Power Tools Market
Power Tools – Market Dynamics
The industrial sector has witnessed unparalleled development in the past few years. And it is the global power tools market that has been benefitted as a result of this. According to the research report published by MRFR (Market Research Future), this market will be highly successful and expand enormously during the forecast period of 2017-2023.
Power tools are a distinct class of mechanical tools and devices that do not require manual force to operate, they run when they are initiated by an additional source of power or mechanism. The exterior source is usually internal combustion engines or electric motors.
Currently, the industrial sector is under a phase of technological reformation. And during this period it is willing to accept any new technology that reduces the need for human labor. Due to this fact it is being anticipated the global power tools market will experience tremendous growth throughout the forecast period. The turnover for this market is expected to increase by the end of 2023. On the other hand the CAGR for this duration is projected to be 5.17%.
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There is a constant demand from the professional division of the industrial sector for better and efficient tools. This is one of the major factors that contributes towards the growth of the market. The personnel associated with this field are looking for options that reduce their workload and power tools can do exactly that. Hence, in the end it is the market that reaps benefits.
Another aspect that again works in the favor of the market is the increased usage of power tools for household activities and DIY projects. Although certain factors like unstable prices of raw materials can act as restraints for the market. However, efforts are underway regarding this concern and soon enough a plausible solution will be found.
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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