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.
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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:
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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.