A power tool is a tool that is powered by a mechanism rather than manual work. Electric motors are employed in the majority of power tools. Electric screwdrivers, hammer drills, and other power tools are examples. Power tools are commonly employed in manufacturing, construction, and do-it-yourself projects. These tools come in a variety of sizes and forms and are rather simple to use. Power tools are divided into two categories: portable and stationary.
Drivers of Market Dynamics
During the forecast period, the global power tools market is predicted to rise due to the increasing popularity of cordless power tools.
The use of power tools has risen dramatically in recent years around the world. This is due to the significant advantages that cordless tools have over corded ones, such as portability, lightweight, and the need to carry less equipment. Corded power tools are unwieldy to handle, and users find it difficult to maneuver them because they are attached to a power source. Furthermore, corded power tools are attached to an electric source, thus, therefore, cannot be utilized if there is no electricity available. When building begins, this might be a significant difficulty. Furthermore, corded power equipment necessitates regular chord replacements due to malfunctioning cords.
Over the projected period, the rapid growth of the infrastructure sector, particularly in emerging nations, is expected to move the worldwide power tools market forward.
Infrastructure is quickly expanding, particularly in emerging economies like China, India, South Africa, and Brazil. India is predicted to become the world's third-largest building market by 2022, according to the India Brand Equity Foundation (IBEF). According to the same source, India is anticipated to spend roughly US$ 1.4 trillion on infrastructure between 2019 and 2023 in order to ensure the country's long-term prosperity.
Important Developments
Mergers and acquisitions are being pursued by major market players in order to expand their market presence. Ingersoll-Rand plc, for example, merged its industrial pumps and power tools business with Gardner Denver Holdings Inc. in April 2019, creating a company worth roughly US$ 15 billion.
Product launches are a priority for key companies looking to grow their product offering. In June 2019, Robert Bosch, for example, offered cordless power tools such as Li-ion-powered screwdrivers, high-power impact wrenches, drill drivers, hammer drills, and high-speed impact drills.
Product launches are a priority for key companies looking to grow their product offering. In June 2019, Robert Bosch, for example, offered cordless power tools such as Li-ion-powered screwdrivers, high-power impact wrenches, drill drivers, hammer drills, and high-speed impact drills.
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