Albany, New York, July 01, 2016 (GLOBE NEWSWIRE) — The global power tools market has been considerably gaining from the demand for rapid urbanization in emerging economies. Power tools are primarily used in the construction and manufacturing industries for increasing the output and reducing workload. On account of the rising demand witnessed across industries, the global power tools market is expected to rise at a CAGR of 5.3% between 2015 and 2021, states Transparency Market Research (TMR) in a recently published. The report is titled “Power Tools Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021,” and is available for sale on the company website. TMR provides a comprehensive overview of the market in the report. Some of the leading vendors operating in the global power tools market are also profiled in the report to study the prevailing vendor landscape.
A power tool is used in the construction and manufacturing industries for various operations such as chiseling, drilling, screw driving, and sanding. It is actuated by a separate mechanism and power source apart from the manual labor used with the hand tools. An electric motor is one of the most common examples of power tools used across various end-use sectors. Power tools are used for polishing, heating, painting, shaping, and others, and for performing household works such as cleaning and cooking.
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Based on in-depth research, the TMR report pegs the overall value of the global power tools market at US$26.13 bn in 2014. The market is expected to reach US$38.03 bn by the end of 2021. The market is substantially gaining from the rapid industrialization in developing countries such as India and China. Furthermore, the rising concept of modernization is also significantly aiding the increasing demand for power tools.
Geographically, the global power tools market is segmented into Europe, Asia Pacific, North America, and Rest of the World. Among these regions, the growth witnessed by the power tools market in Europe and North America will be stagnant, since these regions boast already developed infrastructures. Asia Pacific, however, is expected to emerge as the fastest-growing regional market for power tools. The growth in this region is mainly driven by the urbanization and industrialization witnessed in India and China. Asia Pacific dominated the global power tools market in 2014, accounting for a share of 30%.
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Based on application, the global power tools market has been classified into automobile, electronics, aerospace, and construction. Of these, the construction industry held the largest share in the market in 2014 and is expected to maintain its dominance through the forecast period.
To study the competition prevailing in the market the report also profiles companies such as Emerson Electric Co. (U.K.), Robert Bosch GmbH (Germany), Makita Corporation (Japan), Stanley, Techtronic Industries (China), Black & Decker, Inc. (U.S.), Danaher Corporation (U.S.), Hitachi Koki Ltd (Japan), Hilti Corporation (Germany), SKF (Sweden), and Actuant Corporation (U.S.).
The report segments the global power tools market as:
Power Tools Market: By Technology
- Electric power tools
- Pneumatic power tools
- Engine driven power tools
- Hydraulic power tools
- Powder-actuated power tools
Power Tools Market: By Application
- Automobile
- Construction
- Aerospace
- Electronics
Power Tools Market: By Geography
- North America
- S.
- Canada
- Europe
- K
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Rest of the World
- Latin America
- Middle East
- Africa
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World (RoW)
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