More people around the world are buying up power tools, as Canadian contractors find business growing, and DIYers take advantage of new products from Makita Tools and other makers to do the work themselves. The value of the global power tool market is expected to pass $59 billion (CAD) by 2025.
While basics like hammers and wrenches are still must-haves for any toolbox, when it comes to sanding, cutting, and grinding, today’s workers naturally prefer power tools that make their tasks quicker and easier. Sales of cordless tools are rising, as more DIYers appreciate the mobility and ease of use. A turn to better rechargeable lithium-ion batteries provide more power and prolonged use times without the hassle and expense of extension cords. There is also a greater demand for versatility in oscillating and rotary tools that can perform different functions with the quick swap of a tool bit.
The renewed growth of the Canadian housing market has led to an increase in construction jobs and thus the need for more power tools. North America, India, and China all see steady economic growth, and with it a need for more tools.
Asian and especially Chinese products are churning out a flood of power tools at affordable prices. Asia itself is becoming one the major global markets for power tools. Even in developing countries, a gradual rise in income and trends to urbanization are seeing a greater demand for these Asian products.
Major players in the industry, such as Makita Tools of Japan, are putting more emphasis on product development to satisfy consumer expectation for safer, more versatile tools and better quality of construction. Sturdier, more ergonomic designs are required in the marketplace. Makita Tools has also been focused on incorporating more user-friendly features such as reduced dust emission, less noise, and lower vibration. They and other manufacturers must also take into account a growing number of consumer-safety regulations in many areas.
Power Tool Industry
The likelihood is that with increasing populations and housing needs, the power tool market will continue to grow. But with more competition from rival companies, there is a greater focus on marketing and product innovation. While the professional tools get more power and options for precision and utility, DIY homeowner versions are becoming more compact, colorful, and versatile.
The bottom line is that today’s power tool market offers a wider range of superior products to fit a wider range of needs.