The Power Tools market in the US is to grow at a CAGR of 14.95 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need for the faster accomplishment of projects. The Power Tools market in the US has also been witnessing increased competition among Chinese manufacturers. However, the high cost of power tools could pose a challenge to the growth of this market.
In the last few years, there has been a rapid increase in competition among the vendors in the Power Tools market in the US. The increased competition leads to a decrease in the overall price of power tools. Consequently, there is an increase in price wars among the players in the market. Though several vendors in the Power Tools market in the US are witnessing increased labor costs, the vendors are absorbing these costs to provide cost-effective power tools. This is also due to the large variety of vendors and their varying pricing strategies aimed at capturing significant shares in the market. Furthermore, vendors are focusing on the development of economically priced products in an attempt to tap the Micro, Small, and Medium-scale Enterprises sector. However, the vendors in the market are also facing increased competition from the Chinese power tool vendors that offer low-cost power tools.
One of the main drivers is the increased need for the faster accomplishment of projects. Therefore, to develop superior-quality products in minimal time, power tools are deployed across a range of industries in the country.
The key vendors dominating this market space are Robert Bosch GmBh, Stanley Black and Decker Inc., and Techtronic Industries Co. Ltd. The other vendors mentioned in the report are Makita Corp., Actuant Corp, Blount International Inc., Emerson Electric Co., Snap-On Corp., and Hilti AG.
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