The power tool can be demarcated as equipment actuated by a supplementary power source likewise electric motor, IC engines, and compressed air. The Power tools are optimized for numerous applications in construction, ship building, energy, and automotive industry. The power tools have several commercial and industrial applications likewise drilling, cutting, shaping, sanding, grinding, routing, polishing, painting, heating and so on. Such tools are often exists in various types and are simple to operator tools comprise hammer drills, electric screwdriver, and profligate screw guns. With ongoing research and development, industrialists are investing more in cordless power tools. This, in turn, is projected to impede the growth of the market.
Power Tools Market Research Reportstates that the Indian Power tool industry is an import influenced market with a great proportion of products imported around the country through regions such as China, Germany, UAE, Japan, Korea and numerous others. Foremost players frequently setup a plant around China but utilize German technology to built power tools equipment which is finally imported by India.
Power Tools Market Growth Forecastthat the power tools industry is a contractor driven market. The contractors buy the products depending on the applications such as drilling, breaking, and demolishing and numerous others. Before generating the purchase, the contractors also contemplates several parameters such as labor requirement since their job necessitates lot of labor work and the wages is paid on the hourly basis fluctuating from INR 100 to INR 120 per hour which is why they contemplate the labor and time saved by utilizing the power tools, labor required to practice the tools and the service costs linked with the usage of power tools since they demand services at consistent intervals.
The Indonesia electric power tools market is ascetically concentrated with the top 4 players responsible for the majority of the market share by revenue. Makita had the uppermost market share in the electric power tools market and is shadowed by Bosch, Hitachi and Stanley Black and Decker. Within the premium grouping of electric power tools, Makita had the principal share followed by Bosch, Dewalt, and others comprising Hilti, Metabo, and numerous others. In the medium sort of electric power tools, Makita’s brand Maktec had the leading market share monitored by Bosch, Hitachi, Stanley Black and Decker and others involving Metabo, Modern, and numerous others.
Further, the market has observed increased implementation owing to aspects such as rise in application of power tools in a multitude of industries such as automobile, construction, energy, aerospace, and numerous others. The requirement for power tools is largely propelled by the augment in adoption of electric power tools, and improvement of energy well-organized power tools. However, great purchase costs of electric power tools are projected to obstruct the growth of the market. On the other hand, augment in labor costs in the under developed regions such as Brazil, China, and India is predicted to boost the growth of the material handling equipment market, which in turn is captivating manufacturers to usage power tools to ensure great productivity. Therefore, in the near years, it is anticipated that the market of power tool will augment more proficiently over the coming years.
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Ankur Gupta, Head Marketing & Communications