PUNE, India, November 3, 2017 /PRNewswire/ --
According to the new market research report "Power Tools Market by Mode (Electric (Corded & Cordless), Pneumatic, Others), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY) - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to grow from USD 27.19 Billion in 2017 to USD 35.58 Billion by 2023, at a CAGR of 4.6% between 2017 and 2023. The factors driving the market include the constantly growing construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless tools.
(Logo: http://photos.prnewswire.com/prnh/20160303/792302 )
Browse 68 Market Data Tables and 53 Figures spread through 204 Pages and in-depth TOC on "Power Tools Market - Global Forecast to 2023"
Early buyers will receive 10% customization on this report
Electric tools held the largest size of the overall power tools market in 2016
Electric power tools held the largest market size, in terms of value, in 2016. Electric tools are primarily used by professionals as well as DIY users. Electric tools are operated either through the battery, based on application, or through the corded power supply. Corded electric tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy in nature. The growth of the electric tools is fueled by innovations in the battery technology and the growing adoption of cordless tools among industrial as well as residential users. Due to their ergonomic advantages, end users prefer cordless tools over conventional tools. The European Union has already banned the use of nickel-cadmium (Ni-Cd) for power tool batteries due to the toxic properties of Cadmium. As a result, the demand for cordless electric tools with Li-ion batteries is likely to increase over the next few years.
Drilling and fastening tools expected to dominate the power tools market between 2017 and 2023
Currently, drilling and fastening tools hold the largest market share among all other tool types in the power tools market, and a similar trend is likely to continue during the forecast period. Drilling and fastening tools are used in several industries, namely automotive, aerospace, electronics, and consumer appliances, energy, and shipbuilding. The growth of the market for electric drilling tools is driven by the rising adoption of cordless drilling and driving tools by professionals as well as DIY consumers. Pneumatic drilling and fastening tools are mostly used in manufacturing industries, such as automotive and aerospace, wherein high torque tools are required. According to the OICA, the sale of all types of vehicles is expected to increase in the near future. Hence, the increase in the production of automobiles is likely to boost the electric fastening tools market growth in the coming years.
Download PDF Brochure : http://www.marketsandmarkets.com/pdfdownload.asp?id=50744034
Construction industry held the largest size of the overall power tools market
The construction industry is at the leading position in the power tools market as these tools are used in a majority of construction projects. The rapidly increasing industrialization and urbanization propel the growth of the market for the construction industry. Power tools play an important role at every stage of the construction activity, including the design, survey, construction, and maintenance phases. They are used for various construction applications such as drilling, driving, demolition, concrete cutting, and polishing. Tools such as impact drills, drivers, and rotary hammers are widely used in construction projects. The growing construction activities in countries such as the US, China, and India and the rising demand for technologically advanced and innovative power tools, drive the market growth.
North America to dominate the market between 2017 and 2023
North America is expected to dominate the global power tools market during the forecast period due to the significant growth in construction, manufacturing, and automotive industries. In North America, power tools are extensively used for both industrial as well as residential applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for cordless tools. The increasing wind energy installations have boosted the demand for fastening tools in this region. The region registered the sales of ~12.9 million commercial vehicles in 2016. Hence, power tools find major opportunities in the commercial vehicle market. Moreover, aerospace is one of the prominent industries contributing significantly to the growth of the power tools market.
Inquiry Before Buy @ http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=50744034
The power tools market was dominated by the key players such as Robert Bosch (Germany), Stanley Black & Decker (US), Techtronic Industries (TTI) (Hong Kong), Makita (Japan), Hilti (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), Hitachi Koki (Japan), Snap-on (US), and C. & E. Fein (Germany).
Browse Related Reports
DC Torque Tool Market by Type (Handheld and Fixtured Tools), Power Source (Corded and Cordless), Control System (Transducer and Current), Industry (Automotive, Aerospace, and Energy), and Geography - Global Forecast to 2023
Servo Motors and Drives Market by Offering (Motor & Drive Component, Software & Service), Type (AC/DC, Linear Servo Motor, Adjustable Speed Drives), Voltage Range, MoC, Communication Protocol, Industry, and Geography - Global Forecast to 2022
Subscribe Reports from Semiconductor Domain @ http://www.marketsandmarkets.com/Knowledgestore.asp
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
630 Dundee Road
Northbrook, IL 60062
Connect us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets