Increased investment in housing, growing automotive production and sales, plus worker safety regulations are helping drive the international fastener power tools market, according to a new report from Persistence Marketing.
The research found that the sector – worth US$ 2.4 billion in 2017 – is expected to record a CAGR of 6.9% over 2018-2026 to US$ 4,096.1 million.
The report said Europe accounts for a 32.8% value share in the global fastening power tools market by 2018 end and the continent will retain a majority share of the market during the period.
However, emerging markets are creating demand for fastening power tools as they modernise infrastructure and become manufacturing hubs, not least in China, Brazil and South Africa.
Despite the long-term positive outlook, the global fastening power tools market is expected to face some challenges, not least in pricing competition. Increased automation in production is also thought to be another factor that may impact the demand, according to the market researchers.
The report also noted that demand for corrugated fasteners is expected to expand at a significant growth rate in value terms in the run up to 2026.
Persistence Marketing’s report also pinpointed some of the key companies operating in the global fastening power tools market, including Makita, Hitachi Koki Co, Fein GmbH, DEWALT, Hilti, Xindalu Electronic Technology Co and Wacker Neuson SE, among others
More details are available via Persistence Marketing.