demolition Tools, Routing Tools, Portable Nibblers, Air-Powered Tools, Material Removal Tools, Electric Cords and Plugs, Accessories, Others), Mode of Operation (Electric, Liquid Fuel Tool, Hydraulic, Pneumatic, Powder-Actuated Tools), Application (Concrete and Construction, Woodworking, Metalworking, Welding, Others), Material (Concrete, Wood/Metal, Brick/Block, Glass, Others), End User (Industrial/Professional, Residential), Sales Channel (Indirect Sales, Direct Sales)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)
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Market Players Covered
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Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco AB (Sweden), Ingersoll Rand (US), Snap-on Incorporated (US), Apex Tool Group (US), Koki Holding Co., Ltd. (Japan), Honeywell International Inc. (US), 3M (US), Emerson Electric Co. (US), Festool GmbH (Germany), KYOCERA Corporation (Japan), Makita Corporation (Japan), Hilti AG (Liechtenstein) and Husqvarna AB (Sweden)
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Market Opportunities
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Asia-Pacific Power Tools Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers:
- Growth in investment for research and development to carve way for innovations
The rising number of strategic market collaborations has led to the rise in funds to be allocated for the growth and development of advanced and automated technology/ machinery. Further, growth in the level of investment for research and development proficiencies would carve the way for innovations in manufacturing technology.
- Increased proliferation of electronics globally to induce greater demand and supply in emerging nations
Growing proliferation and penetration of electronic tools and equipment is one of the major factors fostering the growth of the market. In other words, increased demand and availability of electric nut wrenches, power fretsaws, power screwdrivers, electric hammers, and power compactors directly influence the market's growth rate. Also, growing acceptance and application by the aerospace industry will further carve the way for the market growth.
- Growth and expansion of end user verticals to present numerous opportunities for small scale businesses
Owing to the global economic rise, there is a huge scope of growth for the semiconductors and electronics industry. There is an increased focus of the major manufacturers on the application of advanced technologies which will widen the scope of growth.
Opportunities:
Buildings and construction industry to present many opportunities
Rising urbanization, modernization, and globalization drive market value growth. In other words, growing number of buildings and construction activities especially in the developing economies to develop the infrastructure will present very many opportunities for the growth of the market.
Growing industrial infrastructure and remodelling of concrete structures, increasing advancement in the technology to improve the functioning of semiconductor tools, and increased awareness regarding vehicle safety and technological advancements by the automotive industry are other market growth determinants. Furthermore, advancements in manufacturing technology extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, rising adoption of battery-powered power tools globally and surging demand for electric fastening tools in the industrial environment will further expand the market's future growth.
Restrictions/ challenges Asia-Pacific Power Tools Market
- Increased number of regulations to limit the scope of growth in the long run
Rising enforcement of stringent environmental regulations imposed on the industries will create hindrances for the growth of the market. Also, stringent regulations on product approvals will narrow down the scope of growth for the market. Further, suspension of business activity on account of the coronavirus pandemic will yet again create hindrances.
- Supply chain disruptions will pose a threat to the unprecedentedly growing market demand
With the rising number of restrictions around the globe due to pandemic, there has been a hit in the demand and supply of display materials. Also, fluctuations in the prices of raw materials will prove to be a demerit for the market. Therefore, this will challenge the market growth rate.
Also, dearth of awareness in underdeveloped regions and high costs associated with manufacturing activities will act as growth restraints for the market. Lack of strong infrastructural facilities in the backward economies, declining sales of commercial vehicles due to COVID-19 and accidents and health issues associated with power tools will also challenge the market growth rate.
This power tools market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the power tools market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Asia-Pacific Power Tools Market
The COVID-19 has impacted power tools market. The limited investment costs and lack of employees hampered sales and production of power tools technology. However, government and market key players adopted new safety measures for developing the practices. The advancements in the technology escalated the sales rate of the thermocouple temperature sensors as it targeted the right audience. The increase in industrialization across the globe is expected to further drive the market growth in the post-pandemic scenario.
Recent Developments
- In June 2020, Milwaukee, a power tool division of Techtronic Industries Co. Ltd. launched Cordless 1” D-Handle High Torque Impact Wrench this product will be used in fastening applications of 2” bolts and features with 2,000 ft-lbs of nut-busting torque.
- In September 2019, CRAFTSMAN, a power tool division of Stanley Black & Decker, Inc., launched the V20* Cordless System; this new cordless system comprises power tools such as V20* Cordless Wet Tile Saw with 17-inch cut capacity.
Asia-Pacific Power Tools Market Scope
The power tools market is segmented on the basis of type, mode of operation, application, material, end user, and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Sawing and Cutting Tools
- Drilling and Fastening Tools
- Demolition Tools
- Routing Tools
- Portable Nibblers
- Air-Powered Tools
- Material Removal Tools
- Electric Cords and Plugs
- Accessories
- Others
Mode of operation
Application
- Concrete and Construction
- Woodworking
- Metalworking
- Welding
- Others
Material
- Concrete
- Wood/Metal
- Brick/Block
- Glass
- Others
End user
- Industrial/Professional
- Residential
Asia-Pacific Power Tools Market Regional Analysis/Insights
The power tools market is analysed and market size insights and trends are provided by country, type, mode of operation, application, material, end user, and sales channel as referenced above.
The countries covered in the power tools market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
China dominates the power tools market in Asia-Pacific as the major players like Stanley Black & Decker, Inc. offer various types of power tools in the region and China and Japan are early adopters of these tools which allow dominance in power tools market for the Asia-Pacific region. Also, India is dominating in the region due to various construction projects being launched in the in the region..
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Power Tools Market
The power tools market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to power tools market.
Some of the major players operating in the power tools market are
- Stanley Black & Decker, Inc. (US)
- Robert Bosch GmbH (Germany)
- Techtronic Industries Co. Ltd. (Hong Kong)
- Makita Corporation (Japan)
- Hilti Corporation (Liechtenstein)
- Atlas Copco AB (Sweden)
- Ingersoll Rand (US)
- Snap-on Incorporated (US)
- Apex Tool Group (US)
- Koki Holding Co., Ltd. (Japan)
- Honeywell International Inc. (US)
- 3M (US)
- Emerson Electric Co. (US)
- Festool GmbH (Germany)
- KYOCERA Corporation (Japan)
- Makita Corporation (Japan),
- Hilti AG (Liechtenstein)
- Husqvarna AB (Sweden)
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