Between 2017 and 2023, the global power tool market will grow 4.6% (CAGR) to reach US$35.58 billion, according to a new report from Research and Markets.
Drivers of the market include renovation outstripping the rate of construction, increasing sales of commercial vehicles and rising demand for cordless tools. However, high maintenance costs associated with power tools are holding back further market growth, the report said.
Predictions in the report include the increasing adoption of cordless electric tools over pneumatic tools, in the run up to 2023. The flexibility of cordless tools, often with interchangeable batteries are also helping momentum.
While DIY culture is powering the market in developed countries like the US, Germany and the UK, it’s not such a phenomenon in the Asia-Pacific region, amongst others, thanks to the availability of low-cost labour and high ownership cost of power tools, according to the report. There are more details available from Research and Markets, if you purchase the report.
There’s no new data on fasteners in this report, however last year there were predictions that the Industrial Fasteners sector will reach US$83.8 billion by 2020.