According to a new market report published by Transparency Market Research “Power Tools Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021,” the power tools market was valued at US$26.13 bn in 2014, growing at a CAGR of 5.3% from 2015 to 2021 to account for US$38.03 bn in 2021.
The power tools are primarily used in construction and manufacturing industries. The ongoing infrastructure development in emerging economies such as India and China is aiding to the growth of this market. Furthermore, the rising concept of urbanization and modernization is also driving the power tools market. India is one of the emerging nations currently undergoing massive urban development as per their smart cities project. In addition, concept of Do It Yourself (DIY) is also supporting the market and helps them to cater residential sector. Furthermore, the availability power tools over various distribution channels and especially on e-commerce websites easily also supports DIY market. Therefore growing idea of DIY is acting as a driver for the power tools market.
The market has been segmented into three categories: by technology, application and geography. By technology, the electric power tools held the largest market share accounting to more that 50% in 2014 The dominance of this segment is attributed to the increasing application of electric power tools in construction industry. Moreover, electric power tools have the capacity of producing better torque as per the requirement of the work.
By regions, Asia Pacific held the highest market share in the 2014 and expected to lead the market during the forecast period. This region is witnessing tremendous industrialization due to the presence of developing regions like India and China.
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