Press release
Growing awareness among employers about the usage of fastening power tools Market
Factors influencing the growth of the global fastening power tools market
Increasing sales & production of automobiles
Fastening power tools are widely used to manufacture and assemble automobiles. Globally, the automotive industry has been enjoying a period of relatively strong growth and profits, which has fuelled the demand for fastening power tools. Improving economic conditions in emerging markets as well as rapid urbanization have boosted the sales of automobiles.
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Growth in the demand for consumer electronics with added functionality, higher performance, and longer operating times are among factors prompting semiconductor manufacturers to focus on finding quicker ways to deliver end-user products. Fastening power tools play a significant role in meeting these objectives. Accurate and stable measurement devices enable close control of microenvironments that surround semiconductor tools.
Growing awareness among employers about the usage of fastening power tools
With an increase in the number of accidents and subsequent fatalities & injuries in mining, construction, oil & gas, and chemical industries, the adoption of fastening power tools by the labor workforce has become a critical requirement. Fastening power tools not only help reduce injuries & fatalities significantly, but also help increase productivity and output. This has encouraged employers to adopt fastening power tools for their employees for use during various stages of the workflow.
Increase in the preference for DIY in developed and developing regions
People in developed regions such as North America and Europe consider home improvement and small maintenance activities as favorable pastimes. To leverage the benefit of changing consumer preference toward DIY ethics, manufacturers are focusing on providing compact, portable, & cost-efficient tool solutions to household users. This trend is also growing significantly in developing markets.
This rapidly growing trend in well-urbanized markets in developing nations such as Global, China, South Africa, and Brazil is expected to create significant opportunities in the household fastening power tools segment in these regions over the forecast period.
Global fastening power tools market analysis, by technology
In terms of value, the electric segment is estimated to dominate the market with 57.6% by the end of 2018, and expected to remain dominant through 2028. The global fastening power tools market is expected to account for US$ 4,096.1 Mn by the end of 2026.
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Global fastening power tools market analysis, by mode of sales
By mode of sales, the global fastening power tools market value & volume distributors segment is estimated to dominate the market with a value share of 39.6% by the end of 2018.
Key players dominating the global fastening power tools market
The report highlights some of the top companies operating in the global fastening power tools market such as Makita Corporation, Hitachi Koki Co., Ltd., C. & E. Fein GmbH, DEWALT, Hilti Corporation, Xindalu Electronic Technology Co., Ltd., and Wacker Neuson SE, among others.
Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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