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Global Power Tools Market Grows along with Construction and Housing Industries

Blog Description

Power tools are modern adaptations of what man has been using for centuries. Over the course of time, simple hammers and chisels have undergone multiple evolutions, some subtle and some significant. Perhaps the biggest improvement in the use of tools since the industrial age is the mechanization of these tools. The focus being put on ‘portable’ and ‘mechanically driven’, power tools use electricity to move their internal components and power their circuits in order to perform the same functions man has done since ages, but in a highly precise and efficient manner.

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A Dependent Market with Satisfactory Growth

The global power tools market is exhibiting a CAGR of 5.40% between 2015 and 2025. This is a comfortable growth rate for an industry built completely around its end users. This market is currently being driven by the booming construction and automotive industries. Power tools are used not only in the manufacturing side of these industries, but also by the consumers of the products of these industries as well. As more people buy housing projects and apartments, there will be a greater demand for various types of power tools.

The overall urbanization of developing economies is another factor playing in favor of the global power tools market. Consumers are increasingly aware and attracted to the use of power tools to make their work faster and easier. This allows higher sales figures for the companies in the global power tools market. The top players that can benefit the most through this growth are SKF, Hitachi Koki Co. Ltd, Actuant Corporation, Snap-on Incorporated, Makita Corporation, Danaher Corporation, Techtronic Industries Company Limited, Robert Bosch GmbH, Atlas Copco AB, and Stanley Black & Decker, Inc.

Cordless Power Tools and Other Improvements to Change the Way we Work

One of the more advantageous improvements in the global power tools market recently has been the incorporation of new battery technologies to provide cordless usage of power tools. New power tools are coming fitted with lithium-ion batteries rather than the older and less efficient Ni-Cd batteries. Li-ion batteries offer the power tools major advantages. The first would be the increased duration of use of a cordless power tool. Other advantages include faster charging times and the ability to incorporate wireless charging.

A major advantage of using wireless power tools is the rate at which workers can use them in order to get the job done. For a factory floor where time is short and delivery time is extremely crucial, a good set of wireless power tools can make a world of difference. And it does not stop there. Companies are coming up with new ways of maintaining connectivity with the power tools being used on their floor through wireless technologies such as Bluetooth. This allows the owners to check the status of each tool, remotely power them on or turn them off, or even kill the battery or track the tool in case of theft.

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The global power tools industry is quickly learning to adopt the new wave of technologies for its own advantages. Power tools are even becoming a part of the Internet of Things era, as high levels of connectivity allow a user to do more in short times.