Global Power Tools Market Projected To Grow With 5.17% of CAGR By 2023

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), and Otto Baier GmbH (Germany) are some of the key players operating in the global Power Tools Market included in MRFR Analysis.

Global Power Tools Market – Overview
According to a recent study report published by the Market Research Future, The global market of Power Tools has been growing since past few years. In 2015, Global Power Tools Market Size was evaluated at 24,213.40 million USD. The market is expected to grow further at a rapid pace during the forecast period (2017 – 2023). The Power Tools Market is forecasted to demonstrate a stirring growth by 2023, surpassing its previous growth records in terms of value. Global Power Tools market is predicted to grow at approximately 5.17% CAGR during the forecast period (2017-2023).

Power tools are various types of tools and mechanical devices that operate when they are initiated by an external power source. This could generally be electricity, air or pneumatics. Power tools include many types of tools from hand held machine drills to hydraulic presses and pneumatic tools. They all are included under the category of power tools and can be used for various types of applications.

The manufacturing industry is one of the major contributors for the economic growth of any country. The growth in the industrial sector is expected to drive the power tools market. The adoption of power tools across industries in the developed and the developing nations is expected to be increased owing to the lack of availability of skilled workforce and the high cost of labor. Organizations are increasingly adopting the use of power tools for reducing the labor costs and improving the efficiency, although the initial cost of procuring a set of power tools is high, but once used they offer higher productivity, efficiency, and profits. The governments across the globe are making investments in the industrial sector to boost the GDP of the country, with various initiatives being introduced such as Make in India which will further boost the growth of power tools market.

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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 nuclear families and single or 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. However, one of the challenges faced by the market is fluctuating raw material prices. Alternatively, Factors such as increasing Demand from Industrial Sector and Profession segment along with the Increasing usage of power tools for DIY (Do It Yourself) and household activities are providing impetus to the growth of global market of power tools.

Global Power Tools Market – Segments
The Global Power Tools Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type: Comprises Engine driven power tools, Electric power tools, Pneumatic power tools, Hydraulic power tools and others.
Segmentation By Applications: Comprises Household, Industrial, and Professional.
Segmentation By Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.

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.
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.

Global Power Tools Market – Synopsis
Global Power Tool market appears to be highly competitive and well established. A large number of Key players along with new entrants adorn the global Power Tools Market. Well established players incorporate acquisition, collaboration, partnership, expansion, product & technology launch in order to gain competitive advantage in this market and to maintain their market position. Expansion in emerging market is helping those established key players to extend their sales networks. Well established players strive to develop ergonomic products. Those well established players also focus upon expanding their product portfolio by product launch with advance technology.

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Global Power Tools Market – Regional Analysis
North America is the leading market for power tools, which is anticipated to grow at 5.15% growth rate during the forecast period. Factors such as lack of skilled labor coupled with high labor cost and growth in the distribution channel is expected to drive the market in the region. In North America, U.S. is the leading market occupying majority of the share.

Asia-Pacific accounted for the second largest share of 30.3% in 2016. Factors such as growing automation across the region and rapid industrialization in developing economies like China and India are expected to propel the market in the region. In addition, growing trend for DIY activities in the region due to lack of skilled labor is also expected to boost the growth of power tools market in the region. In Asia-Pacific, China is the leading market followed by India.

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This release was published on openPR.