Power tools are primarily used in manufacturing and construction industry for the purpose of reducing workload and increasing the output. These tools have several types of operation such as drilling, chiseling, sanding and screw driving among others. The market has been analyzed to grow steadily due to the increasing need for infrastructure development in emerging economies.
There are various types of tools such as electric, pneumatic, which are operated with the help of external power sources. The economic condition in the developing nations such as India and China is changing which is creating a demand for urbanization. The power tools are one of the primary equipments in the construction industry. Furthermore, the rising concept of DIY technique is creating the demand of power tools in the residential sector. In addition, easy availability of these tools on e-commerce websites is also aiding to the growth of the market. Moreover, the use of the power tools reduces the time of the output.
The idea of DIY was previously restricted to the developed regions like U.S. and the U.K. However, the changing lifestyle and increasing disposable income in the emerging economies is driving the idea of DIY thereby increasing the sale of power tools. In addition, the manufacturing industry is gradually recovering from the economic slowdown. This is return is creating a demand for the power tools market in the industrial sector.
However, one factor that is hampering the growth of power tools is the additional maintenance cost associated with it. The power tools once bought require continuous maintenance over a period of time, is limiting the demand in the market. Moreover, in some case, the contractors with limited funding take these tools on lease, which in turn blocks new market for power tools especially in developing nations. This factor is acting as a restraint for the market during forecast period.
This report projection has been provided in terms of revenue (USD Million) from 2015 to 2021. Furthermore, the drivers and the restraints affecting the power tools market over the forecast period have also been covered in the study. In addition, the opportunities that are expected to help the market in future have also been discussed.
The power tools industry has been divided into three categories: by technology, by application and by geography. In terms of technology, the market has been further segmented into electric power tools, engine driven power tools, pneumatic power tools, powder-actuated power tools and hydraulic power tools. By application, the market has been segregated into automobile, construction, aerospace and electronic application. Furthermore, the market has been segregated geographically into four regions: North America, Europe, Asia Pacific and Rest of the world. Each of these segments has been analyzed in terms of revenue (USD Million).