Published on : Dec 16, 2016
Of late, the global market for power tools has been exhibiting an impressive rise. The significant increase in construction activities in emerging countries, fueled by the upswing in urbanization, has been boosting the demand for power tools substantially. The trend is expected to remain so in the near future and influence the overall market greatly in the long run.
North America to Retain Leadership
North America, Latin America, Eastern Europe, Western Europe, Asia Pacific, the Middle East, and Africa are the most prominent regional markets for power tools across the world. North America has acquired the leadership of this market and is closely followed by Western Europe. Over the forthcoming years, while North America is expected to retain its position, Western Europe will experience a declining demand for power tools.
On the other hand, the Asia Pacific market for power tools, which stood third in this market in 2014, is likely to gain significant momentum in the near future. On similar lines, the markets in the Middle East and Africa is also projected to register a high paced rise over the next few years, thanks to the swift infrastructural development in these regions.
Demand for automated Power tools to Remain Strong
The most preferred types of power tools available in the global market are hand tools and automated power tools. In 2014, the automated power tools segment led the overall market with a share of nearly 65%. Analysts expect the segment to remain dominant over the next few years, thanks to the augmenting pressure on enterprises to complete projects on time. The demand for hand tools is also projected to increase considerably in the near future.
Hilti Corp., Robert Bosch GmbH, Danaher Corp., Hitachi Koki Ltd., Techtronic Industries, Actuant Corp., Stanley Black & Decker Inc., Emerson Electric Co., SKF, and Makita Corp. are some of the key participants in the global market for power tools.