Press release
Power Tools Market Revenue to Surge from US$ 26,232.2 Mn in 2014 to US$ 46,477.2 Mn by 2025
The global power tools market is projected to register a promising CAGR of 5.4% during the forecast period due to several factors. The report details trends driving each segment and respective sub-segments, delivering analysis and insights about the potential of the power tools market in specific regions.
With respect to regions, North America dominated the power tools market with over 26% market share in 2014, and is expected to remain dominant by 2025. Western Europe accounted for over 23% of the total power tools market share in 2014 but will lose it dominance by 2025. Among all the regions, Middle East and Africa is projected to register the highest CAGR between 2015 and 2025, due to high demand for infrastructure investment in the region. As on 2014, Asia Pacific accounted for over 22% market share of the overall power tools market, positioning itself as the third highest contributor. By the end of 2025 it will gain more than 100 Basis Point Share to become the second highest contributor of the overall power tools market.
Growth of the global power tools market is primarily driven byincreasing housing investments, automotive sales and urbanization. According to the UN, the world population is expected to increase by 20% between 2015 and 2025, with Asia and Africa projected to contribute significantly to this growth, this is expected to further urbanisation and the subsequent need for hand and power tools.Middle East and Africa recorded tremendous growth in the construction sector over the last five years, and continued high demand for infrastructure investment across the region will further boost the demand for power tools.
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Other factors fuelling market growth include trends such as do-it-yourself (DIY) and adoption of new cordless technologies with lithium-ion batteries that deliver performance advantages compared to the plug-in models.Additionally, Chinese vendors offering products at competitive prices as compared to other power tool vendors has boosted the sales of power tools.
On the basis of category, the market has been segmented into power and hand tools. The power tools segment accounted for over 64% share of the global power tools market in 2014. Furthermore, power tools segment was dominant among the two segments, accounting for 64.6% share of the global power tools market in 2014.
Power tools are further segmented on the basis of end-use sectors i.e. industrial and household. Revenue contribution of the industrial segment was 59.6% in 2014, and is projected to grow to 63.0% by 2025, witnessing an increase of 340 Basis Point Share and registering a CAGR of 5.9%.
By mode of operation, the power tools market is segmented into electric, pneumatic and others segments. The pneumatic tools segment is expected to register the highest CAGR of 5.9% between 2015 and 2025. The electric tools segment accounted for over 57% market share in 2014, but is expected to lose its market share by 120 Basis Point Share to the pneumatic segment by the end of the forecast period.
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Key players in the global power tools market includeStanley Black & Decker Inc., Atlas Copco AB, Robert Bosch GmbH, Techtronic Industries Company Limited. Stanley Black & Decker Inc. and Robert Bosch GmbH focus on research and development initiatives to introduce innovative products to attain sustainable advantages over the competition. In addition, these players also focus on expanding their global presence through mergers and acquisitions and new product development.
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