Impact of COVID-19 on the Global Power Tools Market
The Power tools market has been negatively impacted in recent months owing to the lockdowns imposed in the majority of the countries across the globe. These lockdowns have resulted in halting the manufacturing of power tools temporarily since the pandemic outbreak in December 2019. The lockdowns imposed have also hampered household tasks, construction, gardening, and repair services, which require power tools as the main equipment, thereby affecting the demand for power tools, which are various types of tools and mechanical devices that are operated using a power source and a mechanism and cannot be operated manually. These could generally include electric motors and compressed or internal combustion engines. Power tools include many types of devices, from handheld machine drills to hydraulic presses and pneumatic tools. Power tools can be used for various kinds of applications such as automobiles, household tasks, construction, gardening, etc. The outbreak of COVID-19 has negatively impacted the power tools market, however, the demand for these products is anticipated to recover in the coming months as several governments prepare to lift the lockdowns in a phased manner.
The removal of lockdowns will result in restoring economic conditions and the demand for various services, including construction and gardening, which are anticipated to boost the demand for power tools in the coming months. The power tools market is anticipated to grow significantly in the coming years owing to the rising demand from the industrial sector, professional segment, and increasing usage of power tools for DIY & household activities. The growth in the industrial sector is expected to fuel the power tools market. The adoption of power tools across industries in both developed and developing countries are expected to increase, owing to the lack of availability of a skilled workforce and the high costs of labor. The professional field is primarily driven by carpenters, electricians, plumbers, artisans, etc. The need for power tools is likely to increase with the rising demand from the furniture industry. The key factor responsible for the growth of the furniture market is the increase in construction and renovation activities. Power tools are being increasingly used across various household applications such as drilling, cutting, and fitting. Therefore, the power tools market is expected to grow during the forecast period due to the extensive use of power tools in household applications.
Source: National Association of Manufacturers