The Global Pneumatic Tools market is witnessing an astronomical growth owing to the factors such as rising demand in manufacturing & automotive industry, increasing adoption of pneumatic tools in industries such as construction, energy, aerospace, and introduction innovative energy efficient pneumatic power tools. Moreover, burgeoning use for wireless tools for household activities, snowballing investment in the construction and infrastructural development activities, coupled with launch of energy efficient pneumatic power tools and escalating application in automotive industry are some of the factors proliferating the growth of the market in the forecasted period.
Based on End-User, Non-residential segment acquired the majority market share in the Global Pneumatic market in 2019. This is due to strong growth in automotive sector, boost in the construction activities in the emerging countries and burgeoning use of the tools in several industries such as aerospace. Moreover, the residential sector is projected to grow at a robust rate over the forthcoming timeline owing to the increasing demand for pneumatic tools for household and DIY activities by the consumers.
North America accounted for the considerable share of the global pneumatic tools market in 2019. The US dominated the North America segment on account of launch of cordless pneumatic tools like wireless screwdriver, growth in manufacturing industry and burgeoning demand for commercial and passenger vehicle due to growth in consumer spending. Besides this, rapid industrialization and urbanization and snowballing growth in sectors such as construction, oil & gas are placing a positive impact towards the growth of the market.
The key players with a considerable market share in the Global Pneumatic Tools market are Stanley Black & Decker, Bosch, Techtronic Industries (TTI), Makita, Hilti, Atlas Copco, APEX Tool Group, Ingersoll-Rand, Snap-On, Koki Holdings etc.
No comments:
Post a Comment