DIY Power Tool Market: Overview
Power tools find a wide application across construction activity and housing starts. Continued growth in manufacturing output will fuel demand for industrial power tools. Consumers, with little interest in the do-it-yourself tool, would outsource jobs to the professionals, while many who undertake the DIY activities will upgrade from basic to higher priced or more technologically advanced power tools. Power tools manufactured with high power consumption have high cost as compared to other batteries. For that reason, manufacturers have started manufacturing tools with Lithium-ion (Li-ion) batteries.
Lithium-ion battery powered cordless tools offer various advantages like high energy density and are less sensitive to damage. These power tools are lightweight, of different design and shape, and have the longest charge life and are easily rechargeable.
DIY Power Tool Market: Drivers & Restraints
The prime factor boosting the growth in the global DIY power tools market is its usage in the construction field. Disposable incomes and consumer spending will contribute to sales and revenue gains in both the professional and consumer markets. More power tools will continue to register the rapid gains, outpacing growth in demand for nickel-metal hydride (NiMH) and nickel-cadmium (NiCad) battery-powered tools. Electric power tools offer increased accuracy and control which will drive the sales of DIY power tools. Demand for cordless electric power tools will grow at an increased pace than the usual plug-in models. Manufacturers are using brushless motors, which are more efficient than brushed models to bring out more powerful cordless electric tools to the market. Power tools will face increased competition from lower-cost imports, particularly among more basic items. Owing to high inflation rates and fluctuations in the economy, organizations across the world have the need to increase productivity with maximum cost savings.
DIY Power Tool Market: Market Segmentation
The DIY power tools market is segmented into end user and product type. The business/commercial sector is on a boom which will lead to increased used of DIY power tools in construction line. With the increase in technology and also consumer looking for more convenience, the cordless DIY power tools will see a significant growth in the coming future.
Based the on end user type, the DIY Power Tool Market is segmented into:
Based on the type, the DIY Power Tool Market is segmented into:
- With Cord
DIY Power Tool Market: Regional Outlook
Geographically, Battery Operated Carts market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. North America has been the global leader in generating demand for DIY power tools amid high demand from residential and construction fields. Further, due to high disposable income in the region, people are also more likely to buy DIY power tools for their personal use. Further, APAC is the second most prominent market after North America, with China and India being the leading market. Cheap labor has helped manufacturing companies set up their plants in APAC. China is the largest exporter in the world for DIY power tools. the growth of the DIY power tools is significantly high and with comparatively high CAGR in forecast period owed to factors such as such as rapid economic development, globalization and increasing demand of the DIY power tools in construction and building industry and its sub-verticals. Europe is the third most prominent region regarding demand, due to increasing construction in this region. Latin America is expecting a moderate growth in term of demand. MEA is expecting the slightly higher growth rate in coming years because of extensive construction programs took up by the Governments. Overall, the global market for the DIY power tools device is expected to grow significantly by the end of forecast period.
DIY Power Tool Market: Key Players
Few of the key players in the DIY power tools market are Makita, Robert Bosch tools, Stanley Black and Decker, Atlas Copco. With the increased use in construction business, the companies are being profited from the sales of DIY Power tools even through household. With innovations of battery operated DIY power tools, the convenience factor has driven the market.
Some of the key players identified in the Global DIY power tools market are:-
- Robert Bosch Tools
- Stanley Black & Decker
- Techtronic Industries
- Atlas Copco
- IRWIN TOOLS
- Klein Tools
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid
sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.