by The New Zealand power tool market consists of a wide variety of power tools that find extensive applications in both industrial as well as household purposes. Power tools like drills, saws, grinders and hammers provide better efficiency and control over manual tools and are being increasingly adopted in construction activities as well as remodeling and repair works at homes. The growing infrastructure development projects in New Zealand along with increasing home improvement and remodeling activities are fueling the demand for power tools.
The Global New Zealand Power Tool Market Size is estimated to be valued at US$ 167.2 Mn in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the New Zealand power tool market are Stanley Black & Decker, Bosch, Makita, Milwaukee Electric ToolTech, tronic Industries, Metabo HPT and Among Others. These players are focusing on developing innovative product features such as cordless operations, compact designs and increased battery lives to gain more customers.
The growing construction industry in New Zealand driven by increased investment in buildings, roads, bridges and other infrastructure projects is driving the demand for power tools in the country. Furthermore, the rising home improvement and repair activities coupled with increasing disposable incomes are further fueling the product adoption.
The New Zealand power tool companies are also expanding globally by tapping growth opportunities in international markets like Australia, Asia and Middle East. Leading brands are establishing local manufacturing and distribution networks in different regions to meet the rising international demand for their products.
Market Key Trends
One of the key trends gaining traction in the New Zealand power tool market is the increased usage of lithium-ion batteries. Lithium-ion power tools have advantages like higher power density, no memory effect and lower self-discharging rate compared to nickel-cadmium or nickel metal hydride batteries. Leading manufacturers are focusing on developing power tools with lithium-ion batteries that offer longer run times and improved performance. This trend is expected to continue driving the demand for power tools in the country.
Porter’s Analysis
Threat Of New Entrants: The power tool industry in New Zealand requires high initial investments which make it difficult for new companies to enter
Bargaining Power Of Buyers: Buyers have moderate bargaining power due to the presence of established manufacturers with a varied product portfolio.
Bargaining Power Of Suppliers: Suppliers have low bargaining power due to the availability of substitute components from different suppliers globally.
Threat Of New Substitutes: New substitutes pose low threat as power tools have specialized purposes and established consumer preference.
Competitive Rivalry: The market is consolidated with top players competing on brand reputation, quality, and price.
Geographical Regions
The North Island region accounts for the major share in terms of value owing to the larger population and construction activities in urban centers such as Auckland and Wellington.
The South Island is expected to witness the fastest growth during the forecast period primarily due to increasing infrastructure development projects in Christchurch and various hydropower and mining projects.
What Are The Key Data Covered In This New Zealand Power Tool Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the New Zealand Power Tool Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the New Zealand Power Tool Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- New Zealand Power Tool Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of New Zealand Power Tool Market vendors
FAQ’S
Q.1 What are the main factors influencing the New Zealand Power Tool market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top New Zealand Power Tool Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the New Zealand Power Tool market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
