Published on : Aug 31, 2016
The global market for power tools has witnessed a significant rise in the recent past. The increase in construction activities in emerging countries, accelerated by the rise in urbanization, has been fueling the demand for power tools remarkably across the world. In addition, the growth of the automobile, aerospace, and electronics industry is likely to boost the application of power tools substantially, driving the worldwide power tools market in the forthcoming years.
North America to Continue its Leading Streak
Western Europe, Eastern Europe, Latin America, North America, the Middle East and Africa, Japan, and Asia Pacific excluding Japan are the key regional markets for power tools across the world. North America dominated the overall market in 2014 with a share of over 26%. Western Europe also reported remarkable growth that year with a share of 23% in the global market. With a share of 22%, Asia Pacific occupied the third position in this market in 2014.
North America is likely to remain the dominant regional market for power tools over the next few years. However, Western Europe is expected to lose ground to Asia Pacific in the near future. The Middle East and Africa, on the other hand, is anticipated to witness a significant surge due to the infrastructural development in this region.
Demand for Electric Power Tools to Remain High in Near Future
Pneumatic tools, electric tools, hydraulic tools, engine-driven tools, and powder-actuated tools are the main types of power tools available in the global market. Electric power tools have been registering a higher demand than others since the last few years. Analysts expect the trend to remain the same in the coming years.
Robert Bosch GmbH, Actuant Corp., SKF, Hitachi Koki Ltd., Techtronic Industries, Danaher Corp., Stanley Black & Decker Inc., Emerson Electric Co., Hilti Corp., and Makita Corp. are the leading players in the power tools market across the world.