Global Power Tools Market| Size, Drivers & Opportunities
Global Power Tools Market Overview
The global power tools market is expected to grow by XXXX% during the forecast period and reach USD XX billion by 2021. The growth is mainly driven by the increasing demand from construction and mining sectors, as well as the increasing adoption of electric power tools in various industrial applications.
The major players in the global power tools market are Dyson, Makita, Bosch, and DeWalt. These companies are focusing on enhancing their product portfolios to address the growing demand for electric power tools. Various startups are also focusing on developing innovative products that can offer significant benefits over traditional power tools. This is likely to drive the growth of the market in coming years.
Global Power Tools Market Drivers
The global power tools market is forecast to grow at a CAGR of XXXX% over the next five years, owing to increasing demand for construction and mining activities. The application areas of the market are expected to grow at the highest rate, followed by the industrial segment.
Some of the key drivers for the growth of the global power tools market include increasing infrastructure spending in developed countries, rising consumer spending on home improvement and appliances, and rising demand from end-users in developing countries. However, restraining factors such as high price tags and lack of awareness about these tools among buyers are expected to hamper growth in this market.
Some key vendors in this market are Makita Corporation, Bosch Tools GmbH, DEWALT Industrial Tools LLC., JTEKT Corporation, and Milwaukee Electric Tool Corp.
Global Power Tools Market Growth Trends
The global power tools market is expected to grow at a CAGR of XXXX% through 2021. This growth can be attributed to increased spending on infrastructure development and residential construction in emerging economies such as China and India.
Other key drivers for the market include an increasing preference for power tools among professionals, the increasing demand for precision in engineering and construction projects, and the growing trend of green building initiatives. These factors are expected to drive growth in the market across regions.
However, there are several restraints that could limit the market’s growth. These include a limited availability of skilled workforce, inadequate distribution channels, and high manufacturing costs associated with power tools.
The Asia-Pacific region is expected to account for the largest share of the global power tools market in 2021, followed by Europe. The Americas region is forecast to grow fastest during this period, while the Latin American region is projected to register the highest growth rate among regional markets.
Technological Developments of the Global Power Tools Market
The global power tools market is expected to grow at a CAGR of XXXX% during the forecast period 2019-2024 owing to increasing demand from construction and engineering sectors. The growth in the construction sector is attributed to the increasing number of projects being undertaken globally, as well as rise in demand for infrastructure development. In addition, increased focus on energy conservation is also expected to drive the market.
Some of the major players in the global power tools market include Makita Corporation, DeWalt Corporation, Bosch Power Tools Inc., Black & Decker Holdings, and Hitachi Construction Machinery Co., Ltd.
The key vendors in the global power tools market are Makita Corporation, DeWalt Corporation, Bosch Power Tools Inc., Black & Decker Holdings, and Hitachi Construction Machinery Co., Ltd.
The global power tools market is segmented on the basis of type, application, and geography.
On the basis of type, the global power tools market is divided into hand tools and power tools. On the basis of application, the market is divided into construction, industrial, and other applications. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, and Latin America.
Based on type, the global power tools market is divided into hand tools and power tools. On the basis of application, the market is divided into construction, industrial, and other applications. On the basis of geography, the market is divided into North America, Europe, Asia Pacific, and Latin America.
Global Power Tools Market Forecast by Regions 2020-2026
The power tools market size is projected to grow at a CAGR of XXXX% from 2020 to 2026. The market is expected to be driven by the increasing demand for power tools in various construction and industrial applications.
Some of the major regions forecasted to witness the highest growth in the power tools market are Asia Pacific (APAC), North America (NA), Europe, Latin America (LATAM) and Middle East & Africa (MEA). These regions are expected to account for more than XXXX% of the overall market by 2026.
The following are some of the key factors that are expected to drive the growth of the global power tools market:
- Increasing demand for power tools in various construction and industrial applications
- Growing awareness about safety concerns associated with manual work processes
- Increased preference for technologically advanced power tools