Published on : Feb 19, 2016
The global market for power tools is experiencing a surge in demand from professionals. The rising investments, rapid urbanization, and the increasing automotive sales are also supporting the growth of this market significantly.
North America to Retain its Position in Global Power Tools Market
North America led the global market for power tools in 2014 among other regional markets including Asia Pacific excluding Japan, Latin America, Japan, Eastern Europe, Western Europe, and the Middle East and Africa.
In 2014, the North America power tools market accounted for a share of more than 26% and the Western Europe market acquired the second position, holding a share of more than 23% in the overall market. The power tools market in Asia Pacific occupied the third place in the global market with a share of 22% in the same year.
Experts have predicted that the North America market for power tools to retain its position till 2025 but the power tool market in Western Europe is likely to lose ground to the market in Asia Pacific in the coming years. On the other hand, the power tool market in Middle East and Africa is anticipated to record the highest growth rate over the next few years on account of the rising development in infrastructure this region.
Here is a snapshot of top five trends and in the global power tools market their influences.
- China is leading the global power tools market.
- The power tools segment has outpaced the hand tools segment.
- The power tools segment is undergoing a shift from corded power tools and cordless power tools.
- Lithium-ion batteries are replacing Ni-Cd batteries.
- Major participants are increasingly focusing towards product development.
Hilti Corp., Robert Bosch GmbH, Danaher Corp., Actuant Corp., Hitachi Koki Ltd., Stanley Black & Decker Inc., Techtronic Industries, Makita Corp., Emerson Electric Co., and SKF are some of the major manufacturers of power tools in the global arena.