The global power tools markethas been observing an increasing trend all over the manufacturing industries due to their unique characteristic of consuming less time and minimal workforce. The use of power tools streamlines the human work by reducing the number of repetitive activities performed and subsiding the probabilities of human error. Development of energy-efficient and low-cost tools and are expected to drive the growth of global power tools market during the forecast period.
The global power tools market is likely to augment by the rapid growth of smart technologies such as rising demand for automation has boosted the power tools market. Other technologies include power-actuated and pneumatic technology, though are in their early phases of development, but further developments in these technologies are likely to promote growth opportunities in the power tools market in the coming years. Not only has the smart technologies but urbanization has augmented the demand for power tools in some emerging countries such as Brazil, India, and China. This is supported by a well-known technique called DIY do-it-yourself which is primarily used by residential users.
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According to the market research report, the global power tools market was valued at US$26.1 bn in 2014 and is estimated to to be worth US$ 38.03 by 2021. The overall market is likely to rise a robust CAGR of 5.3% during the forecast period.
Power Tools Market Key segment:
Power Tools by Mode of Operation
Electric Power Tools
Pneumatic Power Tools
Electric Power Tools by Power Source
Corded Electric Power Tools
Cordless Electric Power Tools
Power Tools by End User
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The global power tools market is expected to witness significant growth during the forecast period. In 2018, the global power tools market was led by Asia-pacific followed by North America and Europe. Asia-Pacific dominated the global power tools market owing to the rapid increase in the industrialization and urbanization across China, India, and Southeast Asian countries such as Malaysia and Indonesia. Moreover, the rise in the export value and volume of power tools to the global market is also driving the growth of the market in the domestic region.
North America held the second largest market for the power tools owing to the growth in the manufacturing industries and well-established distribution network. However, the high labor cost is the primary concern for the manufacturers in the region.
The key players profiled in this report include Stanley Black & Decker Inc., Atlas Copco AB, Robert Bosch GmbH, Techtronic Industries Co. Limited, Actuant Corporation, Makita Corporation, Danaher Corporation, Emerson Electric Co., Hitachi Koki Co. Ltd., and Hilti Corporation. Other players in the value chain include Snap-On Incorporated, Apex Tool Group, LLC, C. & E. Fein GmbH, Metabowerke GmbH, United Pacific Industries Limited, Panasonic Electric Works Europe AG, Mafell AG, and Altendorf.
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