Market Research Future (MRFR) in its latest report projects that the global power tools market will exhibit a compound annual growth rate of 5.17% during the forecast period (2017-2023) Power tools are a range of electronic tools and equipment that require minimum manual force. These tools are powered though robust mechanisms such as electric motors or mini hydraulic systems.
Global Power Tools Market: Competitive Landscape
MRFR in its report has mentioned some of the key players operating in the global smart power tools market, which include Stanley Black & Decker, Inc. (U.S.), Husqvarna (Sweden), Snap-on (U.S.), Festool (Germany), Otto Baier GmbH (Germany), Makita Corporation (U.S.), Techtronic Industries Co. Ltd (Hong Kong), Hilti Corporation (Liechtenstein), Hitachi Koki Co. Ltd. (Japan) and Robert Bosch Tool Corporation (Germany).
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The incessant growth of the construction sector is proving an impetus to the global power tools market. At the same time, rapid industrialization and urbanisation in fast-developing countries such as China, India and Mexico is contributing to the growth of the global power tools market. Growth of several largescale industries in various parts of the world has resulted in a greater need for hardware equipment and tools. Power tools are a new-age commodity that is replacing the traditional tools. Innovation in power tools and hardware equipment, has made a positive impact on the global power tools market. The focus is on reducing human labor and employ cost-effective and energy-efficient solutions. Moreover, the usage of power tools in household activities is driving the demand for the such as tools across the globe. Growing trend of do-it-yourself is driving the usage of t power tools in household construction activities. Demand for efficient tools has increased significantly in industrial verticals. This is due to the increasing reliance on electric powered tools in industrial verticals. Manufacturing facilities are opting for power tools to reduce manual workload. Nevertheless, factors such as fluctuation in raw material prices and low product penetration in developing countries are curtailing market prospects.
Global Power Tools Market: Segmental Analysis
MRFR’s report includes a comprehensive segmental analysis of the market on the basis of type, application and region. By application, the market has been segmented into construction, professional, industrial, and household. The construction segment currently accounts for the largest market share and this trend is likely to continue throughout the assessment period. This is primarily owing to the increased application of power tools in the construction sector. On the basis of type, the market has been segmented into hydraulic power tools, engine driven power tools, electric power tools, and pneumatic power tools. Of these, the electric tools segment accounts for the lion’s share of the market. Growing popularity of electric tools among DIY enthusiast and professionals alike characterises the strong growth of the market.
Global Power Tools Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Europe, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA). North America is expected to remain a key market for power tools during the assessment period. Rapid adoption of advanced tools, reduction in manual labour and presence of a massive industrial sector are some of factors supporting the expansion of the market in the region. North America is led by the US. Europe has emerged as the other key market for power tools in recent years. High cost of manual labor coupled with increased automation is creating opportunities for market players operating in the region. Countries such as the U.K, Germany, Netherlands, and France will remain pivotal to the market’s expansion in the region.
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LIST OF FIGURES
TABLE 1 MARKET SYNOPSIS
TABLE 2 GLOBAL POWER TOOLS MARKET, BY TYPE, 2015–2023
TABLE 3 GLOBAL POWER TOOLS MARKET, BY APPLICATION, 2015–2023
TABLE 4 GLOBAL POWER TOOLS MARKET, BY REGION, 2015–2023
TABLE 5 NORTH AMERICA: POWER TOOLS MARKET, BY COUNTRY, 2015–2023
LIST OF TABLES
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DRIVERS AND RESTRAINTS OF GLOBAL POWER TOOLS MARKET
FIGURE 4 WORLD: INDUSTRY, VALUE ADDED
FIGURE 5 GROWTH OF U.S. OFFICE FURNITURE MARKET, 2013-2015
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