Power tools are used extensively in the manufacturing sector as they demand for led time and workforce. The manufacturing units, across the globe, are making use of the power tools, thus supporting the market growth. The high rate of industrialization, especially in the developing economies is projected to encourage the growth of the global power tools market in the next few years. The emergence of new and advanced power tools, thanks to the growing focus on technological advancements, the global power tools market is predicted to exhibit a promising growth rate in the near future.
As per a research study by Transparency Market Research, in 2014, the global market for power tools stood at US$26.1 bn and is projected to reach a value of US$38.03 bn by the end of the years 2021. The market is estimated to register a 5.30% CAGR between 2015 and 2021.
The rise in the investments to enhance the manufacturing processes and the rising demand for automation are expected to accelerate the growth of the global power tools market in the coming few years. On the flip side, the high cost of maintenance that is required power tools is predicted to restrict the market growth in the coming few years. Nonetheless, the rising investments for infrastructural development is likely to accelerate the growth of the power tools market in the near future.
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Furthermore, the growth of the power tools is expected to rise high in developing economies in comparison with developed economies in the coming years. The high growth of these regions can be attributed to the high rate of economic development. The global power tools market is further anticipated to observe a high demand from the aerospace and automotive application segments. The leading players in the global power tools market are predicted to focus on innovations and advancements, thus encouraging market growth in the near future.