Power Tools Market to Reap Excessive Revenues by 2022
Power tools have emerged as an ideal alternative to traditional hand tools, owing to their efficiency, convenience, cost-effectiveness, and flexibility. Increase in housing investment, the steady growth of the automotive industry, and growth in demand from the manufacturing and logistics industries are expected to fuel the market growth. Recovery in housing sectors in North America and China and rising demand for vehicles in Asian and Middle-East countries are projected to fuel the demand for power tools in the near future. However, increasing prices of electricity and the presence of domestic manufacturers which provide low-priced power tools could pose challenges to the market growth.
Power Tools Market is expected to garner $39,639 million by 2022, registering a CAGR of 5.4% during the forecast period 2016 to 2022.
Power tools are widely used in construction and manufacturing industries, globally, as they consume less time and labor. Moreover, rapid industrialization and growing automotive production in emerging countries such as India, and the usage of power tools in house renovations and other tasks are expected to boost the demand for power tools. Leading power tool manufacturers have focused on expanding in emerging markets due to the growing demand for power tools in construction and manufacturing industries.
The North American power tool market is the most lucrative as compared to other regions due to the presence of diverse industry verticals that use power tools. Furthermore, it is expected to generate the highest market revenue during the forecast period owing to the extensive use of this equipment in different industrial applications such as construction and automotive. Logistics and aerospace industries are the potential investment areas for the key market players in world power tools market.
Among different electric power tools available in the market, drills accounted for the highest share, owing to their extensive usage in both household and commercial sectors.
The major companies profiled in this report include Stanley Black & Decker Inc., Atlas Copco AB, Robert Bosch GmbH, Techtronic Industries Co. Limited, Actuant Corporation, Makita Corporation, Danaher Corporation, Emerson Electric Co., Hitachi Koki Co. Ltd., and Hilti Corporation. These industry players have focused on collaboration, acquisition, and partnership strategies, and have launched innovative solutions to increase their market share. For instance, in December 2015, Stanley Decker & Black Inc. acquired Jiangsu Guoqiang Tools Co., Ltd. (“GQ”), China. This acquisition facilitated the companys existing power tools product offerings and diversify its presence in the global market.