Global Power Tools Market to Grow at 6% CAGR, Expects Beige Market Intelligence in Its Report Published at MarketPublishers.com24 Mar 2017 • by Natalie Aster
LONDON – Power tools play an important role in the industry evolution. The global market for power tools registers growth on annual basis. This marketplace is set to grow at a CAGR of around 6% through 2022.
A rise in foreign investments and public spending across emerging economies is one of major driving forces of this market. Cordless tools, however, present the major driver of the world’s marketplace. After-sales services and product innovations are some other crucial drivers. The rise occurring amongst portable and maneuverable tools encourages the widening the scope of the tools’ usage.
Currently, electric motors take the lead due to their low cost, versatility and easier maintenance. In the meantime, battery-driven power tools are expected to stop lagging behind advancements in the lithium ion battery technology and catch up with them.
The largest share in the global marketplace belongs to corded power tools, and it also generates the largest chunk of the market revenues.
Industrial power tools sales are expected to be higher than those of household power tools in the coming years, growing at a CAGR of approximately 5%. The first position in the world’s market for power tools is owned by the US, and China is another leading player.
China is not only one of the two largest markets, but also the largest manufacturer of such tools. Makita Corporation, 3M, Robert Bosch, and Techtronic Industries are some of major vendors globally.
Cutting-edge research report “Global Power Tools Market – Strategic Assessment and Forecast 2017-2022” developed by Beige Market Intelligence provides a comprehensive guide to the global power tools marketplace. The study offers a thorough overview of the market.
It casts light on major trends of this space. The report scrutinizes driving forces and discusses challenges of the marketplace. The research study analyzes the market on the basis of equipment type, end-users, geography, etc.
It highlights major regions as well as countries. The research report focuses on key and prominent vendors. The study also contains detailed market forecasts through 2022.
More in-demand reports by Beige Market Intelligence are available at its page.