Power Tools Market Pegged to Expand Robustly During 2019-2023
Power Tools Market 2018 is latest research report by MarketResearchFuture, the global Power Tools market is expected to Register High Growth Rate during 2018 To 2023. Report analyzes Power Tools Market Key Companies with Size, Share, Trends analysis, and Key Country Forecast to 2023. Power Tools Market Information is segmented by Type (Engine driven power tools, Electric power tools, Pneumatic power tools, Hydraulic power tools and others), Application (Household, Industrial, and Professional) & by Region – Global Forecast to 2023
Hitachi Koki Co. Ltd. (Japan), Stanley Black & Decker, Inc. (U.S.), Makita Corporation (U.S.), Husqvarna (Sweden), Techtronic Industries Co. Ltd (Hong Kong), Robert Bosch Tool Corporation (Germany), Hilti Corporation (Liechtenstein), Snap-on (U.S.), Festool (Germany), and Otto Baier GmbH (Germany) are among some of the important companies operating in this market.
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The accelerating development rate in the industrial sector is motivating the market for power tools. Market reports connected with the industrial automation and equipment industry have been offered by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is projected to progress at a CAGR of 5.17% in the duration of the forecast period.
The increasing application of power tools to a vast range is pushing the development of the market in the coming years. The DIY applications of power tools are the boosting the progress of the market. Furthermore, the rising interest from the professional segment is projected to accelerate the growth of the power tools market in the forecast period.
The segmentation of the market is carried out on the basis of type, application, and region. Based on Type, the power tools market is segmented into electric power tools, hydraulic power tools, engine driven power tools, pneumatic power tools, and others. On the basis of application, the market is segmented into industrial, household, and professional. The regions included in the analysis of the power tools market are Europe, APAC, North America and the rest of the world.
Detailed Regional Analysis
The regional analysis of the market for power tools includes regions such as Europe, APAC, North America and the rest of the world. The North American region is the foremost market for the power tools market globally. The presence of factors such as elevated labor cost and increase in the distribution channel are motivating the expansion in the region. In the North American region, U.S. is the foremost market with a portion of 81.44% in 2016. While the European region is anticipated to control the power tools market for the duration of the forecast period.
The analysis of the market observes that the market is poised for an accelerated growth rate in the forthcoming years. The employment of product differentiation has led to a favorable product differentiation scenario that is complementing the market’s growth. The participants in the market are trying to establish several USPs that will enable them to capture a more substantial share of the market. Additionally, the vertical additions and product tactics of the market is increasing the potential for the market players. Improved approachability to various resources and capabilities is projected to compel the growth of the market in the imminent forecast period. The use of successful strategy execution techniques is estimated to have a positive effect on the future growth of the market.
Oct 2018 Hitachi Power Tools has officially changed its name to Metabo HPT for the North American region. The name change commences with the initiation of its revolutionary MultiVolt platform. MultiVolt has the ability to decide either cordless or corded operation without compromising on power, portability, or performance. The products will keep their current brand identity in terms of same model numbers, same color, same warranties, and the same battery interchangeability.
Oct 2018 The leading Japanese power tools manufacturer Hitachi Koki (HiKoki) will soon market cordless tools in the Indian market. The company unveiled the company’s business plan for its 22-year-old Indian subsidiary, Moro stated that the dealer network would be expanded to 1,000 by 2020 from 600 presently, with 100 authorized service centers across the country.
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