With the rising urbanization and increasing purchasing power of the consumers across the globe, there has been a continuous rise in the demand for home improvement products including power tools.? Power tools are devices activated by a power source other than manual labor. Many leading power tool manufacturers in the global power tools market are offering different types of power tools including electric screwdrivers, hammer drills, and fast screw guns available in multiple shapes and sizes as their extensive product portfolio. These power tools are increasingly being used for the construction and several do-it-yourself (DIY) jobs such as production, packaging, assembly, and maintenance. Consequently, with the surging popularity of the DIY culture among the consumers in the advanced economies have further contributed significantly to the proliferating power tools market demand during the next few years.
According to Cutting Tool Engineering Magazine (CTEMag), the demand for HSS cutting tools is growing at a rapid rate due to increased demand from the automotive and construction industries.? HSS tools are affordable and wear-resistant and these are the key?factors?driving demand and growth for the market.
The global power tools market size is anticipated to grow by over $7.44 billion during 2017-2021 owing to the rising focus of individuals on craftsmanship and DIY culture due to the significant rises in the labor costs. Various large and small power tool manufacturers are increasing engaged in introducing innovative product offerings to cater the continuously evolving demands of the end-use industries across the globe, resulting in the market to grow steadily at a CAGR of nearly 5% during the predicted period.
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Top 10 Power Tool Manufacturers in the World and Their Key Product Offerings
Founded in 1915, Makita Corporation is one of the key Japanese power tool manufacturers in the world. The company offers a wide line-up of outdoor power equipment including cordless tool system, first brushless motor tools for contractors, 4-stroke engine power cutter and other power tools. Makita has also been engaged in offering power tools based on the usage in different purposes including drills & fastening, metalworking, woodworking, and polishing. The company has a strong geographic presence across the advanced economies of the Americas region, eventually, resulting in owing a significant share in the Power Tools Market in the US
Key products: MM4 4-stroke, LXT, MAKITA 2-Stroke, Makita corded power equipment
Robert Bosch GmbH
Headquartered in Germany, Bosch is a 131-year-old conglomerate employing over 402,000 people as of 2017. The company’s key operating sectors include mobility solutions, industrial technology, consumer goods, and energy and building technology. Keeping in view the surging need for creating smart and connected environment, the company has been using its expertise in sensor technology, software, and services to offer cross-domain solutions to the customers. The company’s power tools division supplies power tools, power-tool accessories and a comprehensive range of products including lawnmowers, high-pressure cleaners, and hedge trimmers. During 2017, Robert Bosch attributed the largest revenues from Europe, eventually contributing the significant share in the power tools market in Europe.
Key products: GBH 180-LI Professional, GSS 2300 Professional, GCO 14-24 J Professional, and others
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Founded in 1902, 3M is one of the widely distributed US-based conglomerates involved in offering a wide range of products ranging from abrasives to electronic and advanced materials. This company stands in race with significant position in the top 10 power tool manufacturers owing to its product and service offerings across key end-user industries including automotive, design & construction, manufacturing, commercial solutions, electronics, mining, oil & gas, healthcare, transportation, energy, safety, and consumer. The company’s 3M Abrasive Power Tools segment offers a line of power tools for optimizing tool and abrasive performance and contribute significantly to the continuously improving power tools market shares.
Key products: 3M File Belt Sander, 3M Vacuum Hose, 3M Elite Mini Orbital Sander, 3M Grinder
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Black & Decker
Black & Decker is one of the US-based manufacturer of power tools, home improvement products, hardware, and fastening technology. The company offers a wide range of power tools including cordless screwdrivers, drills, saws, sanders, specialty tools and others. Black & Decker is also engaged in offering cordless tool kits including battery, charger, and up to four different tools as well. With the rising adoption of DIY culture in the US owing to significantly high labor costs, the company has been offering a wide range of DIY power tools, eventually contributing significantly to the global DIY power tools market growth during 2017-2021.
