In 2022, the size of the rental market for small power equipment was estimated to be worth US$ 107,234.1 million. The market’s main growth drivers are anticipated to be the rising market value and variety of applications. Compact power equipment rental as a whole is anticipated to grow at a strong CAGR of 6.7% between 2022 and 2032, reaching a value of about US$ 204,453.2 Million by the end of that year.
They are used for various operations, such as drilling, polishing, woodwork routing and screw driving. Compact tools are primarily used for construction related jobs. These tools are used at construction sites for activities like drilling, hammering, cutting, grinding, washing and blowing of the equipment’s.
Compact power tools are light-weighted, small in size, easy to handle and transport. However, they are more complex to handle than the commonly used hand tools, requires skilled labour, and regular maintenance to avoid tool wear.
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Global compact power tools rental market is expected to grow at a steady rate, as the demand for power tools are on the rise in developing countries. Drivers responsible for the growth of power tools rental market include an increasing demand for fast accomplishment of projects and increasing infrastructural development activities at developing regions like Asia, where construction companies rent the tools from power tool companies as they cannot afford to invest in power equipment.
The challenges ahead include continuous maintenance and high cost of equipment. Many a time, clients who borrow equipment from companies, damage the tools, which is also a major concern for the power tool rental market.
Segmentation of compact power tools market is done on the basis of types and geography. Compact tools are of various types like electric power tools, engine-driven power tools and pneumatic power tools. Wherein electric power tool includes cordless tools, drilling & demolition, screw-fastening tools, direct fastening tools, cutting/sawing/grinding tools, dust extractors, glue and heat guns, high pressure washers and blowers.
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Key geographic segments for compact power tools market include North America, Latin America, Asia-Pacific and EMEA (Europe, the Middle East & Africa) region. Asia-Pacific is the most prominent region for compact power tools companies owing to increasing construction and infrastructural development activities in countries like India, Japan and China.
Key trends in compact power tools market are an increasing competition from Chinese manufacturers as Chinese vendors are penetrating this market with their tools with competitive prices as compared to other vendors.
Of the many players in the compact power tools market, Makita Corporation, Bosch, Stanley Black & Decker and Techtronic Industries are the dominant leaders. Other important players include Hilti Group, Panasonic Corporation, Emerson Electric Company, Snap-on Inc., etc. Mergers & acquisitions of key players provide opportunity to expand their product portfolio.
In North America, Bosch acquired SPX Corporation’s Service Solution business which manufactures, develops and sells service equipment and repairs workshop accessories. In Europe, Techtronic Industries acquired Ryobi’s power tools business and Royal Appliance Manufacturing Company, a market leader in North America which develops, markets and assembles cleaning appliances such as vacuum cleaners for domestic as well as commercial use.
Emerson Electronics decided to focus on acquisitions and divestitures in order to increase investment in technology and also have a strong focus to acquire the market in developing countries. This is also because of decreasing demands of their products in Europe and market saturation in the U.S. and China.
The future of compact power equipment is very attractive due to an ever-increasing demand for compact power tools. Due to saturation of developed markets like Europe, the U.S. and China, players in this market are now moving their focus towards developing or emerging nations.
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Key Segments Profiled In The Compact Power Equipment Rental Market Report
Compact Power Equipment Rental by Type:
- Compact Electric Power Tools Rental
- Compact Engine-driven Power Tools Rental
- Compact Pneumatic Power Tools Rental
Compact Power Equipment Rental by Region:
- Compact Power Equipment Rental in North America
- Compact Power Equipment Rental in Latin America
- Compact Power Equipment Rental in Europe
- Compact Power Equipment Rental in Asia Pacific
- Compact Power Equipment Rental in Middle East and Africa
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