The fastening power tools market is classified on the basis of product type, technology, mode of sales, end-use applications, and by region. The value of the global fastening power tools is estimated to reach approximately US$ 2,401.9 Mn by the end of 2018. The fastening power tools market is expected to register a CAGR of 6.9% over the forecast period (2018–2026).
Factors influencing the growth of the global fastening power tools market
Increasing sales & production of automobiles
Fastening power tools are widely used to manufacture and assemble automobiles. Globally, the automotive industry has been enjoying a period of relatively strong growth and profits, which has fuelled the demand for fastening power tools. Improving economic conditions in emerging markets as well as rapid urbanization have boosted the sales of automobiles.
Growth in the demand for consumer electronics with added functionality, higher performance, and longer operating times are among factors prompting semiconductor manufacturers to focus on finding quicker ways to deliver end-user products. Fastening power tools play a significant role in meeting these objectives. Accurate and stable measurement devices enable close control of microenvironments that surround semiconductor tools.
Growing awareness among employers about the usage of fastening power tools
With an increase in the number of accidents and subsequent fatalities & injuries in mining, construction, oil & gas, and chemical industries, the adoption of fastening power tools by the labor workforce has become a critical requirement. Fastening power tools not only help reduce injuries & fatalities significantly, but also help increase productivity and output. This has encouraged employers to adopt fastening power tools for their employees for use during various stages of the workflow.
Increase in the preference for DIY in developed and developing regions
People in developed regions such as North America and Europe consider home improvement and small maintenance activities as favorable pastimes. To leverage the benefit of changing consumer preference toward DIY ethics, manufacturers are focusing on providing compact, portable, & cost-efficient tool solutions to household users. This trend is also growing significantly in developing markets.
This rapidly growing trend in well-urbanized markets in developing nations such as Global, China, South Africa, and Brazil is expected to create significant opportunities in the household fastening power tools segment in these regions over the forecast period.
Global fastening power tools market analysis, by technology
In terms of value, the electric segment is estimated to dominate the market with 57.6% by the end of 2018, and expected to remain dominant through 2028. The global fastening power tools market is expected to account for US$ 4,096.1 Mn by the end of 2026.
Global fastening power tools market analysis, by mode of sales
By mode of sales, the global fastening power tools market value & volume distributors segment is estimated to dominate the market with a value share of 39.6% by the end of 2018.
Key players dominating the global fastening power tools market
The report highlights some of the top companies operating in the global fastening power tools market such as Makita Corporation, Hitachi Koki Co., Ltd., C. & E. Fein GmbH, DEWALT, Hilti Corporation, Xindalu Electronic Technology Co., Ltd., and Wacker Neuson SE, among others.
Persistence Market Research in its report titled “Fastening Power Tools Market: Global Industry Analysis 2013–2017 and Forecast 2018–2026” offers detailed insights and in-depth research on the fastening power tools market over an 8-year forecast period 2018 – 2026. The report covers the important factors driving the growth of the fastening power tools market, untapped opportunities for manufacturers, trends & developments shaping the dynamics of the fastening power tools market, and other insights across various key segments.
The report identifies the drivers and restraints affecting the growth of the fastening power tools market. Changing trends are also analyzed and incorporated in the report to equip the client with exhaustive information about the market, thus facilitating better decision making. Macroeconomic factors that directly and indirectly affect the growth of the fastening power tools market are also incorporated into the report.
Fastening Power Tools Market Segmentation
To understand and assess opportunities in the fastening power tools market, we have divided the report into two sections based on market segmentation as under:
Mode of Sales
The market value for all segments has been taken in US$ Mn and market volume has been taken in thousand units, unless otherwise stated in the report.
A section of the report highlights country-wise demand for fastening power tools. It provides a market outlook for 2018-2026 and sets the forecast within the context of the fastening power tools market, including new technological developments as well as product offerings for applications.
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view. The report provides detailed market share analysis of the fastening power tools market on the basis of key manufacturers. Comprehensive profiles of manufacturers are also included within the scope of the report to evaluate strategies, key offerings, and recent developments in the fastening power tools market.
Our research methodology
Market volume is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analyzed and the average market volume is deduced and reconfirmed prior to incorporating in the report. The price of fastening power tools is deduced on the basis of product type, where the average price of each type is inferred across all the five assessed regions. The market value of the fastening power tools market is thus calculated from the data provided by the average selling price and market volume.
For the 8-year forecast of the fastening power tools market, various macroeconomic factors & changing trends have been observed, which give an idea about the future of the market. Other important factors considered to arrive at the market forecast are the size of the current market, inputs from the demand side & the supply side, and other dynamics shaping the market scenario.
In the compilation of the report, the forecast is conducted in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity have also been incorporated, thus presenting the client with crystal clear insights and future opportunities as far as the fastening power tools market is concerned.