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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A Sample Of This Report:
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=5537
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Transparency
Market Research (TMR) is a global market intelligence company,
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provides forward-looking insight for thousands of decision makers.
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research techniques in developing distinctive data sets and research
material for business reports.
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