A new research report by Persistence Market Research is based on the market analysis of the current and prospective growth conditions for various types of portable tools. The report is titled ‘Portable Tools Market Global Industry Analysis 2013–2017 and Forecast 2018–2026’ and highlights global as well as regional market scenario of portable tools. According to the analysis presented in the report, the global portable tools market is expected to grow at a CAGR of 4.4% during the forecast period 2018-2026.
The market is anticipated to hold a market value of over US$ 86,600 Mn by 2018 end, which will possibly cross a value of over US$ 1, 22,000 Mn by the end of 2026.
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Global Portable Tools Market: Dynamics
An evidently growing trend of DIY (do-it-yourself) has been identified to be a key factor driving the growth of portable tools market globally. Successful emergence of this trend is attributed to extensive availability of better tools in the marketplace and easy access to social media and online informative content, which results in growing interest among people and an upsurge in the number of people experimenting various DIY activities using portable tool kits.
A growing number of manufacturers are focusing more on making a number of advanced and attractively designed tools available in the market in order to capitalize on the DIY trend. Some of the key companies in the global portable tools market are channelizing their efforts towards strengthening their distribution channels, in addition to focusing on online sales by signing an agreement with different online portals.
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Global Portable Tools Market: Manufacturing industry to emerge most lucrative end use segment
The coming years are expected to witness industrial segment as the leading end user of portable tools. The growth is majorly contributed by high demand from manufacturing industry which is expected to grow at a moderate CAGR of 4.7% during the forecast period. The report has also revealed that Europe will hold a high market value for portable tools, whereas China will be a dominant region in the global market with an estimated CAGR of 5.5% during the forecast period.
Strong construction activities across the U.S., China, and India will contribute significantly to the portable tools market growth. The volume of construction output is pegged to grow by more than 70% worldwide by 2026. The report anticipates major growth to be concentrated in China, India, and the U.S.
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