Power Tools Market Trends

Growth Drivers

• Use of Power Tools in the Automotive Industry – Power tools are significantly used by vehicle producers as well as the repair and maintenance service providers in the automotive industry, especially for electric vehicles. Power tools can make maintenance efficient and convenient by speeding up redundant tasks such as fastening nuts and bolts.
• Rising Urbanization Globally- It is estimated that the urban population will be more than double its current size by 2050, at which point nearly 7 of 10 people will live in cities. More urbanization leads to the development of more residential and other infrastructure, and it is predicted to surge the growth of the market. According to statistics, the degree of urbanization across the world as of 2022 is 57%.As per a report by the World Bank, 4.4 billion inhabitants – live in cities.

Challenges

• Disruptions in Supply-Chain Management Owing to Political Unrest across the World - The disruptions started with the commencement of the Pandemic and have continued since. Owing to the Russia-Ukraine war and China-US trade and tariff conflicts, the situation is challenging the market.
• Volatility in Prices of Raw Materials
• High Complexity as Compared to Hand Tools