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Portable tools market continues to maintain its momentum on back of strong sales of personal protective equipment and power tools. The US$ 85 billion market is likely to show Goldilocks growth, with market revenues likely to grow by 1.4X between 2018 and 2028. These insights are according to a latest Fact.MR study that tracks the portable tools market in over seven regions and over 50 countries.
According to the report, the portable tools market continues to be highly fragmented, with a number of local and regional players accounting for miniscule revenue shares. Large corporations, such as Stanley Black & Decker, Inc. and Robert Bosch GmbH have single-digit market share from portable tools. The report finds that a large number of local and regional players cater to fixed categories of portable tools, with power tools and personal protection equipment among the top draws.
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Per unit cost of portable tools varies across product segments, with power tools and hand tools at the opposite ends of the spectrum. The price per unit is highest in Europe, owing to relatively higher demand for portable tools in the region. Per unit cost of power tool varies from US$ 70 to US$ 80 per unit in Europe – in South East Asia & Pacific, the cost per unit drops to US$ 55 to US$ 60.
The research study offers in-depth qualitative analysis on the key factors influencing the portable tools market. According to the report, consistent GDP growth is a key macroeconomic factor driving sales, whereas, automation of industrial processes has led to sluggishness. The report also analyzes the impact of urbanization and industrial growth on the portable tools market.
The steadily growing DIY trend in developed world is fuelling uptake of portable tools. The DIY ethic, combined with availability of portable tools on online platforms has broadened the reach of portable tools companies. To capitalize on the emerging opportunities in this segment, a number of manufacturers are offering free how-to content on e-commerce platforms.
The Fact.MR study finds that applications in metal fabrication will continue to create sustained demand for portable tools market during the course of the forecast period. The metal fabrication industry is on course to achieve growth rates of over 2% on a long-term perspective. The metal fabrication industry is showing a marked preference for specialized tools that reduce inventory and storage overheads.
According to the report, the long-term outlook on the portable tools market remains positive, however, challenges associated with intense fragmentation and fluctuating costs of raw materials persist. Considering the nature of the products, brand name and quality are often compromised with, especially in the DIY segment.
The report finds that personal protection equipment accounts for the largest revenue share in the global portable tools market. Personal protective equipment segment comprises a range of tools, including foot and leg protection, body protection, protective helmets, and foot and leg protection. Foot and leg protection remains the top selling category in the personal protective equipment segment.
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The report further reveals that demand for portable tools from industrial users is higher than commercial users. Although portable tools have reached a new demographic of DIYers who are investing in landscaping, home decoration, and pursuance of hobbies, this end-use segment is bereft of high-volume sales.
Overall, the portable tools market remains on ascendancy, albeit one which is more muted and less spectacular. Market players are likely to witness opportunities and risks, and production innovation and low-pricing are likely to be critical factors in this market.