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Power Tools Market is Expected to Reach $41.0 Billion By 2022: Credence Research

CredenceResearch.com has Published New Research Report Title “Global Power Tools Market By Type (Electric Power Tools, Pneumatic Power Tools, Hybrid Power Tools), By End-Use Application (Non-Residential, Residential) – Growth, Share, Opportunities & Competitive Analysis, 2016 – 2023”

According to a new market report published by Credence Research, Inc. “Global Power Tools Market (By End-use Application (Non-residential (Construction and Mining, Automotive, Semiconductor, Aerospace,), and Residential), By Type (Electric Power Tools, Pneumatic Power Tools, Hydraulic Power Tools, and Others) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global power tools market is expected to expand at a CAGR of 5.2% from 2016 to 2023, reaching US$ 41.0 Bn by 2023.

Market Insights

In spite of product improvements and innovations, the market for power tools witnessed sluggish sales during the start of this decade. The sluggish growth can be credited to the dependence of power tools on macroeconomic conditions, which have been highly unpredictable and unstable since the start of the economic slowdown in 2008. However, with financial markets showing stability off-late, resurgence in the construction and automotive sectors should propel demand for power tools. In the current scenario, countries including India and China have comparatively lower penetration rates owing to high upfront cost of power tools compared to hand tools. However, with intensifying competition, we expect unit prices of power tools to drop in the coming years. 

 Competitive Insights:

The global market for power tools is matured and highly consolidated. The leading four power tool manufacturers account for over 45% of the global market revenue.  Some of the leading manufacturers identified in the global power tools market include Robert Bosch GmbH (Germany), Emerson Electric Co. (the U.K.), Stanley, Black & Decker, Inc. (the U.S.), Actuant Corporation (the U.S.), Makita Corporation (Japan), SKF AB (Sweden), Danaher Corporation (the U.S.), Hilti Corporation (Germany), Techtronic Industries (China), and Hitachi Koki Ltd (Japan) among others. These players are focused on expanding their product portfolio and global presence through strategic acquisitions and partnerships. In addition, they are striving to develop cost-effective power tools to gain competitive advantage over competitors.

Browse the full Global Power Tools (By End-use Application (Non-residential (Construction and Mining, Automotive, Semiconductor, Aerospace,), and Residential), By Type (Electric Power Tools, Pneumatic Power Tools, Hydraulic Power Tools, and Others) Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/power-tools-market

Key Trends:

  • Growing preference for cordless and battery powered power tools in residential applications
  • Resurgence in the housing sector
  • Growing popularity of Do-It-Yourself (DIY) activities
  • Growing trend towards modernizing housing stock to drive growth in power tool demand

Latest Report:

Dashcams Market By Product (Basic, Advanced), Technology (Single Channel, Multi-Channel) – Growth, Share, Opportunities & Competitive Analysis, 2015 – 2022

About Us:

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.

Who we are

Credence Research is a worldwide firm, containing more than 15 research consultants and almost 100 research and information professionals.

Our customers mirror our worldwide nature. Around 45% are in Europe, 30% in the Americas, 13% in Asia Pacific and 12% in the Middle East and Africa. 

Our firm is intended to work as one. We are a solitary global research organization united by a solid arrangement of qualities, concentrated on customer effect.

What we do

We serve customers at each level of their organization, in whatever limit we can be most helpful, whether as a trusted counsel to top management or as a hands-on mentor for forefront representatives. For each engagement, we collect a group with the most suitable experience and ability.

No matter the challenge, we concentrate on delivering functional and persevering results, and preparing our customers to develop and lead. We join forces with customers to place suggestions into practice. Our research specialist work straightforwardly with customers over long stretches to create workforce aptitudes, drive operational change, and apply new working strategies.

Contact:

Name: Chris Smith

Designation: Global Sales Manager

E-mail: [email protected]

Ph: 1-800-361-8290

Web:  Credence Research

Blog: http://www.mobilecomputingtoday.co.uk/3980/global-power-tools-market-hit-41-0-2023-credence-research/

Media Contact
Company Name: Credence Research
Contact Person: Chris Smith, Global Sales Manager
Email: Send Email
Phone: 1-800-361-8290
Address:105 N 1st ST #429
City: SAN JOSE
State: California
Country: United States
Website: http://www.credenceresearch.com/report/power-tools-market

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