Press release
Power Tools Market growing due to Importance of Asset Management in Industry
Power tools are primarily used to make the operation process fast (in case of building, manufacturing, and new construction), by consuming less time and workforce. These tools are primarily used in the industrial sector, specifically for drilling, sanding, screw driving, buffing and polishing among other applications. The power tools market has been categorized into two segments: by technology, by application and by region. The market has been anticipated to grow at a CAGR of 5.3% and reach USD 38.03 billion in 2021.By geography, the power tools has been divided into four regions; North America, Europe, Asia Pacific and Rest of the world. The market is witnessing growth due to the rising demand for infrastructure development North America and Europe are developed regions and hence expected to witness stagnant growth; however the Asia Pacific market has been anticipated to be the fastest growing region during the forecast period. The region’s dominance is attributed to the presence of developing nations such as India and China which are undergoing rapid industrialization and urbanization. The Asia Pacific market held more than 30% of the global market share in 2014. North America and Europe follow Asia Pacific.
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In addition, the power tools have also been segmented by application into automobile, construction, aerospace and electronic. The power tools are majorly applicable in the construction industry and hence this segment has the largest market share during the forecast period. Furthermore, the emerging trend of DIY due to the changing lifestyle of the working population is also fuelling the growth of electric power tools. In addition, the ongoing technological development in the electric power tools segments is enabling them to perform multiple tasks at a faster rate.
The major companies profiled in the power tools market include, Robert Bosch GmbH (Germany), Stanley, Black & Decker, Inc. (U.S.), Emerson Electric Co.(U.K.), Makita Corporation (Japan), Actuant Corporation (U.S.), SKF (Sweden), Techtronic Industries (China), Hilti Corporation (Germany), Danaher Corporation (U.S.) and Hitachi Koki Ltd (Japan).
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