According to the latest research by Fact. MR., the electric tools market is projected to grow at 6% CAGR during the forecast period owing to the growing demand for (DIY) do-it-yourself techniques among household consumers.
The growth of electric tools is powered by improvements in the growing adoption and battery technologies of cordless tools among residential and industrial users. Rapid industrialization and urbanization are expected to further fuel the development of the market in the forecast period.
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Key Segments
By Product Type
Cord Type
Cordless Type
By End-use Industry Type
Automotive
Construction
Aerospace
Others
By Region
North America
US & Canada
Latin America
Brazil, Mexico, Others
Western Europe
EU5
Nordics
Benelux
Eastern Europe
Asia Pacific
Australia and New Zealand (ANZ)
Greater China
India
ASEAN
Rest of Asia Pacific
Japan
Middle East And Africa
GCC Countries
Other Middle East
South Africa
Other Africa
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Who are the Key Manufacturers and Suppliers of Electric Tools?
Some of the prominent players in the electric tools are
Apex Tool Group
Ingersoll Rand
Snap-on Power Tools
Hilti Corporation
Robert Bosch GmBH
Techtronic Industries
Atlas Copco
Stanley Black and Decker
Koki Holdings
Makita Tools
Emerson Electric.
These players holds the majority of the global share in the market.
Manufacturers are also endowing in their R&D technologies in order to provide mechanically radical products. Such as, Robert Bosch has launched the Toolbox App that links to the power tools to augment the efficacy.
It offers services like managing tools and customized power control using mobile phones. The advent of electric tools has further strengthened the competition in the sales.
In order to inorganic growth strategies, manufacturers are fetching towards mergers & acquisitions and deliberate partnerships to reinforce their product range and provide viable variations.
For instance, Stanley Black and Decker in 2017 declared the acquirement of Newell Brands Inc.’s tools business to increase their product portfolio. Additionally, the rising number of companies entering into the manufacturing of electric tools as well as maneuvering on the launch of products is driving the global requirement.
Do It Yourself Technique Likely to Augment Electric Tools Sales:
The DIY (do-it-yourself) techniques are expected to have a significant effect on the value owing to the trend and growth witnessed by DIY supporters. This is mainly due to the rising household’s activities and growing spending capability across developed and developing economies.
Moreover, there is a comprehensive range of inspired DIY enthusiasts who are centering on getting armed with time-saving tools. This, in turn, has fascinated manufacturers to focus on smart tools that can be used athwart DIY application.
On an eternal basis, it has been observed that major players such as Stanley & Decker and Robert Bosch GmbH are focusing on creating such tools that can be user-friendly.
The residential and industrial sector is estimated to rule over the market but is likely to witness adequate growth over the forecast period. The power of this sector is expecting to have a high demand for tools from construction, automotive, aerospace, energy & power and other sectors.
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What is Driving Demand for Electric Tools?
The improved implementation of electric tools in the automobile and construction industry, owing to the structures of electric tools such as usability in remote locations, convenience & movability and high productivities, drives the demand for electric tools.
Furthermore, the addition of brush-less motors in the electric tools has enhanced the efficiency. As a result, the overview of brush-less motors in electric power tools impels the use for specialized tough operations; thereby, lashing the global demand.
Electric tools help in tumbling the time allied with these redundant tasks, along with providing amplified efficacy.
Thus, electric tools are gradually used by automobile manufacturers as well as the maintenance and repair service providers in the automotive industry. Likewise, the mounting use of wrenches, sanders, drills set and other tools in the construction segment is boosting the demand for electric tools.
Additionally, the rising use of such tools in the industrial sector is also playing a significant role in asserting the demand in the upward direction. Several times, small and mid-sized key players are destined to use these tools, owing to their capability and flexibility of conveying dynamic solutions to their customers.
Moreover, to offer superior products to end-users, prominent key players globally are collaborating with each other. This allows companies to improve competent products, especially for workers working in the manufacturing industry and construction sector.
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