By Santeri Viinamäki, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=77633263 Between 2017 and 2021, the power tool market worldwide is expected to grow by more than $7.44 billion . According to Zion Market Research , the global power tools market was estimated to be approximately $27 billion by year-end 2018. Looking ahead, it is expected to reach $36 billion by 2025. This represents an expected compound annual growth rate of 4.14 per cent.
The global trend towards urbanisation is just one of the factors that have led to robust sales in the power tool market. Another contributing factor is the rise of a do-it-yourself (DIY) culture. Part of the impetus behind this shift can be attributed to the popularity of home renovation reality TV shows. Now more than ever, people are inspired to take on projects that previously would have been left to professional contractors. This, in turn, leads to a spike in the purchase of power tools.
The power tools market is somewhat unique in that many of the major players have been bought up by competitors leaving around four super-conglomerates in the field. For a snapshot of the main companies in the field today, here are ten of the largest power tools manufacturers in the world based on 2018 revenue. 10. Chervon
Revenue: ±$1 billion
Country of Origin: China
By Rasbak – Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=1993298 Although not as old as some of the other entries on this list, Chervon has quickly grown into one of the top power tool manufacturers in the world. Chervon was launched in Nanjing, China in 1993 and has since grown into an international force in the sector. The company sells products in more than 30,000 stores and dealers in 65 different countries.
Chervon offers a line of both professional-grade and consumer-grade power tools. These products are manufactured in their two production facilities located in Nanjing as well as Steinheim, Germany. Their business operations are focused mainly on North America, Europe, China and Oceania.
Operations for their power tool line includes research and development, sourcing, manufacturing, testing, marketing, sales and distribution and after-sale service. Among their more popular brands are Devon (developed exclusively for the Asian market), Flex, Skil, Ego (cordless line of power tools), X-Tron, Calmdura (for European market), Hammerhead and Skilsaw. 9. Apex Tool Group
Revenue: $1.4 billion
Country of Origin: United States
By Unknown or not provided – U.S. National Archives and Records Administration, Public Domain, https://commons.wikimedia.org/w/index.php?curid=80663329 The Apex Tool Group (ATG) is a relatively new entrant into the power tool market, having been around only since 2010. ATG prides itself on being one of the largest manufacturers of professional hand and power tools in the world. They serve the industrial, vehicle service and assembly, aerospace, electronics, construction and DIY markets.
Headquartered in Sparks, Maryland, ATG has operations in more than 30 countries around the world. They have manufacturing facilities in more than 30 locations throughout North and South America, Europe, […]