Power Tools Market to Reach USD 35.13 Billion by 2031; Increasing DIY Activity to Boost Sales
Global Power Tools Market size was valued at USD 35.13 Billion by 2031 in the forecast period (2024-2031). The global power tools market has experienced strong growth driven by technological advancement, industrial expansion and increasing DIY activity. Battery-powered user mobility and greater convenience have made wireless devices popular. Technological innovation will continue to be a key driver, with further developments in IoT integration, increasing device performance and connectivity. Sustainable practices will be paramount, driving energy efficient, environmentally friendly power tools.
Expansion of Construction Projects and Manufacturing in Emerging Economies to Enhance Growth
The rapidly expanding construction industry is a major factor influencing the growth of the global power tools market. Key players make wireless and cordless power tools that enable construction workers to use them in various applications. Moreover, small and medium-sized manufacturing companies are forced to use these tools according to their capabilities and flexibility. In addition, a world-renowned company offers improved products through collaboration and research. For example, in May 2018, Robert Bosch Tool Corporation and Triax Technologies, Inc. entered a joint venture collaboration to develop a tracking device. Additionally, it enables manufacturing companies to track the location of tools & equipment as well as real-time personnel, asset utilization and safety data.
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Volatility in Raw Material Prices Hinders Growth of the Market
Industrial power tools offer profit opportunities in developed countries such as USA, U.K., Japan, China, India, and others. However, constant fluctuations in raw material prices in the global market are a major factor affecting the growth of the market. Due to the devaluation of steel, aluminum, semiconductor chips and other raw materials commonly used in manufacturing, international markets were adversely affected. Hence market volatility and regular price fluctuations are major factors inhibiting the growth of the market.
For example, according to the International Studies Group, considering the revenues in 2021, the global copper deficit is 441,000 tonnes, which is 2% less than iron ore demand, with the goal of increasing the price of copper by 25%.
Manufacturers can allocate resources for research and development efforts aimed at producing electric motors that are energy efficient, and low in carbon emissions. Lithium-ion batteries, brushless machinery, and renewable energy investing in new technologies such as sources can help reduce the environmental impact of power tools.
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Rising Proliferation of Cordless Tools, Growing Manufacturing Industries
The proliferation of cordless tools is a major market driver for the global power tools industry. These tools offer portability, convenience and ease of use. Advances in battery technology, such as lithium-ion batteries, increase overall performance of the power tools. Cordless tools also provide advanced safety features, reducing the risk of electrical accidents and providing flexibility in confined spaces. They’re also less noisy, making them suitable for noise-limited environments. The combination of smart features like wireless technology, Bluetooth and smartphone apps has further increased the demand for wireless devices. As professionals and DIY enthusiasts prioritize mobility, flexibility and efficiency, the global power tools market is expected to grow further into the market.
Future Prospects of the Global Power Tools Market
The global power tools market is likely to see significant technological advances, including the integration of IoT (Internet of Things), AI (Artificial Intelligence), and automation. Smart electrical devices capable of networking and data analytics may abound greater, resulting in improved efficiency and yield potential is available. Sustainability and environmental considerations are becoming increasingly important in business. Consequently, environmentally friendly power tools which save energy and produce less carbon dioxide emissions. In addition, the convenience and portability of powerless tools can increase demand. The global power tools market will continue to grow, driven by factors such as urbanization, industrialization and infrastructure in emerging markets
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