Power Tools Market to Witness Major Growth in Coming Years
Power tools have emerged as an ideal alternative to traditional hand tools, owing to their efficiency, convenience, cost-effectiveness, and flexibility. Increase in housing investment, steady growth of the automotive industry, and growth in demand from manufacturing and logistics industries are expected to fuel the market growth. Recovery in housing sectors in North America and China and rising demand for vehicles in Asian and Middle-East countries are projected to fuel the demand for power tools in the near future. However, increasing prices of electricity and presence of domestic manufacturers which provide low-priced power tools could pose challenges to the market growth.
Power tools are widely used in construction and manufacturing industries, globally, as they consume less time and labor. Moreover, rapid industrialization and growing automotive production in emerging countries such as India, and the usage of power tools in house renovations and other tasks are expected to boost the demand for power tools. Leading power tool manufacturers have focused on expanding in emerging markets due to the growing demand for power tools in construction and manufacturing industries.
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Among end users, non-residential users are expected to be the key consumers of power tools. Growing construction, manufacturing, and aerospace industries in the developing nations demand for technologically advanced and innovative power tool design, thereby supplementing the non-residential sector market growth. However, residentialend user segment is expected to grow at a fastest rate during the forecast period.
Among different electric power tools available in the market, drills accounted for the highest share, owing to their extensive usage in both household and commercial sectors.
Asia-Pacific is projected to be the fastest growing regional market during the forecast period due to higher adoption of power tools over hand tools in various industries and extensive growth in countries such as China and India.
Key Findings of Power Tools Market:
• Pneumatic power tools segment is expected to witness significant growth in the power tools market due to the growing adoption of this technology in the construction industry.
• North America is projected to exhibit a notable growth during the forecast period, owing to the upsurge in demand for power tools in automotive industries based out in the U.S. and Canada.
• The growth of the electric power tool segment is attributed to the increase in demand for advancements in battery technologies and upsurge infrastructural developments in the developing countries.
• The U.S. dominates the North American power tools market, contributing about 79% share of the market in 2015.
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The major companies profiled in this report include Stanley Black & Decker Inc., Atlas Copco AB, Robert Bosch GmbH, Techtronic Industries Co. Limited, Actuant Corporation, Makita Corporation, Danaher Corporation, Emerson Electric Co., Hitachi Koki Co. Ltd., and Hilti Corporation. These industry players have focused on collaboration, acquisition, and partnership strategies, and have launched innovative solutions to increase their market share. For instance, in December 2015, Stanley Decker & Black Inc. acquired Jiangsu Guoqiang Tools Co., Ltd. ("GQ"), China. This acquisition facilitated the companys existing power tools product offerings and diversify its presence in the global market.
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