Asia Pacific Power Tools Market Outlook to 2025 Impact of COVID-19

Overview

Executive Summary

Positioning in Global Economy
Asia Pacific (APAC) share of global gross domestic product (GDP) in current USD increased from 26.3% in 2000 to 34.9% in 2019. Among all regions across the globe Asia Pacific ranking in terms of its share of global output improved from 3rd in 2000 to 1st in 2019.

Performance of Power Tools
The Asia Pacific power tools market is expected to achieve substantial growth between 2020 and 2026. India and China are the main contributors to the revenue of the power tool market in the Asia-Pacific region. The increasing popularity of wireless tools, that provides convenient mobility and no external power source, is driving the market growth.

Cordless power tools include various battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as staplers.
The demand for more mobile, flexible, and compact tools is driving the market for cordless tools. Lithium-ion batteries are replacing traditional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) power tools.

The power tools industry has a large number of products in its range making it a contractor-driven market due to the fact that it is difficult for the manufacturer to provide after sales services and maintenance service stations for each product thus selling through contractors increases their reach and so as on service level company’s liability reduces.

Asia Pacific power tools market has grown from USD ~ million to USD ~ million in 2019 driven by rise in construction activities in developing nations such as India, Philippines, Indonesia and also strong demand from China. China holds a majority share in the power tools market and in the recent past there have been several projects initiated thereby created demand for power tools. 

Owing to the high shelf life of hydraulic tools, the growth room is very limited for such tools. India as a developing country with limited capital resources has low adoption of these tools owing to the high cost. 

Scope of the Study
The report published by Makreo Research and Consulting Firm discusses power tools performance in the APAC market with a focus on China, Japan and India and assesses the future outlook of the industry. It assesses the market by segmentation including Electric Power Tools, Pneumatic Power Tools and Hydraulic Power Tools.

Assessment of COVID-19 impact is an important segment of the report that helps to understand the demand of power tools in near future. Report also studies macro economic environment of major economies of the region and recent trends and developments happening in the industry.

Key Questions Answered

• Demand prospects of Power Tools Market in Asian countries and assess the performance in major economies of the region. 
• Major driving forces that helped the industry to grow in the past and impact over future performance.
• Market positioning electric, pneumatic and hydraulic tools in the industry also study the market performance of cordless and corded electric power tools.
• Impact of novel coronavirus over the industry performance while studying performance Industrial, Residential and DIY markets. 
• To assess future expected developments in the market by measuring current progress.
• To analyse the latest trend & major challenges and to gain a regional perspective on the development of the market.