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Power Tools Market by Mode, Tool Type, Application, DIY - Global Forecast to 2023

Power Tools Market: Global Forecast until 2023

  • November 2017
  • 165 pages
  • ID: 5191869
In this report:
The automotive industry accounted for a share of ##.##% in 2016 and is expected to capture a share of ##.##% of the total electric power tools market by 2023.
According to the Global Wind Energy Council (GWEC), the global wind energy cumulated the installation capacity of ##.## GW in 2016, grown about ##% from 2015.

Summary

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"Power tools market to exhibit significant increase potentials between 2017 and 2023"

The power tools market is anticipated to increase at a compound annual growth rate (CAGR) of 4.60 percent between 2017 and 2023, to attain ~$35.6B by 2023. The main driving factors for the increase ot the market are the growing urbanization, constant rise of the construction industry in emerging economies, rising sales of commercial vehicles across the globe, and increasing demand for cordless tools. On the other hand, the high maintenance cost combined with power tools hinders the market increase.

"Electric tools to hold the largest portion of market share during the estimate period"

The electric tools to exhibit a significant rise during the outlook period due to the growing adoption of cordless electric tools, which offers mobility and ease of use, by professional as well as DIY users. Cordless electric tools are lightweight, easy to use, and help to reduce workers' fatigue. Many times, batteries used in cordless tools are interchangeable with other power tools for the convenience purpose. These tools offer flexibility and portability as they don't rely on secondary power sources. Therefore, the rising adoption of cordless electric tools over pneumatic tools is predicted to push the increase of the market during the estimate period.

"The sector for residential/DIY applications is anticipated to rise at the maximal rate during the outlook period"

The growing popularity of DIY trend among consumers is driving the rise of the power tools market for residential/DIY applications. Power tools are used by DIY consumers for residential refurbishment and improvement projects.

Remodeling and renovation projects are increasing at a faster rate than new construction projects. Accordingly, the use of power tools by DIY enthusiasts for remodeling and renovation projects is increasing in developed countries including the US, the UK, and Germany (DE). Nevertheless, the DIY culture is not very popular in APAC and RoW due to the availability of low-cost labor and high ownership cost of power tools.

"The industry for the automotive market is anticipated to grow at the highest compound annual growth rate (CAGR) during the estimate period"

Automotive is one of the prominent sectors for power tools. Power tools are essential for automotive assembly operations, and service and repair workshops. Power tools including impact drivers, pulse tools, impact torque wrenches, and nutrunners are widely used for applications including automotive assembly and manufacturing operations. The rising overall sales of vehicles has resulted in the increasing demand for after-sales, maintenance, and repair services. Therefrom, the automotive sector is driving the adoption of power tools, and a similar trend is likely to continue during the outlook period.

"North America (NA) is intended to hold the largest part of market share during the estimate period"

North America continent is forecasted to hold the biggest market share during the outlook period. The increase of the North American market is mainly influenced by the increasing construction industry and increasing automotive sales in this area. The growing wind energy installations have boosted the market demand for fastening tools in this zone. In North America (NA), power tools are extensively used for both industrial as well as residential applications. The DIY trend is already prevalent among consumers in this area and is likely to continue to drive the industry demand for cordless tools.

The break-up of the profiles of primary members taking part for the study has been provided below:

• By Company category: Tier 1 = 52.0 percent, Tier 2 = 26.0 percent, and Tier 3 = 22.0 percent

• By Description: C-suite executives = 44.0 percent, Directors = 38.0 percent, and Others = 18.0 percent

• By Area: North America continent = 36.0 percent, EU = 28.0 percent, Asia-Pac = 22.0 percent, and RoW = 14.0 percent

Top actors engaged in the sector contain Robert Bosch, Stanley Black & Decker, Techtronic Markets, Makita, Hilti Atlas Copco, Apex Tool Group, Ingersoll-Rand, Hitachi Koki, Snap-on, and C. & E. Fein.

Other actors in this sector contain Emerson Electric, Panasonic, Chevron Group, TTS Tooltechnic Systems, Illinois Tool Works, Positec Group, CS Unitec, FRIEDRICH DUSS, Uryu Seisaku, Deprag Schulz, KYOCERA, AIMCO Global, INTERSKOL, and FERM..

Segment Research

The research report on the overall power tools market contains the market based on mode of operation, tool type, application, and territory.

The power tools market established on mode of operation has been broken down into electric, pneumatic, and other tools. Other power tools contain hydraulic and power-actuated tools. Electric power tools have been further classified into corded and cordless tools.

On the basis of tool type, the sector has been split into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others that include measuring and layout tools, laser tools, dust extractors, glue guns, and heat guns.

The industry established on application has been divided into industrial/professional and residential/DIY applications. Futhermore, on the basis of industrial applications, the sector has been broken down into construction, automotive, aerospace, energy, shipbuilding, and other sectors that contain mining, oil and gas, and electronics.

The analysis includes 4 main geographic regions-North America, Europe (EU), Asia Pacific (APAC), and Rest of the globe.

Main highlights

Illustrative segmentations, studies, and estimations for the industry established on mode of operation, tool type application, and area have been organized to give an global view of the power tools market.

The main drivers, market restraints, alternatives, and opportunities for the sector have been precised in this industry report.

The market research includes a in-depth competitive leadership mapping, together with top players, complete study, and revenues of main actors.

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