Philippines Electric Power Tools Industry Revenue is expected to reach over PHP 4.0 Billion by the year ending 2023: Ken Research

Key Findings
• Incorporation of Technological Advancements such as cordless tools is expected to raise the demand for Power Tools in the country.

• The Electric Power Tools Market in Philippines is expected to witness the emergence of local power tool manufacturers. The CAGR for manufacturing sector for the period 2018-2023E is forecasted to be 22.3% which can change the market dynamics and reduce the import dependency for the economy.

• Adoption of automation and modernization of SMEs will be key drivers for demand of power tools in the country. Development of Industry clusters and Programs such as “One Town, One Product” can help in development of concentrated markets for power tools.

Enhanced Battery Efficiency: Electric Power tool manufacturers are working on designing batteries with enhanced power storage. This will also augment the sales of cordless tools and thus escalate demand and convenience of use for electric power tools in the market.
Growing usage of E-commerce: Increasing usage of e-commerce helps in creating customer awareness and provides them a wide range of products to choose from. It also acts as a knowledge dissemination channel providing customers better insight on usage, handling and advantages of using Electric Power Tools over other tools.
Emergence in Local Manufacturers: Local Manufacturers are expected to enter the Electric Power Tools Market in Philippines on the back of favorable government policies aiming at economic expansion and lowering down the import dependency of the country along with setting up manufacturing plants to curb unemployment in the country with better after sales services by local manufacturers.
The Emergence of Local Electric Power Tools Manufacturers is expected to reduce import dependency and change the market dynamics in the overall market in Philippines. Benefits such as availability of economical labor, raw material access to large market of ASEAN and neighboring countries can be utilized as key factor for promoting domestic manufacturing.

Analysts at Ken Research in their latest publication “Philippines Electric Power Tools Market Outlook to 2023 - By Product (Grinders, Drills, Saws, Hammers and others), By Application (Construction, Manufacturing and others), By Price Category (Premium, Medium, Low), By Distribution Channel (Direct Sales, Dealer & Retailers Sales and Online Sales), By Region” expect that the power tools market in Philippines will increase due to growing implication of DIY enthusiasts, improved internet connectivity and emerging local power tool manufacturers. The cordless sector is forecasted to increase significantly with increase in customer knowledge on usage, efficiency and safety of operation of such tools. The market is expected to register a positive CAGR of 20.0% in terms of revenue during the forecasted period 2018-2023E.

For more information, refer to below link:
https://www.kenresearch.com/manufacturing-and-construction/machinery-and-parts/philippines-electric-power-tools-market/191623-97.html

Key Segments Covered
By Application
• Construction Market
• Manufacturing Industry
• Others
By Price Range
• Premium Category
• Medium Category
• Low Category
By Product
• Grinders
• Drills
• Saws
• Hammers
• Others
By Distribution Channel
• Direct Sales
• Dealer and Retailer sales
• Online Sales
By Region
• Luzon
• Visayas
• Mindanao
By Corded or Cordless Tools
• Corded Tools
• Cordless Tools
By Portable and Stationary Tools
• Portable Tools
• Stationary Tools

Key Target Audience
• Authorized distributors and dealers
• Real Estate Construction Companies
• Manufacturing companies
• Automobile companies
• Power Tools Sector

Time Period Captured in the Report:
• Historical Period: 2012-2018
• Forecast Period: 2018-2023E

Companies Covered:
• Hilti
• Makita
• Bosch
• Stanley Black & Decker and Dewalt

Key Topics Covered in the Report
• Executive Summary
• Research Methodology
• Value Chain Analysis
• Electric Power Tools Market, 2013-2018
• Electric Power Tools Market Segmentation, 2018
• Decision Making Parameters
• Porter Five Forces Analysis
• Competition Landscape
• Company Profiling
• Competitive Analysis
• Market Share of Major Companies, 2018
• Trends and Developments
• Trade Scenario, 2013-2017
• Electric Power Tools Market Future Outlook, 2018-2023E
• Future Segmentation of Electric Power Tools Market
• Analyst Recommendations

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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

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This release was published on openPR.