Power Tool Gears Market: Introduction
Power tool gears are very integral component of power tools, whose basic function is to provide transmission in the tool. Power tool gears are available in different type of sizes according to end use application. Power tool gears have different type of shapes such as helical, spiral, among others. Power tool gears are made up of stainless steel or tough alloy body in order to affording extend durability and high quality finishing. Power tool gears has proper segmented edges that provides successful transmission in the tool.
In current scenario, due to rapid modernization and demand of do it yourself (DIY) from domestic to commercial sectors, significantly increases the demand for power tools which in turn boost the growth of power tool gears market.
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Power Tool Gears Market: Market Dynamics
In emerging economies, labor costs are usually low as compared to automated tools and systems. However, with the increase in production and operation process rates, preference of automated tools over manual labor has been envisaged by the manufacturers. Over the next five years, the global power tools industry is projected to be valued at US$ 25.7 Bn due to increasing demand from emerging markets, specifically due to rapidly growing residential construction work in China and India. This factor is expected to boost the growth of power tool gears market. Improving economic conditions and rapid urbanization in emerging markets leads to the growth of the said market. Moreover, power tools are widely used to manufacture and assemble automobiles. Globally, the automotive industry has been enjoying a period of relatively strong growth and profits, consequently fuelling the demand for power tools, which in turn accelerate the growth of power tool gears market. Another reason which can be advocated for the favorable demand of power tool gears market is the scope of repair and replacement involved in the existing units.
Incessant competition between tool manufacturers is inhibiting growth of the Power Tool Gears market to a large extent. Moreover, evidence that imported steel prices are falling, and falling unfairly, can be witnessed from the declining imports and rapid growth in the number of unfair trade complaints filed in the U.S. during 2014, this factor is expected to adversely affect the growth of power tool gears market.
Power Tool Gears Market: Segmentation
Power Tool Gears market can be segmented by product type, by end use and by sales channel:-
On the basis of product type, power tool gears market can be further segmented:
- Bevel Gears
- Hypoid & Others
- Spur & Helical Gears
On the basis of end use, power tool gears market can be further segmented:
- Impact Drivers
- Impact Wrenches
- Air Ratchets
- Impact Drivers
- Impact Wrenches
- Dust Extractors
On the basis of sales channel, power tool gears market can be further segmented:
Power Tool Gears Market: Regional Overview
Power tool gears market is expected to grow with relatively high growth rate in the emerging & developing economies of the world. In Asia Pacific, countries such as India and China are growing significant growth rate, owing to rapid growth in industrial & commercial sector. Moreover, in developed economy of Asia Pacific such as Japan, power tool gears market is estimated to grow, owing to increasing demand for power tools. Increasing trend of do it yourself (DIY) in the developed regions such as North America and Western Europe are expected to propel the demand for power tools which in turn boost the growth of power tool gears market. Growing industrialization and urbanization in Middle East & Africa, indirectly affect the growth of power tool gears market over the forecast period. Other regions such as Eastern Europe and Latin America are anticipated to the growth of power tool gears market at moderate CAGR over the forecast period.
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Power Tool Gears Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Power Tool Gears market includes:
- Pragati Transmission Pvt. Ltd
- Niranjan Engineering Company
- Power Transmission Engineering
- Precision Gears
- Rochester Gear Inc.