Global Power Tools Market by Region, Product and Market, 9th Edition
Rising Building Construction Activity Drives Growth for Power Tools
NEW YORK, Oct. 30, 2017 /PRNewswire/ -- Global demand for power tools is forecast to rise 3.9% per year to more than $30 billion in 2021.
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Growth will be driven by increases in building construction activity and consumer spending.
Rising product prices will also contribute to sales growth in value terms.
Key Findings in the Global Power Tools Study:
Asia/Pacific Region to Lead Growth
Widespread industrialization in the developing nations of the Asia/Pacific region will support rapid growth in power tools demand, with India and China expected to post especially strong gains.
Advances in building construction activity and durable goods manufacturing will spur demand growth.
Economic development will expand the size of the middle class, further boosting demand in the motor vehicle aftermarket and the consumer market.
Improvements to Battery-Powered Models Spur Gains
Technological advances will improve the ability of cordless power tools to compete with traditional plug-in electric models.
Improving power and run times for battery-powered products will drive increased penetration of professional markets.
Falling production costs will also make these products more competitive with plug-in models.
Stronger Price Increases to Contribute to Demand Gains
In some parts of the world, power tool demand and product prices in US dollars were negatively impacted by a drop in the value of the local currency between 2011 and 2016.
The power tools markets of several countries, including Brazil and Russia, contracted as the value of their currencies declined sharply.
This trend is not expected to continue, and raw materials costs will climb, leading to a faster rise in global power tools prices and helping boost sales in US dollar terms.
Study Coverage
This industry study presents historical demand, production, and net exports data (2006, 2011 and 2016) and demand forecasts (2021) by product (electric drills; electric saws; electric sanders, polishers, and grinders; other electric power tools; parts and accessories for electric power tools; pneumatic power tools; and other power tools, including engine-driven, hydraulic, and powder-actuated tools), market (construction, motor vehicle aftermarket, industrial and other professional, and consumer), and region (North America, Western Europe, Asia/Pacific, Central and South America, Eastern Europe, and Africa/Mideast). The study also evaluates company market share on a global and regional basis and the competitive strategies of key industry players such as Bosch, Hilti, Makita, Stanley Black & Decker, and Techtronic Industries.
Read the full report: https://www.reportlinker.com/p05166490
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