Power Tool Gears Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Gears or cogs are rotating machine elements that transmit motion with the help of the teeth along their circumference. The teeth of one gear mesh with the teeth of another in the gear train and torque is transmitted. Power tools make use of an additional power source and certain mechanism to do a task more efficiently than if it were done by manual tools. An important part of the mechanism alluded to here are the gears or gear trains as power tools are often actuated by gears to reduce the manual labor that would be required to complete a job or task. Different types of power tools like Drills, Hammer Drills, Rotary Hammers, Marble Cutter, Circular Saw, Chop Saw, Impact Drills and others utilize gears. Power tools are used to reduce the effort required and also the skill level required. Rise in popularity of DIY home or garage projects are also a leading contributor to the increase in sales of power tools and in turn power tool gears. The high purchase cost of power tools are the only hindrance to the growth of the power tool gears market. But this too is negated as the rise in labor costs around the world is causing more and more manufacturers to use power tools to reduce labor requirements and to boost efficiency and productivity.

COVID-19 scenario analysis:

• COVID-19 pandemic has shut-down the production of various products in the global power tool gears industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the global power tool gears market significantly from last few months, as is likely to continue during 2020.
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year. 
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The global power tool gears market is experiencing a significant growth and will grow considerably in next few years. This growth can be attributed largely due to the rise in popularity of DIY techniques, rise in disposable income of people and investments in infrastructural developments. 

The global power tool gears market trends are as follows:

Surge in popularity of Automation in manufacturing industry:

Automation is increasingly being adopted to improve efficiency, cost, productivity and reduce the labor employed. Also lack of technical skill of the engineer or laborer can be ignored to a large extent as automation gives the opportunity to use power tools to complete difficult tasks easily. Power tools can be used to work on hard materials which are otherwise difficult to work on manually. The time saved on these difficult tasks can be used productively as the labor can be repurposed and the overall efficiency and productivity of the manufacturing operations can increase. The easy availability and portability of power tools stimulate their implementation in many different applications in the global manufacturing industry including drilling, sawing, and cutting, which in turn boosts the global power tool gears market growth. In addition, the continual progress made in the power tools design by key players aid in enhancing the demand of power tool gears.

Growth in global Automotive Industry to help the market grow

The global Automotive Industry has been enjoying sustained growth and profits for a good few years now. The more mature automotive economies like Western Europe, Japan and the U.S. are expected to grow slowly but the continued penetration into new markets are expected to propel revenue. The auto sector in the emerging nations with increasing middle classes are forecast to grow at a much faster pace as consumers with higher disposable incomes will stimulate demand for motor vehicle. According to data of United Nations (UN) more than 54% of global population is living in urban areas, which is generating employment opportunities and improving income level of individuals. Due to the aforementioned factors of growing population, urbanization and increased standard of living of consumers around the world, creating opportunities for the global automotive market to expand. This in turn is aiding the growth of the global power tool gears market. The rising popularity of electronic vehicles is also a major factor behind growth of automotive industry. The implementation of portable abrasive blasting machines in the global automotive sector is wide and is vital to sheet metal work, fabrication, and other related operations. The automotive manufacturing segment is one of the largest consumers of portable abrasive blasters due to their application in painting of vehicles.  In addition, portable abrasive blasters are used to give a smoother finish to vehicles and to remove burrs, so as to give it the desired texture. Thus with the growth of the automotive industry, the global portable abrasive blasting machine market is also expected to grow.

Surge in large scale construction projects 

Public infrastructure expansion and maintenance continues to grow. Private real estate development and individual residential construction are also going to continue growing as population and urbanization increases around the world. These myriad projects of varying scale and size will continue to aid growth in the global power tool gears market as the usage of power tools go hand in hand with such infrastructure growth. The global power tools market is expected to grow at a substantial rate owing to a surge in popularity of DIY techniques and a rise in disposable income of people. 

The implementation of power tools would optimize performance as it will increase the efficiency of the workers and increase productivity. The overall bill of materials cost and total cost of solutions will also be lowered as these easy to use power tools will help in less wastage of materials and time. This proves crucial in manufacturing, automotive, industrial, and construction applications. 

Key benefits of the report:

• This study presents the analytical depiction of the global power tool gears industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global power tool gears market share.
• The current market is quantitatively analyzed to highlight the global power tool gears market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global power tool gears market analysis based on competitive intensity and how the competition will take shape in coming years. 

 Power Tool Gears Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights