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.