Market players are focusing on developing technologically advanced products with higher efficiency and improved shelf life to attain a competitive edge.
DUBAI, UAE / ACCESSWIRE / January 28, 2021 / Future Market Insights: FMI states in its recent study on the Power tools market that the market will record a CAGR of 5.1% through 2031. Demand for power tools is anticipated to continue surging particularly on due to a rapid increase in end-use industries that includes aerospace, automotive and furniture.
"Increasing sales via online channels have been a prominent trend expected to create positive growth prospects over the forecast period" says the FMI analyst.
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Power Tools - Important Highlights
- According to product type, Drilling tools are estimated to be the most popular due to their increase in usage across different industries and due to their demand in commercial and household applications.
- Construction applications market is estimated to be the major market holder in the power tools market during the forecast period.
- North America led by the US is estimated to hold the major share in the market owing to its growth in commercial and residential constructions.
- Germany is estimated to be the leading market for power tools in Europe, due to high demand from the construction industry.
- Brazil is coming up as an as an eminent share holder in the market due to an increase in demand from the agriculture sector.
Power Tools Market - Drivers
- Rapid urbanization is creating demand for construction industry, which is driving the market.
- Demand from manufacturing assembly units, fabrication and service sectors are estimated to contribute to the surge in demand of power tools.
- Increasing preference towards speed and effectiveness by end-use industries and desire to eliminate strenuous manual labor across industries have been contributing to the growth of power tools market.
Power Tools Market - Restraints
- Much more complex compared to the hand tools, which is causing a negative effect on its market.
- Requires regular maintenance and are costly.
- High price sensitivity of the raw materials that are associated with power tools.
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COVID-19 Impact on Power Tools Market
The power tools market growth is expected to be hampered. The main source of power tools market use was in the fields of construction. But many nations imposed nationwide lockdown to curb the deadly virus, which caused disruptions in supply chain materials, shortage of human resources therefore affecting the whole of the industry. Experts are now predicting that the the virus will have a long-term effect on the market.
Competitive Landscape
Market players have left a lasting impact with their unique business expansion strategies and robust product offerings. Now the key market players are focusing on product launches.
For example, Makita U.S.A., Inc., one of the popular manufacturers of accessories and high-quality professional tools started selling 18V X2 LXT® Cordless/Corded Upright L.E.D. Area Light (DML810, tool only) in July 2020 .Some of the leading companies operating in the market are Robert Bosch Power Tools GmbH, Stanley Black & Decker, Inc., Makita Corporation
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About the Study
The study offers readers a comprehensive assessment of the power tools market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (drilling tools, grinders, saws, application(construction industry, home appliances and others) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/power-tools-market
Press Release Source: https://www.futuremarketinsights.com/press-release/power-tools-market
SOURCE: Future Market Insights
View source version on accesswire.com:
https://www.accesswire.com/626501/Greater-Adoption-of-Cordless-Power-Tools-across-Industries-and-Construction-Sites-is-Spurring-Growth-of-Power-Tools-Market-New-Report-Analyzes
