What Are The Top Three Trends In Global Power Tools Market For The Upcoming Years?
Power tools stand as an integral part of the industrial evolution. They are the key enablers to enhance productivity in major industries. With various power sources ranging from combustion engines to batteries and electric motors, power tools are now ubiquitous, replacing manual labor with hand tools in construction, gardening, and house works in various tasks pertaining to drilling, cutting, shaping, fastening, sanding, grinding, polishing, painting, routing and more.
Research says that global power tools market is going to witness a huge change in the upcoming years. A recent research report published by Beige Market Intelligence forecasts the market size of global power tools market to grow at a CAGR close to 6%.
The report “Global Power Tools Market – Strategic Assessment and Forecast 2017-2022” outlines the latest trends in the worldwide power tools market that are going to drive the market in next five years.
Product Innovation and After-sales Service to be Key Drivers for Success Of Global Power Tools Market
In this era of price-based competition among tool manufacturers the product innovation remains to be a key determinant for success. Especially with the rise of Chinese players, who significantly leverage upon economic factors of production and capitalize on the trade advantages. With changing customer preferences, it is necessary for vendors to build a basis of competitive advantage other than price and reach.
Demand for Cordless Power Tools to Outpace Corded Ones
Cordless power tools are often deemed to be convenient to use when there is not a power outlet nearby. They are mobile enough without any tagged wires and cables, and are increasingly being demanded in certain machining jobs. Cordless tools are traditionally viewed as not holding enough power to sustain for long, innovations. Especially on the battery storage front wherein lithium-ion batteries are replacing the conventional Ni-Cd batteries, these are enabling cordless tools to overcome these types of limitations.
The demand for cordless tools from the professional segment is driven by the convenience of transport and storage wherein these tools can be easily carried to the job site to accomplish the task. With improving benchmarks in service assistance, especially in terms of response time and completion in various end-user industries, there has been emphasis on purchasing cordless tools that can be predictable enough.
Innovations in Do-It-Yourself Tools to Drive Consumer Demand
While professional demand for power tools outstrips consumer demand on account of the sheer sophistication and the volume of demand, household demand is expected to catch up due to the rise in innovative products that are simple and convenient. There has been a growing trend of individuals increasingly pursuing the purchasing decision alone with peer reviews and online literature to buy power tools.
Further, many modern tools have become simplified on account of battery innovations and modular designs. This coupled with a growing dearth of professionals for household jobs is driving the rise of do-it-yourselfers. An analysis of the service industry landscape across the world reveals that the cost of household service jobs, including plumbing, carpentry, electrical, and cleaning grew at an average rate of 12−18% CAGR during the period 2011−2016. Further, the rise in material innovations, which have made power tools appealing are fast, compact, and convenient is driving the demand for household tools.
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