- The key vendors in the power tools market in APAC are Bosch GmbH, Makita Corp., Stanley Black & Decker Inc. and Techtronic Industries Co. Ltd.
London, 08 May 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the power tools market in APAC 2015-2019. One of the latest trends emerging in the market is the increasing demand from emerging countries that will most likely provide an opportunity for sustained growth of power tool vendors. BRIC offers the highest growth potential, especially India, which is expected to grow at a significant rate during the forecast period. The power tools market in APAC is expected to grow at a CAGR of 5.03 % during the forecast period 2014-2019.
APAC has become a manufacturing hub for power tools, due to its strong growth potential, low manufacturing costs, availability of raw materials and workforce and favorable demographic conditions. China is the world’s largest exporter of power tools, as Chinese government offers incentives for exporting manufactured products from the country.
“More consumers have become self-reliant in maintaining their own households and a sharper focus on customizing home renovation and decoration has made users opt for power tools,” says Faisal Ghaus, Vice President of Technavio Research.
“With increased middle-class income levels, more people are accepting Do-it-yourself (DIY) as not only a means of reducing dependence on professionals, but also a hobby. Increased professional labor costs have also encouraged retail customers to choose DIY products.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