Key products: 4V MAX Lithium Ion LightDriver Cordless Screwdriver BDCSFL20C, 4V MAX Lithium Rechargeable Screwdriver and others
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Founded in 1885, Irwin Industrial Tools is an American manufacturer and distributor of hand tools and power tool accessories. The company is engaged in offering an extensive range of products including chisels, drill bits, handsaws, locking tools, screwdrivers and other power tools. These power tools are a crucial part of the engineering tools industry and are finding applications in a gamut of industries including automotive, DIY, masonry, metalworking, woodworking, and other hand tools. The company offers its product offerings under different brand names including VISE-GRIP, MARATHON, QUICK-GRIP, SPEEDBOR, Marples, Unibit, STRAIT-LINE, and HANSON.? Offering such an extensive product portfolio across several end-user industries allows the company to maintain its significant market position in the top 10 power tool manufacturers of the world.
Key Products: IRWIN 8PC Folding Torx Set, IRWIN Bottle Opener, IRWIN 2 Piece Performance Series Demolition Screwdriver Set
Headquartered in the Illinois, Klein Tools has been engaged in manufacturing hand tools since 1857. The company’s product assortment contains different types of products including pliers, screwdrivers, nut drivers, stripping and wire pulling tools, conduit benders, snips and shears, and cable and bolt cutters. The company has been expanding its operations across various geographic locations including the US. For instance, in July 2018, the company announced to expand its presence in Texas with a fulfillment distribution center to accommodate its growing fulfillment and distribution needs. This advanced facility will offer the latest technologies to speed up the company’s distribution process while meeting the customer demand efficiently. Furthermore, in September 2018, the company acquired Ergodyne, a pioneer in the development of products making the workplace a better place to leverage their combined expertise. Such acquisition and developments are expected to further boost the heavy industry ?in the forthcoming years.
Key products: KLEIN-KURVE Wire Stripper/Crimper Multi-Tool, Twisted Pair Installation Kit with Zipper Pouch
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Fiskars is a Finnish consumer goods company offering a wide range of power tools specifically used for gardening & yarn care, crafting & sewing, and home improvement. The rising adoption of DIY tools among the consumers of advanced economies is encouraging such top power tool manufacturers to launch a wide range of products including shears, loppers, shoving & digging tools, and saws. ?The company’s key business units include SBU living and SBU functional. The company’s other business units include the real estate unit, corporate headquarters, and shared services.
Key products: Hookaroon, Log Hook, IsoCore 8 lb Maul, Hatchet
Hitachi-Koki has been engaged in manufacturing and selling power tools ever since its inception. The company offers a wide range of products including cordless power tools, drilling tools, fastening tools, grinding tools, sawing tools, cutting tools, planning/routing tools. This company has been also encouraging continuous R&D for gaining market leadership in ultra-high precision machining and electronic control technology.? The company is also engaged in offering life-science instruments while boosting the global cordless power tools market with its innovative offerings.
Key products: Li-ion Cordless Tools, DS36DA, Brushless Motor Tools
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Founded in 1873, Atlast Copco is a Swedish industrial equipment company offering a wide range of industrial tools, generators, vacuum solutions, and assembly systems. The company has its geographic presence in over 180 countries serving across end-user segments including automotive, aerospace, oil and gas, construction, entertainment, and others. The company has been able to maintain its rank in the top 10 power tool manufacturers owing to the wide range of offerings being provided into classifications such as assembly solutions, metal forming machine tools, material removal tools, bolt tightening solutions, hoists & trolleys, location and positioning solutions.
Key products: manual torque wrenches, pneumatic assembly tools
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Headquartered in Hong Kong, Techtronic Industries has been engaged in the designing, manufacturing, and marketing of power tools, accessories, outdoor power equipment, layout and measuring tools, hand tools, and floorcare and appliances since its inception. The company offers different products in several brand names including MILWAUKEE, AEG, RYOBI, HOMELITE, EMPIRE, STILETO, HART, HOOVER, ORECK, VAX, DIRT DEVIL. The products are being offered by the company in different countries across the globe, eventually, allowing it to strengthen its position in the top 10 power tool manufacturers of the world.
Key products: Heavy-duty power tools, accessories, hand tools for professionals
Major Factors Driving the Global Power Tool Market
Factors such supporting government initiatives, increasing use of electric vehicles, adoption of smaller sized, light-weight Li-ion batteries, and rising demand for home improvement products and tools are encouraging power tool manufacturers to offer innovative products catering to the customized requirements of the end-user industries, in turn, fuelling the overall growth of the power tools market.
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