Dublin, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "China Power Tools & Hand Tools Market Size, Share & Trends Analysis Report by Product (Power Tools, Hand Tools), by Mode Of Operation (Electric, Pneumatic), by Application, by Sales Channel, and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
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
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's power tool industry is a powerhouse in manufacturing and exporting power tools, accounting for about 80% of the global industry. However, the recent U.S.-China trade war negatively affected the market and China's share in the export of power tools declined in 2019.
To add to this, the COVID-19 pandemic has led to a sharp decline in power tool production in Q4/2019. These issues could hamper the China power & hand tools market over the forecast period.
Over the next few years, China is expected to witness an increase in homeownership, which is presumed to bode well for the market growth. As more Chinese citizens seek their own homes and apartments, the preference for Do-It-Yourself (DIY) among individuals for home improvement activities such as roofing, kitchen, bathroom remodeling, and landscaping is expected to create the demand for power & hand tools in the country.
Additionally, Do-It-For-Me (DIFM) trends owing to low-cost labor, which is still a preferred option for Chinese citizens for home improvements activities, could also favor the market growth over the assessment period.
China Power Tools & Hand Tools Market Report Highlights
In terms of product, the power tools segment accounted for the largest market share, around 70%, in 2020 and is expected to retain its dominance over the forecast period. The segment's growth can be attributed to declining prices of li-ion batteries and preference for cordless power tools in the industrial segment, notably the construction and automotive space
The increased availability of pocket-friendly tools to attract professionals, contractors, and laborers is expected to drive the hand tools segment over the forecast period
By mode of operation, the electric segment is expected to expand at the highest CAGR of more than 7% over the forecast period. This can be attributed to the growing popularity of cordless and lightweight power tools
In terms of application, the residential segment is anticipated to register the highest CAGR over the forecast period, thanks to the rising popularity of DIY for home improvement activities in China
In terms of sales channel, the online channel segment is expected to exhibit a CAGR of more than 7% over the forecast period. This can be attributed to the heavy discounts offered by third-party e-commerce companies
The markets in East China, Central China, and North China are expected to collectively acquire more than 55% of the China power and hand tools market over the forecast period
Market Driver Analysis
Increasing Infrastructure Expansion Plans in China
China's Dual Circulation Strategy (Dcs) to Reduce Overseas Dependency
China's Changing Culture
Market Restraint Analysis
Challenges Facing China's Manufacturing Sector
Fluctuating Prices of Raw Materials
Market Opportunity Analysis
Rising Focus on Strengthening Domestic Capabilities of Battery and Semiconductors Technology Companies
Market Trends for Cordless Technology in Power Tools Market
Rising Preference for Cordless Power Tools & Growth of Lithium-Ion (Li-Ion) Battery Technology
Conflicts and Possible Replacements Revolving Around Battery Materials
Estimated Adoption of China Power Tools Market, by Region, 2020 (%)
China Power & Hand Tools Market, Product Estimates & Trend Analysis, by Industry (USD Million)
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
Hongyu Tool Corporation
Ingersoll Rand, Inc (Gardner Denver)
Jiangsu Guoqiang Tools Co., Ltd
Koki Holdings Co., Ltd
Ningbo Yongfeite Electrical& Science Co., Ltd
Robert Bosch Group (Robert Bosch Tool Corporation)
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.
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