Country Players Dominate in terms of Number while Regional Players Dominate hold the Highest Market Share, Despite the Presence of ~300 Competitors, finds a recent market study on the Global Power Tools Market by Ken Research.
Power tools are the equipment used to cut, wrench, saw drill, and polish materials. It is classified as stationary power tools and portable power tools. Stationary power tools such as table saw machines, drill presses, band saws, and others are used for precision, strength, and smoothness. Portable power tools are used for low weight, minimal heat generation, and longer time span of the machine such as wrenches, and drill machines.
Global Players Constitute ~10% of the Total Number of Competitors, While Country Niche Players Dominate Representing ~55% of Total Competitors
Competitive Analysis by the research study found that the Global Power Tools Market is highly competitive with ~300 players which include country-niche players, regional players as well as a significant number of globally diversified players, who deal in manufacturing and supplying power tools. The country-niche players hold a significant portion of the market revenue share followed by regional players. Most of the players are having their headquarters in the North American region.
Regular Product Improvisation and New Product Development Drive the Major Players in Formulating their Key Strategies.
Detailed comparative analysis of key competitors available within the research study reveals that players have a variety of power tools products catering to various end users including, cordless power tools, drills, hammer drills, impact drivers, grinder, sanding, pneumatic, sawing, and others. All leading competitors have a strong presence in the global power tools market. Furthermore, several companies and organizations are aggressively investing in R&D to cater to the demand of end-users.
- In May 2022, Makita Corporation launched 19 new XGT cordless tools and equipment to expand the system. The 40V | 80V XGT system gives users one battery platform for a full range of equipment and tools.
- In January 2022, Bosch Power Tools, the global leader in power tools and power tool accessories, launched a new hammer drill/driver under the PROFACTOR system. The hammer drill/driver includes Bosch Power Tools BITURBO Brushless technology to help energize the next generation of high-powered cordless tools.
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Government Policies and Increased Adoption Of Power Tools Globally Leading To Major Industry-Wide Developments, Acquisitions, Collaborations
- The National capital goods policy envisages increasing production of capital goods from ~ US$ 28 billion in 2014-15 to ~ US$ 91 billion by 2025. Capital goods include machine tools, textile machinery, moulds and press tools, printing and packaging machinery, and others. It envisages increasing export from the current 27% to 40% of production while increasing the share of domestic production in India’s demand from 60% to 80%.
- In October 2021, Stanley Black and Decker partnered with specialty materials provider Eastman to advance sustainability in the power tools industry. Black+Decker, a Stanley Black & Decker Brand, will be releasing a new product line, reviva, offering the brand’s first sustainability-led power tools that utilize Eastman’s Tritan Renew copolyester.
- In February 2019, KYOCERA acquired 100% ownership of Van Aerden Group BV, a European-based manufacturer of pneumatic tools. Through this acquisition, KYOCERA aims to strengthen its pneumatic tool business in Europe.
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