Power tools consume less time and workforce due to which their use has considerably increased across manufacturing industries globally. The demand for power tools has been primarily robust in emerging economies such as China, Brazil, and India. The rapid industrialization has further bolstered opportunities for power tools sales across these developing nations. Supported by the emerging concept of do-it-yourself (DIY) techniques, demand for power tools is expected to rise at a CAGR of 5.3%. As per Transparency Market Research (TMR), the global power tools market, which stood at US$26.1 bn in 2014, is expected to reach US$38.03 bn by the end of 2021.

Since the use of power tools is considerably high in the construction industry, investment in infrastructural development will subsequently bolster their sales. Despite their rising application across diverse industries, the high maintenance cost of power tools will threaten the market’s growth to an extent.

As per a new study by Transparency Market Research (TMR), the global power tools market exhibits a highly concentrated vendor landscape. The leading four players in the market, comprising Makita Corporation, Robert Bosch GmbH, Stanley Black and Decker Inc., and Hilti, held a share of around 70% in 2014. Of these, Robert Bosch GmbH emerged dominant accounting for just short of 30% of the market in 2014.

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These companies are currently focusing on product innovation as the primary growth strategy. Among the various application segments, the leading companies have been capitalizing on opportunities exhibited by the construction industry. Besides this, the automotive industry has also been exhibiting lucrative prospects for the enterprises operating in the market.

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Growth witnessed by the market in North America is expected to stagnate in the forthcoming years. Nevertheless, due to the changing lifestyle preference, the demand for electric power tools is projected to rise at a steady pace. The U.S. and Canada will emerge as the primary contributors to the power tools market in North America. The rise in construction applications will, however, secure demand for power tools in the region through the forecast period.