Top 3 Drivers for the Global Power Tools Market | Technavio

Technavio market research analysts forecast the global power tools market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.

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The global power tools market has further been segmented into two segments based on technology (electric power tools, pneumatic power tools, and engine-driven power tools and others) and geography (the Americas, EMEA, and APAC).

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global power tools market:

• Rise in global construction and infrastructure development activities
• Steady growth in automotive industry
• Growing demand for home improvement products

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Rise in global construction and infrastructure development activities

Power tools are usually used in the construction industry. These tools are necessary to carry out construction operations such as cutting, drilling, and grinding. They are basically support tools that are used to increase the efficiency and productivity of labor at construction sites. Thus, growth in the global construction activities will have a positive impact on the global power tools market. Globally, the US is one of the largest markets for construction, both in terms of value and volume.

According to Neelesh Prakash Singh, a lead analyst at Technavio for tools and components research, “The residential constructions during 2016 were very high. This is because the low unemployment rates and several years of suppressed demand fueled the demand for new single-family accommodations in both site-built and mobile home markets. There are several investments planned in commercial construction, with the development of new skyscrapers and retail megaprojects underway. For instance, real estate majors RELATED and SL Green Realty are building two skyscrapers in New York.”

Steady growth in automotive industry

One of the major users of power tools is the automotive industry that uses power tools for manufacturing and assembly of vehicles. The increasing global automotive sales are promoting the growth of the power tools market. The rise in automotive sales is being driven by several factors such as demand from developing countries, low oil and gas prices, increased demand for SUVs and trucks in the US, and growing demand for electric vehicles (EVs).

Many countries are trying to shift towards renewable energy technologies to minimize vehicle emissions and environmental pollution. They are encouraging the adoption of EVs and hybrid vehicles. During the forecast period, the adoption of EVs is expected to increase as more countries push towards the use of clean energy vehicles and more manufacturers introduce EVs to the currently unpenetrated markets.

Growing demand for home improvement products

The adoption of power tools by DIY consumers is increasing in both the developed and the developing economies, where the DIY market was traditionally very limited. The demand for home improvement tools and gardening tools is a key factor driving the DIY segment of the global power tools market. DIY became popular in several developed countries that have high labor costs. Consumers in such countries prefer DIY maintenance and repair of their machines, vehicles, and homes.

“The DIY culture is also gaining traction in emerging countries. This is because of the rise in disposable incomes over the last decade, which is attracting the younger generation towards DIY. Another reason is the drive toward hacking and craftsmanship. In contrast to developed economies, spending on tools and equipment on home improvement and maintenance increases with the level of disposable income in developing countries,” says Neelesh.

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