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Power Tool Gears Market Analysis By type (Spur Gears, Bevel Gears, Worm Gears, Helical Gears, Other Gears), By application (Drilling, Fastening, Material Removal, Sawing, Others), By end-use industry (Construction, Automotive, Aerospace and defense, Electrical and electronics, Others) & Forecast 2024-2035

  • PUBLISHED ON
  • 4/14/2023
  • NO OF PAGES
  • 290
  • CATEGORY
  • Heavy Industry
Market Overview:
The global power tool gears market size was valued at around USD 5.8 billion in 2021 and is expected to grow at a CAGR of 5.6% during the forecast period.
The global power tool gears market refers to the market for gears used in power tools such as drills, saws, grinders, sanders, and other electric and cordless tools. Power tool gears play an important role in the functioning of these tools, as they help to transmit power and torque from the motor to the tool's cutting or grinding blades. These gears are typically made from high-strength materials such as steel, and are designed to withstand high levels of stress and wear. The market for power tool gears is driven by the increasing demand for power tools across various industries such as construction, automotive, and manufacturing, as well as by the need for high-performance and durable gears that can withstand heavy use.

Covid-19 Impact:
The global power tool gears market has been impacted by the COVID-19 pandemic in several ways. One of the major effects of the pandemic has been a slowdown in economic activity, which has led to a decline in demand for power tools and related products, including power tool gears. This is particularly true in industries such as construction and manufacturing, which have been severely impacted by lockdowns, supply chain disruptions, and reduced consumer spending.
In addition, the pandemic has disrupted global supply chains, leading to shortages of raw materials and components used in the manufacture of power tool gears. This has led to higher prices for these materials, which has in turn driven up the cost of manufacturing power tool gears.
On the other hand, the pandemic has also led to an increase in demand for home improvement and DIY projects, as people have spent more time at home due to lockdowns and social distancing measures. This has resulted in a surge in sales of power tools and related products, including power tool gears.

Overall, while the COVID-19 pandemic has had both positive and negative impacts on the global power tool gears market, it is expected that the market will continue to grow in the long term, driven by increasing demand for power tools across various industries and by the need for high-performance and durable gears that can withstand heavy use.

Market Dynamics:
Drivers:
Increasing demand for power tools: The demand for power tools is increasing across various industries, including construction, automotive, and manufacturing, due to their efficiency, speed, and ease of use. This is driving the demand for power tool gears, which are an essential component of power tools.

Technological advancements: Advances in technology have led to the development of more efficient and durable power tool gears. For instance, the use of new materials, such as ceramics and composites, has improved the performance and durability of power tool gears.

Growing DIY market: The DIY market is growing, as more people are taking on home improvement projects and repairs themselves. This is driving the demand for power tools and power tool gears.
Increasing urbanization and infrastructure development: The growth of urbanization and infrastructure development is driving the demand for power tools and power tool gears, particularly in developing countries where there is a need for new construction projects.

Focus on worker safety: There is a growing focus on worker safety in various industries, which is driving the demand for power tools with safety features such as anti-vibration technology, ergonomic handles, and protective gearboxes. This, in turn, is driving the demand for high-quality power tool gears that can support these safety features.

Restraints:
Competition from low-cost products: The market may face competition from low-cost power tool gears manufactured in countries with low labor costs. These products may not meet the same quality standards as products made in developed countries, leading to price pressure on established manufacturers.

Fluctuations in raw material prices: The price of raw materials used in the manufacturing of power tool gears, such as steel and aluminum, can be volatile. Fluctuations in raw material prices can impact the cost of production and may lead to pricing challenges for manufacturers.
Increasing adoption of electric tools: The adoption of electric tools, which do not require gears, is increasing in various industries. This trend could impact the demand for power tool gears in the long run.

Regional Analysis:
North America: The North America region is a mature market for power tool gears, with a high level of adoption of power tools. The region is expected to witness moderate growth during the forecast period, driven by the growing demand for high-quality, durable, and efficient power tool gears in the construction and automotive industries.

Europe: The European region is expected to witness steady growth in the power tool gears market, driven by the increasing demand for power tools in the manufacturing sector. The region is home to several leading manufacturers of power tool gears, which can help drive the growth of the market.

Asia Pacific: The Asia Pacific region is expected to witness significant growth in the power tool gears market, driven by the increasing demand for power tools in emerging economies such as China and India. The growing construction and automotive industries in these countries are expected to drive the demand for power tool gears.

Middle East and Africa: The Middle East and Africa region is expected to witness moderate growth in the power tool gears market, driven by the growing construction and infrastructure development activities in the region.

Latin America: The Latin America region is expected to witness steady growth in the power tool gears market, driven by the increasing demand for power tools in the manufacturing and construction sectors.

Market Segmentation:

By type:

• Spur Gears
• Bevel Gears
• Worm Gears
• Helical Gears
• Other Gears

By application:
• Drilling
• Fastening
• Material Removal
• Sawing
• Others

By end-use industry:
• Construction
• Automotive
• Aerospace and defense
• Electrical and electronics
• Others

By region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

Competitive Landscape:
The global power tool gears market is highly competitive and fragmented, with the presence of both large and small players.
 
Some of the key players operating in the market include:
Robert Bosch GmbH
Makita Corporation
Stanley Black & Decker, Inc.
Hilti Corporation
Hitachi Koki Co., Ltd.
Apex Tool Group, LLC
Techtronic Industries Co. Ltd.
Snap-on Incorporated
Atlas Copco AB
Freudenberg Group

These companies are focusing on various strategies such as product innovation, mergers and acquisitions, partnerships, and collaborations to gain a competitive advantage in the market. They are also investing in research and development activities to improve the efficiency and performance of their products. In addition, some of these companies are expanding their distribution network to reach a wider customer base and increase their market share.
Base Year: 2023
Historic Year: 2016-2022
Forecast: 2024-2035

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.


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