Recently, the international market for power tools has been displaying an extraordinary rise. The momentous upsurge in construction undertakings in developing nations, fired by the upturn in urbanization, has been heightening the call for power tools considerably. The tendency is anticipated to linger in the coming years and impact the global market prominently in due course. The global power tools market is predicted to grow progressively and is likely to mark remarkable returns of more than US$ 34 billion by 2020.
High precession and cutting-edge power tools are very important in the manufacturing of aircraft, and the assessed growth of the aerospace industry is prospective to have a constructive effect on the growth of the global power tools market. The rise in air shipping measure throughout the world, mostly in Asia, has occasioned in the great demand for aircraft delivery. Nations are viewing a continual increase in passenger movement. This increasing demand in the air freight transfer and passenger traffic will motivate the demand for aircraft in the upcoming years and, consecutively, will lead to the upsurge in the need for power tools from the aerospace industry.
Due to their numerous benefits, end-users from the construction and customer sectors have started favouring cordless tools over traditional tools. Still, the hefty weight of wireless tools and the battery discharge ratio of NI-cd are foremost disadvantages. This will tempt power tools manufacturers to use Li-ion batteries that take a much reduced charging time and are light in weight. As a result, the demand for power tools with Li-ion batteries is projected to increase in the forthcoming years.
Latin America, North America, Asia Pacific, Eastern Europe, Western Europe, the Middle East, and Africa are the most noticeable regional markets for power tools throughout the world. North America has gained the headship of this market and is narrowly trailed by Western Europe. Over the approaching years, while North America is estimated to maintain its position, Western Europe will undergo a decline in demand for power tools.
On the other hand, the Asia Pacific market for power tools, which held the third position in the global market in 2014, is expected to achieve substantial impetus in the coming years. Likewise, the markets in the Middle East and Africa are also estimated to record a high stridden escalation over the upcoming years, owing to the rapid infrastructural expansion in these areas.
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