Power tools involve a broad range of devices, from the hand-held machine drills to hydraulic presses and pneumatic tools. Power tools may be effectively utilized for a variability of applications, such as household tasks, construction, gardening, and several others. The effective augment in the demand from the industrial segment, increasing requirement from the professional sector, and increasing utilization of power tools for DIY & household activities are the major drivers of the power tool markets. Whereas, power tools market growth forecast states that the Philippines Electric Power Tools market is an import effectively propelled market which is at its early growth stage. The Power Tools market in terms of revenue has augmented at a positive CAGR throughout the period of 2012-2018. This growth was simplified by the increasing economy of the region, especially the construction industry along with growingrequirement from industrial and residential segment in the country. The electric power tools have a noteworthy share in the entire power tools market in Philippines.
The customers in the market are price sensitive and shortage awareness about the prominence of power tools which has occasioned in low penetration in the market. Electric Power Tools are effectively utilized by both local manufacturers and construction corporates in the country. However, people choose purchasing from conventional players when compared to local producers due to trust in superiority of products and their prevailing brand image. Hence, the established players have mainstream share in the power tools market.
Although, the power tools market has had a damaging effect during recent months as a result of the lockdowns executed in most countries around the globe. Such lockdowns have occasioned in a temporary halt to the construction of power tools since the outbreak of the pandemic during December 2019. The lockdowns compulsory also restricted household tasks, construction, gardening, and repair services demanding power tools as the foremost equipment, thus disturbing the market for power tools, which are dissimilar forms of tools and mechanical devices functioned utilizing a power source and mechanism and cannot be functioned manually.
Usually, such could involve electric motors and compressed or internal combustion engines. Power tools include many forms of devices, from hand-held machine drills to hydraulic presses and pneumatic tools. The Power tools may be utilized for different uses, such as automobiles, household tasks, construction, gardening, and several others. The occurrence of COVID-19 had a negative impact on the market for power tools, but the requirement for such products is projected to rebound during the coming months as several governments are planning to lift the lockdowns in a phased way.
Whereas, Robert Bosch Tool Corporation, Hitachi Koki Co. Ltd, Husqvarna, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Co. Ltd, Snap on, Festool (TTS), Hilti Corporation, Otto Baier GmbH and several others are the global power tool manufacturers.
The Indonesia electric power tools market is abstemiously concentrated with the top 4 players registering for the mainstream of the market share by revenue. Makita had the greatest market share in the electric power tools market and is shadowed by Bosch, Hitachi and Stanley Black and Decker. Within the premium group of electric power tools, Makita had the major share followed by Bosch, Dewalt, and others involving Hilti, Metabo, and several others. In the medium category of electric power tools, Makita’s brand Maktec had the major market share shadowed by Bosch, Hitachi, Stanley Black and Decker and several others involving Metabo, Modern, and several others. Moreover, the tranquil of availability and compactness of electric power tools stimulate their execution even in ordinary everyday applications involving drilling, sawing, and cutting, which in turn boosts the worldwide power tools market growth.
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Ankur Gupta, Head Marketing & Communications