Power Tools Market By Type (Electric Power Tools, Pneumatic Power Tools, Hybrid Power Tools), By End-Use Application (Non-Residential, Residential) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2023

Resurgence in the housing sector post economic recovery is identified as the major driving factor for the global power tools market. Growing trend of modernizing housing stock, especially in emerging countries is expected to have positive impact on the overall demand for power tools. In addition, steady advancements in battery technologies are expected to propel demand for electric cordless power tools in both residential and non-residential applications. These factors are expected to contribute towards a compounded annual growth rate (CAGR) of 5.2% during the forecast period 2016 – 2023. Although high cost of electric cordless tools may pose challenge to their swift adoption in the initial years, we expect unit prices of cordless models to drop as competition rises. The global power tools market  is expected to expand at a CAGR of 5.2% from 2016 to 2023, reaching US$ 41.0 Bn by 2023.

Report Scope

This report analyzes the global power tools market in terms of type (power source), end-use application, and geography. On the basis of type (power source), the market is segmented into electric power tools (plug-in, cordless), pneumatic power tools, and hydraulic power tools among others. Similarly, on the basis of end-use application, the market for power tools is further classified into non-residential (construction and mining, automotive, semiconductor, and aerospace among others); and residential. The geographical distribution of the global power tools market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

1.1    Report Description

Purpose of the Report

The purpose of this strategic research study titled “Global Power Tools Market - Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” is to offer industry investors, company executives, and industry participants with in-depth insights to enable them make informed strategic decisions related to the opportunities in the global power tools market.

Target Audience

• Industry Investors
• Power Tool Manufacturers
• Hand Tool Manufacturers
• End-users
• USP and Key Offerings
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The report titled “Global Power Tools Market- Growth, Share, Opportunities, and Competitive Analysis, 2016 – 2023” offers strategic insights into the global power tools market along with the market size and estimates for the duration 2014 to 2023. The said research study covers in-depth analysis of multiple market segments based on applications, types (power source), and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading power tools manufacturers, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the power tools market
• Market fuelers, market impediments, and their impact on the market growth
• In-depth competitive environment analysis
• Value Chain Analysis
• SRC (Segment-Region-Country) Analysis
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Overall, the research study provides a holistic view of the global power tools market, offering market size and estimates for the period from 2014 to 2023, keeping in mind the above mentioned factors.

On the basis of application, the global power tools market is categorized into following segments:

• Non-Residential
  • Construction and Mining
  • Automotive
  • Semiconductor
  • Aerospace
  • Others
• Residential

As of 2015, the global power tools market was led by the non residential application segment comprising construction & mining, electrical and electronics, automotives, and aerospace among others. The segment accounted for around two-third of the global power tools market revenue in the same year and is expected to exhibit steady growth during the forecast period 2016 - 2023. 

The trend shall prolong and the segment is poised to retain its dominance throughout the forecast period. The majority of the non-residential segment revenue is contributed by the construction sector. The use of power tools in the semiconductor industry is driven by the proliferation of consumer electronics, requiring manufacturers to supply products in a time bound manner. On the other hand, the market for residential applications is expected to witness maximum growth during the forecast period. The anticipated growth can be attributed to the growing interest in do-it-yourself (DIY) activities.

On the basis of geography, the global power tools market is segmented into following regions and countries.

• North America
  • U.S.
  • Rest of North America
• Europe
  • United Kingdo
  • France
  • Germany
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Rest of the World
  • Latin America
  • Middle East and Africa
  •  

In the base year of 2015, North America comprising Canada and the United States was the largest power tools market worldwide. The region accounted for around 30% of the global power tools market revenue in the same year. The region is expected to exhibit steady growth led by the resurgence in the housing and automotive sector. However, Asia Pacific is presumed to witness maximum growth during the forecast period. In the last few years, China has emerged as the largest exporter of power tools worldwide and the trend shall continue over the forecast period. China-based power tools manufacturers are fast penetrating the market on account of wide range of offerings at competitive-price range.