Global power tools market 2020 is ready with finalizing a settlement valuation worth at USD 36,060 Million by 2025. A study related to the market by Market Research Future reveals that this valuation will be covered at the growth rate of 4.82% in the forecast period of 2016-2018. MRFR also reported first-hand results of market growth and raised profit projections for the years of growth.
The significant players of the global power tools market are listed as-
Hitachi Koki Co., Ltd, Robert Bosch Tool Corporation, Makita Corporation, Stanley Black & Decker, Inc., Husqvarna, Techtronic Industries Co. Ltd, Hilti Corporation, Festool (TTS), Snap-on, and Otto Baier GmbH.
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Market Key Trends & Challenges
The soaring electric motors and compressed or internal combustion engines are the key factors to drive the progress of the global power tools market. The experts are staying optimistic that the momentum would rise the machine drilling products that seem to be heading towards at a peak in the coming years.
The usage of power tools for various kinds of applications such as household tasks, construction, gardening, and more are gaining the maximum traction to a great extent. At the same time, the significant power tools market is increasing with the surge in demand from the industrial sector, the professional segment, as well as increasing usage for DIY & household activities. All these factors have associated with the considerable growth of the global power tools market, making it much stronger than the past. By this, the study predicts that the market will be streaming at a high level, even during its growth period.
On the other hand, the growth in the industrial sector has also simultaneously driven the Power Tools Market. It is the adoption of power tools across industries in the developed, and the developing nations have been the real consequence of the market’s growth over the years. In fact, the professional field is primarily driven by carpenters, electricians, plumbers, artisans, and more. Therefore, the need for power tools is likely to surge with the rising demand from the furniture industry as well. Due to the growth in construction and renovation activities, the usage of power tools in the furniture industry has made a significant place that has been yet again an imperative factor leading the global power tools market.
Furthermore, the power tools are, in fact, increasingly used across various applications in household purposes. They are mainly used for applications such as cutting, drilling, and fitting. Therefore, the power tool market is probable to propagate during the growth period owing to the wide-ranging use of power tools in the household application.
On the flip side, the factor of fluctuation in raw material prices has been considered as the significant restriction of the global power tools market’s growth. The raw material which is used primarily in power tools is steel and aluminum. Among these, steel is expensive in comparison to any other metal. Thus, the price of the raw material depends on the terms and duration of the manufacturers of steel. Therefore, this increase in material cost hinders the growth of the power tool market.
Market Segmentation—Power Tools
In the study, the global power tools market has further been segmented among the elements of type and application.
In terms of type: Engine-driven power tools, pneumatic power tools, electric power tools, hydraulic power tools are the segments. Among these back in 2018, the global market led the engine-driven power tools segment and is now projected to rise throughout the forecast period. Engine-driven power tools are significantly used in construction sites and various industries.
In terms of application: Industrial, household, and professional. Among these, the industrial usage of power tools leads to amplified efficiency, accuracy, and perfection by reducing human errors and thus enhancing the safety of the workforce. The industrial segment comprises of industries such as automotive, construction, and electronics.
Regionally, the global power tools market has spanned across the regions of North America, Europe, Asia-Pacific, and the rest of the world (RoW).
Among these regions, Asia-Pacific led the global power tools market in support of the rapid increase in industrialization and urbanization across the developing countries such as China, India, and Southeast Asian countries such as Malaysia and Indonesia. Other than this, the rise in export value and volume of power tools to the global market is also motivating the growth of the market in this region.
The region of North America also held the second-largest market for the power tools due to the growth in the manufacturing industries and well-established distribution network. Though, the high labor cost is the major concern for the manufacturers in the region.
Key Questions Addressed by the Report
- What was the historic market size (2018)?
- Which segmentation (type/application) is driving market growth?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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Browse Complete Report “Global Power Tools Market Research Report: Information by Type (Engine-driven Power Tools, Electric Power Tools, Pneumatic Power Tools, Hydraulic Power Tools and others), Application (Industrial, Professional and Household) and Region (North America, Europe, Asia–Pacific and Rest of the World) – Forecast till 2025” @ https://www.marketresearchfuture.com/reports/power-tools-market-3571
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