Growing Idea of DIY(Do It Yourself) is acting as a driver for the Power Tools Market

2024-11-05 01:41:55 News & Society

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Power tools are primarily used in manufacturing and construction industry for the purpose of reducing workload and increasing the output. These tools have several types of operation such as drilling, chiseling, sanding and screw driving among others. The market has been analyzed to grow steadily due to the increasing need for infrastructure development in emerging economies. The power tools market was valued at US$26.13 bn in 2014, growing at a CAGR of 5.3% from 2015 to 2021 to account for US$38.03 bn in 2021.

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The power tools are primarily used in construction and manufacturing industries. The ongoing infrastructure development in emerging economies such as India and China is aiding to the growth of this market. Furthermore, the rising concept of urbanization and modernization is also driving the power tools market. India is one of the emerging nations currently undergoing massive urban development as per their smart cities project. In addition, concept of Do It Yourself (DIY) is also supporting the market and helps them to cater residential sector. Furthermore, the availability power tools over various distribution channels and especially on e-commerce websites easily also supports DIY market. Therefore growing idea of DIY is acting as a driver for the power tools market.

The four major application segments of the global power tools market are electronics, aerospace, construction, and automobiles. Of these, the construction industry relies heavily on the advancements in technology made in the global power tools market. Optimized power tools allow for a faster rate of construction and infrastructure buildup, therefore accelerating the rate of industrialization of any region. This is especially applicable to the developing economies of today. With countries such as China, India, Ireland, and Brazil showing a fast pace in construction and development, the global power tools market is seen to benefit from the high demand shown by these regions.

In terms of non-major applications, the global power tools market is also driven by the growing do-it-yourself culture across the world. Originally strong in developed nations in Europe and North America, the DIY trend is currently spreading to other parts of the world, prompting an increase in the demand from the global power tools market.

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This report projection has been provided in terms of revenue (USD Million) from 2015 to 2021. Furthermore, the drivers and the restraints affecting the power tools market over the forecast period have also been covered in the study. In addition, the opportunities that are expected to help the market in future have also been discussed.

The power tools industry has been divided into three categories: by technology, by application and by geography. In terms of technology, the market has been further segmented into electric power tools, engine driven power tools, pneumatic power tools, powder-actuated power tools and hydraulic power tools. By application, the market has been segregated into automobile, construction, aerospace and electronic application. Furthermore, the market has been segregated geographically into four regions: North America, Europe, Asia Pacific and Rest of the world. Each of these segments has been analyzed in terms of revenue (USD Million).

In order to get a better understanding of the power tools market, a key trends analysis has been included for all the segments. In addition, for a better understanding the market, the market attractiveness for the application segment has been provided. Furthermore, the market share of the key players in the power tools market has also been discussed in terms of market share revenue held globally.

In addition, the report also profiles the key players in the market on the basis of company overview, financial overview, business segments, key developments and the business strategies adopted by them with respect to the power tools market. . The major player profiles in the market include Robert Bosch GmbH (Germany), Stanley, Black & Decker, Inc. (U.S.), Emerson Electric Co.(U.K.), Makita Corporation (Japan), Actuant Corporation (U.S.), SKF (Sweden), Techtronic Industries (China), Hilti Corporation (Germany), Danaher Corporation (U.S.) and Hitachi Koki Ltd (Japan).

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