Global Power Tools Market by Type (Engine driven power tools, Electric power tools, Pneumatic power tools, Hydraulic power tools and others), Application (Household, Industrial, and Professional) & by Region - Global Forecast to 2023
Market Synopsis of Global Power Tools:Power tools are various types of tools and mechanical devices that operate when they are initiated by an additional power source and mechanism and not the manual labor used with hand tools. This could generally be electric motors, compressed or internal combustion engines.
The growth of global power tools market can be majorly attributed to increasing demand from industrial sector and rising demand from professional segment. Also, increasing usage of power tools for DIY & household activities is also expected to boost the market growth. However, factors such as fluctuation in raw material prices is the major restraint that could hinder the market growth.
The global power tools market is expected to grow at the CAGR of around 5.17% during the period 2017 to 2023.
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Segmental Analysis
The worldwide market for power tools has been segmented into two equal parts. Both of these and their counterparts are listed below:
Applications – Household, professional, construction and industrial. The construction sub-segment holds the senior position amongst these segments. It is because construction power-tools are used widely for a number of applications.
Types – Pneumatic power tools, engine driven power tools, hydraulic power tools and electric power tools. Amongst these it is the electric tools segment that hold the largest market share and take the lead. Their success can be attributed to the increased usage of these tools by professional and DIY enthusiasts alike.
Regional Insights
The power tools market has been victorious in making its presence felt across the globe. The major regions where it prevails are North America, Europe, Asia Pacific and Rest of the World.
After a thorough analysis of all the growth trends of these regions the report by MRFR (Market Research Future) concluded that North America will dominate in the coming years in terms of region. Aspects like development of distribution channels and higher cost of manual labor foster the growth of the market in this area. U.S. brings in the maximum business and accounts for a huge market share of 81.44%.
Industry News
12 March, 2018 – A leading player of the market Hitachi has announced that they will be changing their product line’s name from ‘Hitachi Power Tools’ to ‘Metabo HPT’. This change is being implied specially for the North American market, following this news it is being speculated that the market in that region will grow even further after the launch of this new line.
Market Players & Key Strategies
Some of the major players of this market can be enlisted as Techtronic Industries Co.Ltd, Makita Corporation, Festool, Hilti Corporation and Husqvarna.
The major players in this market have a proactive approach and they work tirelessly to come up with new and efficient products. Apart from that they also employ strategies like acquisitions, strategic partnerships and investment in research and development activities.
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