Power tools are the tools which are used to produce products with increased comfort and convenience. The types of power tools include electric power tools, engine-driven power tools and pneumatic power tools. Engine-driven power tools necessitate steam engines to work and are used by both individuals and professionals to cut wood and hedges. The power basis for pneumatic power tool is beaten air from air compressors, which helps the tool to function efficiently. The main trends likely to shape up the global power tools market are increased demand for lithium-ion batteries, particularly Ni-Cd, cordless power tools gaining popularity, global housing sector recovery and domination of China-manufactured power tools.
By equipment type, the global market of power tools is divided into three categories- electric, pneumatic and engine driven. Electric power tools include sanders, drills, polishers and grinders, planers and routers, screwdrivers and impact wrenches. The demand for these tools is hooked on the kind of technology used by end-users. The development of construction sector all over the globe and introduction of smart city plans in numerous emerging economies, especially in India and Thailand, will enhance the demand for this market over the forecast period. Although pneumatic power tools are anticipated to increase market share during the forecast period, the sale of electric power tools sales will still lead the market during the forecast period.
On the basis of end use sector, the demand for power tools can be extensively categorized into two major classifications - industrial and household segment. The industrial segment is estimated to continue to be the highest end-user of power tools. Demand is also likely to remain steady from the household segment due to growing DIY trend. By regions, the global market of power tools is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). Asia-Pacific is the biggest power tools market, globally and is expected to hold the same position in the near future. Huge production of power tools in India and China will continue to drive the market growth; however, exports to Western countries will enhance to the regional market revenues.
North America and Western Europe are the other main markets for power tools, with the U.S. and EU5 dominating the market in these respective areas. The North America power tools market is expected to increase at a significant CAGR than the power tools market in Western Europe during the forecast period. Among all the areas, the market in Middle East & Africa is expected to increase at the highest CAGR during the forecast period.
Some of the leading companies operating in this field of market are Makita, Robert Bosch, Stanley Black & Decker, Techtronic, Atlas Copco, Otto Baier GmbH, Casals Power Tools, Craftsman, Freudenberg, Hilti, Hitachi Koki, Husqvarna, Irwin, Klein, Snap-on and many others. The manufacturing companies are constantly focusing on advancement of their products with ergonomic benefits and also in increasing their product range by introducing new innovative products in the market. The development of construction sector all over the globe and introduction of smart city plans in numerous emerging economies, especially in India and Thailand, will enhance the demand for this market sector.
Market by Equipment Type
o Polishers and grinders
o Planers and routers
o Impact wrenches
· Engine driven
Market by End-use
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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