The power tools market is likely to grow rapidly over the estimated timeframe, owing to the flourishing construction industry sector, mainly in emerging nations. The rapid urbanization and industrialization are anticipated to further fuel this market’s in the future. The ongoing trend of constructing smart buildings and infrastructures in cities of the emerging nations, such as India, China, and Brazil, is also projected to propel the power tools market growth and development in the years ahead. The increasing automation requirements among various industry verticals have led to a rapid shift from hand tools to power tools, as power tools offer durability, better performance, precision, time efficiency, etc. This, in turn, is also likely to foster the power tools market in the upcoming years. Additionally, owing to technological advancements, the development of cost-effective and energy-efficient tools is expected to positively influence the market in the future. However, the unstable economic condition may hinder the market’s growth and development in the upcoming years.
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By equipment type, the global market of power tools is divided into three categories- electric, pneumatic and engine driven. Electric power tools include sanders, drills, polishers and grinders, planers and routers, screwdrivers and impact wrenches. The demand for these tools is hooked on the kind of technology used by end-users. The development of construction sector all over the globe and introduction of smart city plans in numerous emerging economies, especially in India and Thailand, will enhance the demand for this market over the forecast period. Although pneumatic power tools are anticipated to increase market share during the forecast period, the sale of electric power tools sales will still lead the market during the forecast period.
On the basis of end use sector, the demand for power tools can be extensively categorized into two major classifications – industrial and household segment. The industrial segment is estimated to continue to be the highest end-user of power tools. Demand is also likely to remain steady from the household segment due to growing DIY trend. By regions, the global market of power tools is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). Asia-Pacific is the biggest power tools market, globally and is expected to hold the same position in the near future. Huge production of power tools in India and China will continue to drive the market growth; however, exports to Western countries will enhance to the regional market revenues.
North America and Western Europe are the other main markets for power tools, with the U.S. and EU5 dominating the market in these respective areas. The North America power tools market is expected to increase at a significant CAGR than the power tools market in Western Europe during the forecast period. Among all the areas, the market in Middle East & Africa is expected to increase at the highest CAGR during the forecast period.
Some of the leading companies operating in this field of market are Makita, Robert Bosch, Stanley Black & Decker, Techtronic, Atlas Copco, Otto Baier GmbH, Casals Power Tools, Craftsman, Freudenberg, Hilti, Hitachi Koki, Husqvarna, Irwin, Klein, Snap-on and many others. The manufacturing companies are constantly focusing on advancement of their products with ergonomic benefits and also in increasing their product range by introducing new innovative products in the market. The development of construction sector all over the globe and introduction of smart city plans in numerous emerging economies, especially in India and Thailand, will enhance the demand for this market sector.
By Equipment Type: Electric, Pneumatic, Engine driven
By End-use: Industrial, Household
By Geography: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
20+ years of diverse and extensive experience in higher education including teaching, research, and university and community service in overseas universities and colleges.
Associate Editor, and publications in international refereed journals and presented most of them in international conferences in the fields of Applied Multivariate Statistics, Mortality, Social Science, Economics.