Power Tools Market is expected to reach US$38.03 bn by the end of 2021

As per a new study by Transparency Market Research (TMR), the global power tools market exhibits a highly concentrated vendor landscape. The leading four players in the market, comprising Makita Corporation, Robert Bosch GmbH, Stanley Black and Decker Inc., and Hilti, held a share of around 70% in 2014. Of these, Robert Bosch GmbH emerged dominant accounting for just short of 30% of the market in 2014.

These companies are currently focusing on product innovation as the primary growth strategy. Among the various application segments, the leading companies have been capitalizing on opportunities exhibited by the construction industry. Besides this, the automotive industry has also been exhibiting lucrative prospects for the enterprises operating in the market.

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Infrastructural Development in India and China to Create Bevy of Opportunities

As per a TMR analyst, “The need for urbanization is a primary factor driving the global power tools market.” “The rapid development witnessed across emerging economies is creating demand for power tools in order to pace up the development process,” he added. These tools are used for various purposes such as drilling, screw driving, mining, chiseling, and sanding. Their demand is therefore expected to surge in countries witnessing robust infrastructural development such as India and China.

Since infrastructural development is at the core of urban development, the application of power tools across the construction industries of emerging economies is expected to rise considerably. TMR therefore expects the opportunities for sales of power tools to be extremely lucrative in Asia Pacific.

Besides this, the changing lifestyle and the increasing disposable income of the working class will encourage the uptake of power tools. As per TMR, the sales of power tools will increase due to the emerging do-it-yourself (DIY) trend. Encouraged by this new concept, common men across nations are investing on power tools to fix the minor faults in their electronics appliances or vehicles themselves. Such trends will augur well for the power tools market in the long run.

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High Maintenance Costs Could Adversely Impact Sales of Power Tools

On the flip side, the high cost of maintenance has been threatening the growth of the power tools market. This condition applies particularly in case of developing countries where consumers may be unwilling to spend on the maintenance of the power tools. Opting for manual labor is thus a popular option, which in turn restraints the power tools market.

Emerging Economies to Primarily Drive Power Tools Sales

Nevertheless, the increasing investment in the infrastructural development in emerging economies will boost opportunities for sales of power tools in the near future. For instance, demand for power tools is significantly high in emerging economies of Asia Pacific such as India and China. These countries are currently reporting rapid economic development. Governments in these countries have been increasing their spending on infrastructural development, which in turn fuels demand for power tools from the region.

By application, the construction industry led the market with a share of 72% in 2014. As per TMR, the demand for power tools is poised to surge considerably in the automotive and electronics industry in the forthcoming years. In terms of technology, TMR forecasts the demand for electric power tools to increase at a considerable pace.

TMR expects the global power tools market to reach US$38.03 bn by the end of 2021 from a valuation of US$26.1 bn in 2014. The market is expected to report a CAGR of 5.3% between 2015 and 2021.

This review is based on information published by TMR in a report, titled “Power Tools Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021”

Key Takeaways:

Global power tools market exhibits a consolidated vendor landscape with top four companies holding 70% of the market.
Sales of power tools to surge in countries witnessing robust infrastructural development.
Construction industry held a dominant share of 72% in the market, by application.
The market is segmented as follows:

Power Tools Market: By Technology

Electric power tools
Pneumatic power tools
Energy driven power tools
Hydraulic power tools
Powder-actuated power tools

Power Tools Market: By Application

Automobile
Construction
Aerospace
Electronics

Power Tools Market: By Geography

North America
U.S.
Canada

Europe
U.K.
Germany
France
Others

Asia Pacific
Japan
China
India
Others

Rest of the World
Middle East
Africa
Latin America

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.