Global Power Tools Market: Snapshot
The global power tools market has 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.
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.
Application of Power Tools in the Construction Industry to Lead the Global Power Tools Market
As per application, the global power tools market is segmented into aerospace, automobile, electronics, and construction. Among these, construction industry held a major share of 72% in the year 2014. The rise of infrastructural development and investments across developing countries has further led to the increase in the growth of power tools market globally. Furthermore, the automotive industry is also witnessing a significant increase in the use of power tools. Increasing disposable income and changing standard of living has created opportunities for power tools market in automobile industry. The demand for the application of power tools increases at the time of manufacturing and repair of airplanes in the aerospace industry. Therefore, the demand of power tools is estimated to rise steadily. The electronics industry is also expected to grow at a significant rate owing to the progressing DIY trends. People across the globe are purchasing power tools in and fixing some minor faults occurring in their electronic home appliances without the support from an expert. This in turn, will create more growth opportunities for power tools market.
Asia Pacific to bolster with Growth Opportunities on the backdrop of rise in Infrastructural Development
Based on regions, the global power tools market has been observing a rise in demand from North America and Asia Pacific. However, North America has reached the saturation level and may not see any further growth. On the other hand, Asia Pacific is flourishing withy growth opportunities. In 2014, the Asia Pacific region held a market share of 34% in the global power tools market. The rise of infrastructural development in cities such as China and India has been critical in promoting the demand of power tools market. The Asia Pacific was valued at US$8.8 bn in 2014 and is expected to reach US$13.4 bn by 2021, exhibiting a CAGR of 5.9% in the forecast period. In North America, the U.S and Canada are expected to lead the power tools market due to the increase in changing lifestyle. In the construction industry, the rise of power tools is likely to secure demand in North America during the forecast period.
The global power tools market showcases an intensive vendor landscape. This market is highly competitive in nature and the companies leading are extensively focusing on product innovation as one of their growth strategies. Some of the prominent players operating in the global power tools Stanley Black and Decker Inc., Robert Bosch GmbH, Makita Corporation, Hilti, Actuant Corporation, and others.
Power tools are primarily used in manufacturing and construction industry for the purpose of reducing workload and increasing the output. These tools have several types of operation such as drilling, chiseling, sanding and screw driving among others. The market has been analyzed to grow steadily due to the increasing need for infrastructure development in emerging economies.
There are various types of tools such as electric, pneumatic, which are operated with the help of external power sources. The economic condition in the developing nations such as India and China is changing which is creating a demand for urbanization. The power tools are one of the primary equipments in the construction industry. Furthermore, the rising concept of DIY technique is creating the demand of power tools in the residential sector. In addition, easy availability of these tools on e-commerce websites is also aiding to the growth of the market. Moreover, the use of the power tools reduces the time of the output. The idea of DIY was previously restricted to the developed regions like U.S. and the U.K. However, the changing lifestyle and increasing disposable income in the emerging economies is driving the idea of DIY thereby increasing the sale of power tools. In addition, the manufacturing industry is gradually recovering from the economic slowdown. This is return is creating a demand for the power tools market in the industrial sector.
However, one factor that is hampering the growth of power tools is the additional maintenance cost associated with it. The power tools once bought require continuous maintenance over a period of time, is limiting the demand in the market. Moreover, in some case, the contractors with limited funding take these tools on lease, which in turn blocks new market for power tools especially in developing nations. This factor is acting as a restraint for the market during forecast period.
This report projection has been provided in terms of revenue (USD Million) from 2015 to 2021. Furthermore, the drivers and the restraints affecting the power tools market over the forecast period have also been covered in the study. In addition, the opportunities that are expected to help the market in future have also been discussed.
The power tools industry has been divided into three categories: by technology, by application and by geography. In terms of technology, the market has been further segmented into electric power tools, engine driven power tools, pneumatic power tools, powder-actuated power tools and hydraulic power tools. By application, the market has been segregated into automobile, construction, aerospace and electronic application. Furthermore, the market has been segregated geographically into four regions: North America, Europe, Asia Pacific and Rest of the world. Each of these segments has been analyzed in terms of revenue (USD Million).
In order to get a better understanding of the power tools market, a key trends analysis has been included for all the segments. In addition, for a better understanding the market, the market attractiveness for the application segment has been provided. Furthermore, the market share of the key players in the power tools market has also been discussed in terms of market share revenue held globally.
Company profiles of the key players have also been included in the report. The company profiles cover, the overview, key developments, financial overview and business strategy of the players focusing on the power tools market. In addition, the historical milestones and the business segments have also been provided The key players profiled in the power tools market include, Robert Bosch GmbH (Germany), Stanley, Black & Decker, Inc. (U.S.), Emerson Electric Co.(U.K.), Makita Corporation (Japan), Actuant Corporation (U.S.), SKF (Sweden), Techtronic Industries (China), Hilti Corporation (Germany), Danaher Corporation (U.S.) and Hitachi Koki Ltd (Japan).
Power Tools Market: By Technology
- Electric power tools
- Pneumatic power tools
- Engine driven power tools
- Hydraulic power tools
- Powder-actuated power tools
Power Tools Market: By Application
Power Tools Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)