The global power tool gears market is gearing up for substantial growth, as indicated by a recent report from Future Market Insights (FMI). Projections suggest that by the year 2030, the demand for power tool gears will surge to an impressive US$ 8.38 billion, with a consistent compound annual growth rate (CAGR) of 5.1% during the forecast period.
One significant factor contributing to this surge in demand is the burgeoning production and utilization of power tool gears in two economic powerhouses – China and India. Together, these Asian giants are expected to command nearly 40% of the total market share over the assessment period. This underscores the pivotal role played by these nations in driving the global power tool gears market forward.
Delving deeper into the dynamics of the market, it’s noteworthy that the spur gear segment is poised for remarkable growth. Projections indicate that this segment will account for a substantial one-third of the total sales in the power tool gears market through 2030. This suggests a rising preference for this particular gear type, possibly due to its efficiency and suitability for a wide range of applications.
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FMI delivers a comprehensive biannual comparative analysis alongside pivotal insights outlining the growth prospects of the Power Tool Gears market. The pervasive application of power tools in woodworking and metal fabrication operations within the construction sphere is driving its upward trajectory. Additionally, the integration of power tool gears into specialized equipment for torque and speed management, coupled with the advent of enhanced power tool variants, is poised to be a catalyst for market augmentation.
As per FMI’s scrutiny, the juxtaposition of BPS (Basis Points) metrics between H1 2022-Outlook and the H1 2022 projection unveils a decrement of 9 units within the Power Tool Gears market. Notably, in comparison to H1 2021, a surge of 24 BPS is anticipated during H1 2022, signifying positive momentum.
Key Insights from the Power Tool Gears Market Analysis:
The surge in the uptake of automation, leading to improved productivity and precise operations, stands out as a pivotal factor driving the demand for power tools. This, in turn, is propelling the growth trajectory of the power tool gears market.
Power tools offer a distinct advantage by facilitating work on robust materials that pose challenges for conventional mechanical tools. Moreover, the scarcity of skilled labor and wage-related concerns are emerging as additional drivers for the expansion of the power tool gears market.
Anticipated growth is foreseen in the adoption of spur gears and worm or spiral gears throughout the forecast period.
Dominance is expected to persist within the professional end-user segment, primarily attributed to the heightened demand for gear sets in this sector. The robust adoption of power tools for professional applications further bolsters this segment’s prominence.
In terms of applications, grinding machines are poised for rapid progression, fueled by the increasing deployment of sanders and polishers in the market.
Competitive Landscape:
Prominent enterprises within the global power tool gears sector are strategically embracing expansion avenues, including novel product introductions, mergers, acquisitions, and collaborations, with the aim of amplifying their worldwide presence. These industry players are also channeling investments into research and development endeavors to enhance the depth of their product offerings.
A notable example is witnessed in the actions of P&F Industries, Inc., a prominent power tools and accessories manufacturer. In January 2022, the company announced its acquisition of Jackson Gear Company, a Pennsylvania-based enterprise specializing in custom gears and power transmission gear production. The transaction, valued at US$ 2.3 million, is poised to fortify P&F Industries’ position and product array within the United States market.
Key Players:
- Porite Group
- hGears
- Zhejiang Oliver manufacturing Gear Co. Ltd
- P&F Industries
- Zhejiang Fore Intelligent Technology Co., Ltd.
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Key Segments Covered in Report:
By Gear Type:
- Bevel Gears
- Spiral Gears
- Spur Gears
- Helical Gears
- Hypoid Gears
By Application:
- Grinding Machines
- Drills
- Hammers
- Saws
- DC Cordless Screw Drivers
By End User:
- Professional
- DIY (Consumer)
By Region:
- North America
- Latin America
- Europe
- South Asia Pacific
- East Asia
- MEA
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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