Research study says global market is expected to reach $39,639 million by 2022, registering a CAGR of 5.4% during the forecast period (2016-2022), Ask for Sample@ http://www.researchbeam.com/power-tools-market/request-sample
Recent research added report on “Global Power Tools Market Overview, Analysis, Demand, Report, Trends, Growth and Research – Power Tools Market by Mode of Operation (Electric, Pneumatic, and Others) and by End User (Residential and Non-residential) – Global Opportunity Analysis and Industry Forecasts, 2014-2022”
Power tools are the tools and mechanical devices that operate on an external power such as electricity, battery, or compressed air. These tools include handheld machine drills, hydraulic presses, and gas tools among others. They are used for variety of applications such as production, packaging, assembly, and maintenance operations such as drilling, screw driving, chiseling, and sanding.
The world power tools market is driven by rapid industrialization in developed and developing countries, increase in housing investments, rising urbanization, and growth in automotive sales. Moreover, the demand for power tools has increased due to do-it-yourself (DIY) techniques among household consumers. The demand for battery-driven cordless tools, change in lifestyle, and increase in per capita income in emerging economies fuel the adoption of DIY techniques, which boosts the market growth. Improvements in cordless battery technology such as the use of lithium-ion battery for longer battery time as compared to nickel-cadmium battery have increased the power and operating time of cordless tools.
Leading market players have developed power tools for different segments to cater to their increasing demand in the construction and manufacturing industries. Product launch is a prominent strategy adopted by key players in this market. For instance, in September 2016, Robert Bosch Tool Corporation (NA) launched 18V Brute Tough drill & hammer drill/drivers featuring KickBack Control. This device was designed for the construction and automotive industry professionals to facilitate automatic drilling operation for a broad range of high torque bits.
Stringent regulatory compliances for cordless tools and decreasing prices of electric power tools drive the growth of power tools market. The European Union has banned the use of nickel-cadmium for cordless power tools due to toxic leakage of cadmium from batteries. The law is expected to be implemented from December 2016, and this law enforcement is expected to increase the demand for cordless, battery-operated power tools as lithium-ion batteries are cost-effective and lightweight in nature. However, unstable economic situation in the Middle East countries, decline in construction activities in China, and mounting maintenance cost of power tools could impede the demand for these tools in the market.
The market is segmented based on mode of operation, end user, and geography. Based on the mode of operation, the market is categorized into electric power tools, pneumatic power tools, and others. Electric power tools segment is further segmented into power tools by product type and power source. The power source segment includes corded and cordless electric tools, whereas drills, grinders, chippers, and others are included in the product type segment. Electric and pneumatic power tools segments jointly accounted for more than 82% market share in 2015. The gradual recovery of manufacturing industry from economic slowdown and upsurge in construction activities in the Asia-Pacific region have fueled the demand for electric power tools in the industrial sector.
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Based on end user, the market is segmented into residential and non-residential users. Residential users segment is expected to grow at the highest CAGR of 5.9% due to increase in demand for DIY techniques among household consumers. Construction, manufacturing, automotive, aerospace, and logistics industries are categorized under non-residential users.
The market is segmented based on four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with their respective countries. North America is expected to dominate the global market during the analysis period due to significant growth of construction, manufacturing, and automotive industries. The market in the Asia-Pacific region is expected to grow at a significant rate due to increase in popularity of DIY techniques, low product penetration, investments in infrastructural developments and increase in disposable incomes in this region. During last decade, India spent one-ninth share of its GDP on infrastructural development activities, and this share is expected to rise during the forecast period. This is expected to drive the demand for power tools in India. The key players profiled in this report include Stanley Black & Decker Inc., Atlas Copco AB, Robert Bosch GmbH, Techtronic Industries Company Limited, Actuant Corporation, Makita Corporation, Danaher Corporation, Emerson Electric Co., Hitachi Koki Co. Ltd., and Hilti Corporation.
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