Majorly used in the construction and manufacturing industries, power tools are electronically and mechanically modified tools that help reduce the workload and improve work output. Power tools are commonly used for drilling, screw driving, nailing, sanding, and chiseling, along with a long list of other minor functions. As suggested by the functions of the power tools, the global power tools market will benefit from any drivers that affect the construction industry.
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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.
Booming Construction Industry Supports Global Power Tools Market Growth
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.
High Maintenance Costs Hinder Global Power Tools Market
The global power tools market is, however, still hampered by the higher maintenance cost that they come with. Not all users are comfortable with the continuous maintenance charges of power tools, and not all power tools can function well in challenging environments. Another factor preventing growth of the global power tools market is the high initial cost of power tools, which compels contractors on low budgets to opt for leasing power tools. This constricts the global power tools market and prevents the realization of a higher growth rate.
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With nearly 50% of the global power tools market held by electric power tools in 2014, the segment is expected to continue its dominance as high-torque and weather-resistant electric power tools enter the market. In terms of geography, the global power tools market was dominated by Asia Pacific in 2014, followed by North America. The rate of construction is increasing in Asia Pacific, allowing it to maintain its lead in the global power tools market for the time being. The region benefits heavily through the growth of infrastructure and expansion plans in India and China.
Company profiles of the key players have also been included in the report. The company profiles cover, the overview, key developments, financial overview and business strategy of the players focusing on the power tools market. In addition, the historical milestones and the business segments have also been provided The key players profiled in the power tools 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).