Global Power Tools Market Trends, Demand and Forecast To 2025
Posted by Rishikesh Kurane on October 21st, 2019
Power Tools – Market Dynamics
The industrial sector has witnessed unparalleled development in the past few years. And it is the global power tools market that has been benefitted as a result of this. According to the research report published by MRFR (Market Research Future), this market will be highly successful and expand enormously during the forecast period of 2017-2023.
Power tools are a distinct class of mechanical tools and devices that do not require manual force to operate, they run when they are initiated by an additional source of power or mechanism. The exterior source is usually internal combustion engines or electric motors.
Currently, the industrial sector is under a phase of technological reformation. And during this period it is willing to accept any new technology that reduces the need for human labor. Due to this fact it is being anticipated the global power tools market will experience tremendous growth throughout the forecast period. The turnover for this market is expected to increase by the end of 2023. On the other hand the CAGR for this duration is projected to be 5.17%.
There is a constant demand from the professional division of the industrial sector for better and efficient tools. This is one of the major factors that contributes towards the growth of the market. The personnel associated with this field are looking for options that reduce their workload and power tools can do exactly that. Hence, in the end it is the market that reaps benefits.
Another aspect that again works in the favor of the market is the increased usage of power tools for household activities and DIY projects. Although certain factors like unstable prices of raw materials can act as restraints for the market. However, efforts are underway regarding this concern and soon enough a plausible solution will be found.
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The segmental analysis of the power tools market globally is carried out on the basis of type, application, and region. Based on type, the power tools market consists of electric power tools, hydraulic power tools, engine driven power tools, pneumatic power tools, and others. The application-based segmentation of the power tools consists of market household, industrial, and professional. On the basis of region, the power tools market is segmented into the Middle East, North America, Europe, Asia Pacific, South America, and Africa.
Detailed Regional Analysis
The regional assessment of the power tools market comprises of regions such as the Middle East, North America, Europe, Asia Pacific, South America, and Africa. The North American region is the principal region in the power tools market globally. The incidence of factors such as elevated labor cost and development in the distribution channel are compelling the growth in the region. In North America, the U.S. is the top regional market with a share of 81.44 % in 2016. Though, the European region is projected to control the power tools market throughout the forecast period.
The expansion of the market is reliant on the cutbacks achieved in profile-raising and miscellaneous overhead. The client base in the market is diversifying rapidly to display a broad range of demands that have to be dealt with precision so as to create a loyal user base. An unequivocal lead in the market place is expected to be created due to amended strategies in specific areas. The creation of new competencies and resources in the market is expected to further fuel the development of the market. The restrictions in the market are dealt with effectively so that they don’t impact the growth of the market. The creation of favorable competitive advantage is expected to further expedite the development of the market in the forthcoming period. The experimentation in the basic strategies to help leadership to attain successful results in the market space is bolstering the growth in the market.
The significant competitors shaping the power tools market globally are Stanley Black & Decker, Inc. (U.S.), Makita Corporation (U.S.), Robert Bosch Tool Corporation (Germany), Hilti Corporation (Liechtenstein), Snap-on (U.S.), Husqvarna (Sweden), Festool (Germany), Techtronic Industries Co. Ltd (Hong Kong), Hitachi Koki Co. Ltd. (Japan), and Otto Baier GmbH (Germany).
April 2019 Husqvarna, a company based in Sweden recently stated that they have witnessed a higher increase than expected in first-quarter operating profit and stated sell-in volumes to its trade partners ahead of the gardening season. The world's major manufacturer of outdoor power tools such as lawn mowers and trimmers does the majority of its business towards the end of the primary quarter and in the second quarter ahead of and through peak gardening season.
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LIST OF FIGURES
TABLE 1 MARKET SYNOPSIS
TABLE 2 GLOBAL POWER TOOLS MARKET, BY TYPE, 2015–2023
TABLE 3 GLOBAL POWER TOOLS MARKET, BY APPLICATION, 2015–2023
TABLE 4 GLOBAL POWER TOOLS MARKET, BY REGION, 2015–2023
TABLE 5 NORTH AMERICA: POWER TOOLS MARKET, BY COUNTRY, 2015–2023
LIST OF TABLES
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DRIVERS AND RESTRAINTS OF GLOBAL POWER TOOLS MARKET
FIGURE 4 WORLD: INDUSTRY, VALUE ADDED
FIGURE 5 GROWTH OF U.S. OFFICE FURNITURE MARKET, 2013-2015
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About the AuthorRishikesh Kurane
Joined: May 4th, 2018
Articles Posted: 1,128
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