Summary

Power tool demand in Colombia is being driven by a growing construction industry as well as a growing DIY market. The growing popularity of home renovation and improvement projects is also fueling the growth of Colombia's power tool market. However, fluctuations in raw material prices and the availability of alternative tools limit growth to some extent. On the other hand, advances in high-tech tooling equipment are expected to open up lucrative opportunities in the industry. Electric power tools and cordless tools, for example, are expected to outperform pneumatic tools. Power tool consumption is expected to rise as a result of these factors over the forecast period. Power tools are devices that use an additional power source or mechanisms that manual labour or hand tools do not. The two most common types of power tools are internal combustion engines and compressed air. Stem engines, direct combustion of fuels and propellants, such as in powder-actuated devices, and even natural power sources such as wind or water are examples of other power sources. The growing importance of the target market in this region can be attributed to the region's recovering construction industry as well as rapid urbanisation.

According to the research report, "Colombia Power Tools Market Overview, 2028," published by Bonafide Research, the market is anticipated to add up to $0.13 billion in size during the upcoming timeframe. During the forecast period, drilling and fastening tools are expected to account for the largest share of the power tool market by tool type. The market for electric mode of operation tools is expected to grow at the fastest CAGR. Electric tools are plug-and-play, whereas cordless tools are simple to use, efficient, and convenient. End users prefer cordless tools over traditional ones due to their ergonomic benefits. The growing demand for lightweight, portable, flexible, and compact tools, as well as the growing DIY trend among homeowners, is driving the adoption of electric power tools for residential and DIY use. Material removal tools are expected to grow at a faster CAGR during the forecast period. These are end-effectors that are used to remove unwanted material from work pieces in order to achieve the desired shape. Sanders, polishers, buffers, air scalers, and grinders are examples of material removal tools used in industrial and residential applications. These tools are ergonomically designed for the users' comfort and safety. These tools are powered by either electricity or pneumatics. Cordless electric material removal tools are widely used in a variety of industrial applications, driving segment growth.

Consumers prefer manual work with hand tools in residential applications such as repairing furniture, fittings, or cutting pipes in plumbing, electrification, and residential construction projects. Do-it-yourself applications are residential applications performed by households. However, using hand tools requires a significant amount of energy and time. Power tools are increasingly being used by homeowners to repair furniture and remodel and refurbish existing homes. These tools cut, drill, and fasten quickly, efficiently, and simply. These tools enable time-consuming residential construction and repair tasks to be completed with minimal disruption. Electric cordless power tools are becoming increasingly popular among residential users due to the growing demand for flexible, portable, and compact tools. Hammers, cordless drills, jigsaws, sanders, cutters, electric screwdrivers, and other power tools are examples of household power tools.

Steel, zinc, copper, brass, aluminum, and nickel are among the metals used in power tools. Furthermore, batteries, motors, and electronic components are used in their production. As a result, to ensure smooth operation, power tool manufacturers rely heavily on a consistent supply of raw materials. Furthermore, fluctuating raw material, component, or finished goods prices have a variety of effects on manufacturing processes, frequently resulting in delays, inefficiencies, or an inability to meet the power tool market's needs.

Considered in this report
• Geography: Colombia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Colombia Power Tools market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Tools Type:
• Drilling and Fastening Tools
• Demolition Tools
• Sawing and Cutting Tools
• Material Removal Tools
• Routing Tools
• Others

By Mode of Operation:
• Electric
• Pneumatic
• Others (Hydraulic)

By Application Type:
• Industrial
• Residential

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Power Tools industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.