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.
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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:
- Business
- Household
Based on the type, the DIY Power Tool Market is segmented into:
- Cordless
- With Cord
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:-
- Makita
- Robert Bosch Tools
- Stanley Black & Decker
- Techtronic Industries
- Atlas Copco
- BAIER
- Casals
- Craftsman
- Freudenberg
- Hilti
- Husqvarna
- IRWIN TOOLS
- Klein Tools
- Snap-on
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