The global power tools market has exhibited impressive growth in the past few years. The rise in construction activities, propelled by the increasing urbanization, in emerging economies has boosted the demand for power tools significantly across the world.
In 2015, the worldwide market for power tools reached a total value of US$27.58 bn. Analysts expect this market to expand at a CAGR of 5.4% during the period from 2015 to 2025 and arrive at an estimated value of US$46.47 bn by the end of 2025.
Browse the full Global Power Tools Market report at http://www.mrrse.com/global-power-tools-market
Power Tools to Remain Leader in Tools Category, Pneumatic Operation to Outpace Electric Operation
Hand tools and power tools are the major types of tools available in the market. The power tools segment led the global market in 2014 with a share of more than 64% and is projected to retain its leadership in the coming years. The pressure to complete projects early is boosting the demand for power tools significantly. The hand tools segment is also predicted to witness healthy growth over the next few years.
Electric operation and pneumatic operation are the two prime modes of power tool operation. In 2014, the worldwide power tools market was led by the electric operation segment. However, the pneumatic operation segment is expected to outpace the electric operation segment in the coming years.
The household and industrial sectors are the main end users of power tools. The industrial sector emerged as the biggest consumer of power tools in 2014 and is projected to remain dominant till 2025.
North America to Maintain its Dominance in Global Power tools Market
Eastern Europe, Asia Pacific excluding Japan, Western Europe, North America, Japan, Latin America, and the Middle East and Africa are the key regional markets for power tools across the world.
In 2014, North America led this market with a share of more than 26% and Western Europe stood in the second position with a share of more than 23% in the global market. With a 22% share, Asia Pacific acquired the third position in the global power tool market the same year.
Analysts expect the North America power tools market to maintain its position till 2025, but the power tool market in Western Europe is likely to lose ground to the market in Asia Pacific in the coming years. On the other hand, the Middle East and Africa market is projected to report the highest growth rate over the next few years, owing to the rapid infrastructural development in this region.
Global Power Tools Market: Competitive Landscape
Some of the major players in the global market are Robert Bosch GmbH, Hilti Corp., Danaher Corp., Hitachi Koki Ltd., Actuant Corp., Techtronic Industries, Stanley Black & Decker Inc., SKF, Emerson Electric Co., and Makita Corp.
Market participants are increasingly getting into mergers, acquisitions, and partnerships to expand their businesses in emerging economies in a bid to strengthen their presence in the global market. The introduction of innovative products is another significant strategy these companies are adopting to support their businesses.