DUBLIN--(BUSINESS WIRE)--The "Power Tools Market - Global Forecast to 2023" report has been added to Research and Markets' offering.
The power tools market is expected to grow at a CAGR of 4.6% between 2017 and 2023, to reach USD 35.58 billion by 2023. The key driving factors for the growth of the market are the increasing urbanization, constant growth of the construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless tools. However, the high maintenance cost associated with power tools hinders the market growth.
The electric tools to exhibit a significant growth during the forecast period owing to the increasing adoption of cordless electric tools, which offers mobility and ease of use, by professional as well as DIY users. Cordless electric tools are lightweight, easy to use, and help to reduce workers' fatigue. Many times, batteries used in cordless tools are interchangeable with other power tools for the convenience purpose. These tools offer flexibility and portability as they don't rely on secondary power sources. Thus, the increasing adoption of cordless electric tools over pneumatic tools is expected to drive the growth of the market during the forecast period.
The increasing popularity of DIY trend among consumers is driving the growth of the power tools market for residential/DIY applications. Power tools are used by DIY consumers for residential refurbishment and improvement projects.
Remodeling and renovation projects are growing at a faster rate than new construction projects. Therefore, the use of power tools by DIY enthusiasts for remodeling and renovation projects is rising in developed countries such as the US, the UK, and Germany. However, the DIY culture is not very popular in APAC and RoW due to the availability of low-cost labor and high ownership cost of power tools.
Companies Mentioned
- Aimco Global
- Apex Tool Group
- Atlas Copco
- C. & E. Fein
- CS Unitec
- Chevron Group
- Deprag Schulz
- Emerson Electric
- Ferm
- Friedrich Duss
- Hilti
- Hitachi Koki
- Illinois Tool Works (ITW)
- Ingersoll-Rand
- Interskol
- Kyocera
- Makita
- Panasonic
- Positec Group
- Robert Bosch
- Snap-On
- Stanley Black & Decker
- TTS Tooltechnic Systems (Festool)
- Techtronic Industries (TTI)
- Uryu Seisaku
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Power Tools Market, By Mode of Operation
8 Power Tools Market, By Tool Type
9 Power Tools Market, By Application
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/472dxn/power_tools
