Tools that are powered with a power source are referred as power tools. These power tools are used in various areas such as servicing & repair, manufacturing & assembly line and packaging & DIY applications. Power tools are supplied globally by various machine suppliers to various sectors including automobile, aerospace, shipbuilding & consumer electronics, energy & control, the safety of power tools and regulatory enforcement are key concerns for manufacturers. Rise in adoption of cordless power tools, growth in construction industry in emerging economies and surge in demand for fastening tools in industrial environments are the major factors driving the growth of the power tools market.
The Power Tool Market Competition is very intense because of various manufacturers are operating in this market. This Power Tool Market Research Report covers the analysis of key stakeholders of the market. Key players profiled in the report include Emerson Electric Co., Robert Bosch GmbH, Koki Holdings Co., Ltd., Panasonic Corporation, and Atlas Copco AB, Techtronic Industries Co., Ltd., Snap-On, Inc., Apex Tool Group, LLC, Stanley Black & Decker, Inc., and Makita Corporation. These key enterprises in the global market are concentrated on the launch of technologically advanced products. Apart from this, numerous companies are expanding their businesses in the new regions. These moves are helping enterprises to strengthen their market position.
Based on equipment type, the global power tools market is segregated into three categories: pneumatic, electric and engine driven. Electric power tools include drills, screwdrivers, polishers & grinders, sanders, planers & routers and impact wrenches. The demand for these tools is enthusiastic on the kind of technology used by end-users. The development of construction sector all over the world and introduction of smart city plans in various emerging economies, especially in Thailand and India, will augment the demand for this market during the forecast period.
Prominent utilization of the power tools in wind turbines to reduce the maintenance costs and construction charges will prompt the market growth over the ensuing years. In addition to this, increase in use of electric power tools and growth in production of energy efficient power systems have culminated into massive market demand in the recent years. Moreover, high labor charges in the emerging economies have constrained the firms in the manufacturing industry to improve the utilization of power tools for increasing the proficiency of the business operations and enhance the productivity of material handing instruments. This, in turn, will assist the power tools market flourish over the coming decade. However, high costs of the power tools may impact the market. Furthermore, rise in demand for lithium-ion batteries, particularly the Ni-Cd, cordless power tools gaining popularity, domination of China-manufactured power tools and global housing sector recovery are key trends for market.
Based on geography, the North-America dominates the power tools market. Both U.S. and Canada are early adopters of power tools that allow dominance in global market for the North-America region. Whereas, the Europe region is a leading region in global market due to high production of electronic devices in the Germany Country. Additionally, the Asian-Pacific region is expected to witness higher growth rate due to low-priced of power tool and increase in manufacturing industry during the forecast period.
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