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Power Tools Market Grow With CAGR Of 5.4% | Focuses On Top Companies, Region And Opportunities

01-21-2020 06:03 PM CET | Industry, Real Estate & Construction

Press release from: allied market research

Power Tools Market Grow With CAGR Of 5.4% | Focuses On Top

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.

Power Tools Market report, published by Allied Market Research, forecasts that the global market is expected to garner $39,639 million by 2022, registering a CAGR of 5.4% during the forecast period 2016 to 2022.

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.

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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.

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, the residential end-user segment is expected to grow at the fastest rate during the forecast period.

Key Findings of the Power Tools Market:
• The 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 developing countries.

To Speak with Our Research Experts:

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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About Us:
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.

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