The tools used in garden, construction work, repairing activities and household task and are powered by external source are termed as power tools. Some of the most common tools used are powered by electric motor, IC - combustion engine or compressed air. Examples of uncommon power tools includes those which are powered by steam engines, burning of fuels & propellants, and even natural power source such as wind & moving water.
Power tools finds application in construction activities, housework such cooking, cleaning, cutting, drilling, painting, routing, and others. Currently, growth of the power tools market is primarily driven by increasing investment in household works, rising automotive sales, and increasing urbanization.
Investment in household work consist of rising DIY activities such as gardening and household repairing work. Major players are also focusing in development of power tools aiming to cater to the demand of DIY users.
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Based on region, U.S. is expected to hold the largest market share in the global power tools market with India and China being few of the fastest growing countries. One of the major trend identified in this market is the increase in customer preference for cordless power tools.
Cordless segment is primarily benefiting from the performance advantages in comparison to plug in segment of tools. Also, power tools seems to replace the demand for hand tools but not in every segment of use.
Hand tools still finds appealing due to increased durability of products which decrease the replacement demand thus inhibiting the growth of the market. .
Global Power Tools Market Players:
- Stanley Black & Decker, Inc.
- Atlas Copco AB
- Robert Bosch GmbH
- Techtronic Industries Company Limited
- Danaher Corporation
- Makita Corporation
- Snap - on Incorporated
- Actuant Corporation
- Hitachi Koki Co. Ltd
Objectives of Power Tools Market Report are as follows:
- To provide overview of the global Power Tools market
• To analyze and forecast the global Power Tools market on the basis of components, application, size and technology
• To provide market size and forecast till 2025 for overall Power Tools market with respect to five major regions, namely; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM), which are later sub-segmented across respective major countries
• To evaluate market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend
• To provide exhaustive PEST analysis for all five regions
• To profiles key Power Tools players influencing the market along with their SWOT analysis and market strategies
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