According to various reports, by 2024, the size of the global market of power tools is expected to rise to nearly $42billion, which is at present around $32 billion. The global purchases of power tools are on the rise due to various types of innovations in them, including their design, efficiency, ergonomics, battery performance, better technologies, and an increase in their productivity, etc. To ensure their better position in the power tools market, most manufacturers are focusing more on producing cordless power tools.
The main reasons behind the rise in the purchase of power tools are discussed herein.
Increasing demand for power tools in material removal market
The demand for material removal tools like grinders, etc., used for grinding, cutting, and polishing the surfaces has increased considerably during the last few years. These tools are used mostly on automotive workstations, shops for metal fabrication, and sites of building construction. Delta sanders, orbital sanders and belt sanders are some of the other material removal tools used at residential as well as industrial construction sites. The growth in the demand for material removal tools like electric pressure washer etc., in the power tool market can be more due to the motor vehicle, aerospace, and automotive industries.
Increasing demand for electric-powered equipment
The market for power tools is also growing due to the increasing demand for electric-powered tools. The innovations in the technology of lithium-ion batteries have encouraged the manufacturers to produce electric-powered tools as well as their cordless versions to make it easier for the users to use them wherever they want. Lithium-ion batteries can provide energy twice more than nickel-cadmium cells.
Increasing demand for power tools in residential applications
In today’s DIY culture, the trend of use of power tools in residential setups is also increasing at a faster rate. Most of the DIY enthusiasts are using power tools as they have made things easier for them due to the latest advancement in their technologies. The increase in the use of power tools in residential applications has also increased due to reducing the availability of professionals for this purpose as well as the availability of the user-friendly and ergonomic power tools in the market. In the residential improvement and renovation projects, typically, DIY users use electric power as well as cordless tools.
Increasing innovations in cordless power tools
Most of the power tool manufacturers are focusing on producing various types of cordless power tools like impact wrenches circular saws, staplers, nailers and hammer drills, etc. The demand for flexible, compact, and mobile tools has ensured the growth in the market of cordless power tools. The advanced technologies used in lithium-ion batteries have made them much better than traditionally used nickel-metal hybrid or nickel-cadmium batteries in cordless tools. The high-density batteries used in cordless tools have also given rise to the power tool market as they allow you to use the tools for a longer time. Moreover, the level of their self-discharge is aloe much less than traditional batteries.
Thus, the purchases of power tools are on the rise throughout the world due to the reasons discussed above.