What is the Power Tools Market?
Power tools are a type of hand tool that can be used for various purposes. They are usually powered by an electric motor and can be used for carpentry, construction, and other DIY tasks.
The global power tools market is expected to grow USD 45.2 billion by 2026, at a CAGR of 5.7% during the forecast period 2021-2026. This growth can be mainly attributed to the increasing demand from developing countries such as China and India. Growing population, increased construction activity and rising industrialization are some of the major factors driving this market.
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How are Asia Pacific Markets Affected by Growing Domestic Output?
Asia Pacific is the fastest-growing region for power tools, as domestic output grows faster than imports. In 2022, the Asia Pacific region accounted for 30% of global power tool imports and is projected to account for 38% of global power tool imports in 2026. This is due to the strong growth of China and other Asian countries. The Chinese market is responsible for more than half of the growth in the Asia Pacific region over the past five years. However, this growth is not evenly distributed throughout the region. Some countries, such as Indonesia and Thailand, are experiencing slower growth in domestic output, meaning that their power tool markets are being increasingly dominated by imports. This has led to a narrowing of the price gap between domestic and imported products in these countries, which is good news for consumers but bad news for manufacturers.
Key Factors in the Power Tools Market
In the power tools market, there are a few key factors that play into purchasing decisions. These include price, brand, and reliability. Asia Pacific imports of power tools have surpassed domestic output for the past few years, which is likely due to the increasing popularity of home renovation and DIY projects. This trend is expected to continue as the region’s population grows and incomes rise.
Price is a major factor in the power tools market. Tools that are more expensive tend to be better quality, while cheaper tools may not be as reliable. Brand also plays a role in decision-making; consumers may prefer brands they know or trust. Reliability is another important factor; consumers will typically spend more money on tools that are durable and easy to use.
Tools and Accessories vs. Drillers and Impact Drivers
Rising demand for construction and mining activities is anticipated to drive the growth of this market
The main drivers of this rising demand include the growing population and rising disposable income in these regions. Over the past few years, power tools have become an essential part of every household, thanks to their versatility and ease of use. Consequently, major players in the power tools market are investing in Research and Development (R&D) initiatives to develop new products that meet the needs of consumers.
The APAC region is expected to witness significant growth in the sale of accessories such as batteries, chargers, and wrenches over the forecast period.
The growth of the construction sector is contributing to the increase in demand for power tools in APAC region. Other factors such as rising prosperity levels and increasing preference for DIY projects are also propelling the growth of this market.
Some of the key players in this market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), and Hilti Corporation (Liechtenstein).
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