Press release
Power Tools Market is Expected to grow at a CAGR of 5.17% by 2023
Power Tools Market
Market Highlights
The power tools are used across various verticals such as industrial, household and professional. In recent years, the professional segment has achieved significant growth and it is primarily driven by the carpenters, electricians, plumbers, craftsmen etc. The need for power tools is likely to increase with the rising demand from furniture industry. The key factors responsible for the growth of the furniture market is growth in construction and renovation activities. Increase in the number of single-person and two person households, has resulted in the increase in demand for small and convenient furniture. This increase in demand for furniture will result in the growth of the power tool market. But one of the challenges faced by the market is fluctuating raw material prices.
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Key Players of Power Tools Market
• Robert Bosch Tool Corporation (Germany)
• Stanley Black & Decker, Inc. (U.S.)
• Makita Corporation (U.S.)
• Hilti Corporation (Liechtenstein)
• Husqvarna (Sweden)
• Techtronic Industries Co. Ltd (Hong Kong)
• Snap-on (U.S.)
• Hitachi Koki Co. Ltd. (Japan)
• Festool (Germany)
• Otto Baier GmbH (Germany)
Market Research Analysis:
The report has analyzed the global power tools market based on the three segments, namely type, application and regions. On the basis of type, the global power tools market is segmented as engine driven power tools, electric power tools, pneumatic power tools, hydraulic power tools and others. Electric power tools segment accounted for the largest share of 30.81% in 2016. Electric power tools are intended mainly for carrying out small jobs and are used to mechanize manual operations in the performance of fitting, installation, assembly, or finishing work. They are also employed to machine places on articles that cannot be reached by tools on stationary machines.
Based on application, the global power tools market is bifurcated as household, industrial and professional. In which, Industrial segment dominates the global power tools market with largest share. The increase in demand for automation and rapid industrialization foster the use of power tools. The industrial usage of power tools leads to increased efficiency, accuracy, and perfection by reducing human errors and enhancing safety of the workforce.
Scope of the Report:
This study provides an overview of the global power tools market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for Asia-Pacific, North America, Europe and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global power tools market by its type, by application and regions.
By Type
• Engine driven power tools
• Electric power tools
• Pneumatic power tools
• Hydraulic power tools
• Others
By Application
• Household
• Industrial
• Professional
By Region
• Asia Pacific
• North America
• Europe
• Rest of World
Brief TOC:
1 Executive Summary
2 Introduction
2.1 Definition
2.2 Scope of the Study
2.3 Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.1 Drivers
4.1.1 Increasing demand from Industrial Sector
4.1.2 Increasing demand from Professional Segment
4.1.3 Increasing usage of power tools for DIY & household activities
4.2 Restraints
4.2.1 Fluctuation in Raw Material Prices
4.3 Opportunities
4.3.1 Broader Scope in Developing Nations
Continue…
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact:
Akash Anand,
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
Maharashtra, India
+1 646 845 9312
Email: akash.anand@marketresearchfuture.com
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