Power Tools Market to Develop at 5.30% CAGR from 2015 to 2021, Industrialization in Emerging Economies Spurs Growth

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The global power tools market will be valued at US$38 bn by 2021. The market is expected to witness steadfast growth across the world, with emerging economies expected to contribute substantially to the market’s revenue. In countries such as China and India, power tools will be used increasingly in the residential sector, considerably moving beyond their traditional use in the commercial arena. In these countries, economic development has been the reason for urbanization, increased access to universal information, and rising preference for do it yourself (DIY) projects. The utilization of power tools is a mark of the economic growth of these countries, with Asia Pacific accounting for a share of more than 30% of the global market in 2014.

Browse the full Report of Global Power Tools Market: http://www.mrrse.com/global-power-tools-market

From a geographical perspective, North America and Europe are developed regions and are stagnant markets for power tools. Nevertheless, the presence of some of the top power tools companies in these regions will contribute a significant chunk to the global market’s revenue. These are Emerson Electric Co. (U.K), Danaher Corporation (U.S.), Stanley, Black & Decker Inc. (U.S.), and Actuant Corporation (U.S.). Robert Bosch GmbH (Germany), Techtronic Industries (China), Makita Corporation (Japan), SKF (Sweden), Hilti Corporation (Germany), and Hitachi Koki Ltd (Japan) are some other companies that have a significant presence in this market.

Construction Application Segment Steers Development of Power Tools Market
Power tools are instruments used for heavy-duty work in the manufacturing and construction industries. Some of the operations of these tools are drilling, sanding, chiseling, and screwdriving, in which power tools are used for the purpose of reducing the workload of laborers and increasing the total production. The tools used for these activities operate with the help of an external power source, which can be either electric or pneumatic.

The construction industry is the largest end user of power tools. In the coming years as well, the construction sector will exhibit massive demand for power tools, especially in developing nations. Large-scale construction undertakings utilize power tools, which are needed for process efficiency for work completion on time. Construction contractors with limited funding can rent these tools on a long-term lease, which is favoring the utilization of power tools for construction projects. Automobile, aerospace, and electronic are other major application segments of the power tools market.

Browse the full Press Release of Global Power Tools Market: http://www.mrrse.com/power-tools-industry

How are Power Tools Advancing?
Power tools are facing battery life problems, which can cause disruptions in the middle of a crucial task for the completion of a project. Thankfully, Bluetooth-connected Smartech batteries are in the developmental stage. These batteries can interact with a smartphone and will signal when they are running low and will have a location tracking feature to trace them if any pack gets lost in the workshop. These batteries are useful even when not in use – a USB port allows their use as mobile power banks.

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