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China Power Tools Hand Tools Industry Overview
The China power tools and hand tools market size is projected to reach USD 12.25 billion by 2028, expanding at a 6.7% CAGR from 2021 to 2028, according to a new report by Grand View Research, Inc. The promising growth prospects of the market can be attributed to the increased focus of the government on infrastructure expansion plans associated with the One Belt One Route (OBOR) initiative. Moreover, increasing focus on strengthening domestic capabilities of batteries and improving technical capabilities of semiconductor technology companies in China are also expected to favor the market growth over the forecast period. On the flip side, fluctuating raw materials prices are expected to hinder the market growth over the medium term.
China Power Tools Hand Tools Market Segmentation
Grand View Research has segmented the China power tools and hand tools market based on product, mode of operation, application, and sales channel:
Based on the Product Insights, the market is segmented into Power Tools, Hand Tools.
- The power tools segment accounted for the largest market share of over 69% in 2020 and is expected to expand at a CAGR exceeding 7% over the forecast period. The rising popularity of Li-ion batteries replacing conventional batteries is expected to drive growth over the forecast period.
- The rising popularity of power drills, notably hammer drills, is also expected to bode well for the market growth. The drills segment is expected to register the highest CAGR exceeding 8% over the forecast period. This can be attributed to their lightweight design and long battery life.
Based on the Mode of Operation Insights, the market is segmented into Electric, Pneumatic, Others.
- The electric segment accounted for nearly two-thirds of the market in 2020 and is expected to expand at a more than 7% CAGR over the forecast period. The rising popularity of cordless power tools and lightweight and ergonomic designs of electric power and hand tools are anticipated to drive the growth of the segment over the forecast period.
- Companies such as Makita, Stanley Black and Decker Inc., and Techtronic Industries Ltd have emphasized improving their technical capabilities to strengthen their cordless product portfolios.
- Similarly, advancements such as the red lithium battery developed by Milwaukee, a brand of Techtronic Industries Ltd, also enabled the company to manufacture power tools with a longer lifespan. Such advancements are likely to bode well for the market over the assessment period.
Based on the Application Insights, the market is segmented into Industrial, Residential.
- The residential segment accounted for nearly two-fifths of the market in 2020 and is projected to reach USD 5.10 billion by 2028. The market growth can be attributed to the rising popularity of DIFM and DIY home improvement and landscaping projects.
- The industrial segment accounted for the larger market share of around 60% in 2020 and is estimated to reach USD 7 billion by 2028. The growth prospects of the segment can be ascribed to rapid industrialization and rising applications in commercial sectors, notably in construction and automotive.
- The industrial segment is further categorized into oil and gas, automotive, aerospace and defense, construction, rail, and others. The automotive and construction segments collectively accounted for nearly 50% of the market in 2020, thanks to the surge in construction spending in Guangdong, Jiangsu, and Zhejiang provinces.
Based on the Sales Channel Insights, the market is segmented into Offline Channel, Online Channel.
- Owing to the presence of several small-scale manufacturers, the offline sales channel is likely to continue to dominate over the forecast period. OEMs earn the majority of the sales through distribution channels that include retailers, dealers, distributors, and importers.
- The online channel covers OEM sales across e-commerce platforms and third-party e-commerce marketplaces such as Alibaba.com, Made in China.com, and Global Sources. E-commerce channels allow OEMs to automate manual and labor-intensive processes and provide customer self-service options, eventually reducing operational costs.
- The COVID-19 pandemic boosted the online sales of OEMs, a trend expected to continue over the next few years as well. The online channel is expected to grow at a CAGR exceeding 7% over the forecast period.
Key Companies Profile Market Share Insights
The technology recognizes the battery with which the tools are paired and adjusts power output accordingly. The technology is suitable for high-end applications.
Some prominent players in the China power tools hand tools market include
- Atlas Copco AB
- CHERVON (China) Trading Co., Ltd.
- Ebic Tools Limited
- Emerson Electric Co.
- Guizhou GangZhiyi Commercial Trade Co., Ltd
- Hangzhou Great Star Industrial Co., Ltd.
- Hilti Corporation
- Hongyu Tool Corporation
- Ingersoll Rand, Inc (Gardner Denver)
- Jiangsu Guoqiang Tools Co., Ltd
- Koki Holdings Co., Ltd
- Makita Corporation
- NINGBO YONGFEITE ELECTRICAL SCIENCE CO., LTD
- Positecgroup.com
- Robert Bosch Group (Robert Bosch Tool Corporation)
- Ronix Tools
- SHANGHAI KEN TOOLS CO., LTD
- Stanley Black Decker Inc.
- Techtronic Industries Co. Ltd.
- Zhejiang HangboPowertools Co., Ltd
- Zhejiang SALI Abrasive Technology Co., Ltd
- ZHENGYANG TECHNOLOGY CO., LTD.
Order a free sample PDF of the China Power Tools Hand Tools Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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