Thailand and South Korea Power Tools Market (2021-2027) | Industry, Share, Growth, Value, Revenue, Analysis, Size, Forecast, Trends, Outlook & COVID-19 IMPACT

Thailand and South Korea Power Tools Market Synopsis

Thailand and South Korea Power Tools Market is anticipated to witness notable growth during the forecast period. A rapid shift in consumer preference from hand tools to power tools on account of several factors such as better operational efficiency, durability, precision and convenience has resulted in significant demand for power tools in recent years. The majority of the demand for power tools in the Thailand and South Korea market could be witnessed in verticals such as construction, industrial, and transportation. However, the outbreak of the COVID-19 pandemic has brought a slowdown in market during the year 2020 as a result of a halt in the construction and industrial projects, business operations, manufacturing units and the stringent lockdown imposed across the country. Recovery is expected in market revenues post-2020, with a gradual opening of economic activities, restart of the construction activities and the manufacturing sector.

According to 6Wresearch, Thailand and South Korea Power Tools Market size is projected to grow at CAGR of 8.5% during 2021-2027. With expanding construction industry, growing automotive vertical and spurring growth of industrial sector; along with rapid shift of consumer preferences from hand tools to power tools would provide huge opportunities for the growth of Power Tools Market in Thailand and South Korea during the forecast period. This industry is the key part of the Asia Pacific Power Tools Market.

Attributed to the presence of a robust industrial sector in South Korea along with a rapidly growing residential sector, the power tools market in the country accounted for a major share in Thailand & South Korea Power Tools Industry. However, the Thailand power tools market is projected to exhibit highest growth rate on account of flourishing construction and industrial segments providing immense opportunities for the power tools demand in the country during the forecast period. This will help boosting the Thailand and South Korea Power Tools Market Share.

Market by Market Type

The organised market is dominating the revenue share in Thailand in the year 2020 and this trend is likely to continue during the forecast period due to various advantages available to end-users in the form of affordable and customer friendly repair and maintenance, market scope, after sales services, etc. As a result, the revenues of organised market would grow significantly in the near future.

Market by Technology

Thailand and South Korea Power Tools Industry is currently being dominated by electric power tools in terms of technology. Electric power tools are of two types, namely, corded and cordless. Electric-powered tools have revolutionized operational efficiency in the automotive industry as they save the time and efforts required for conducting various operations. Also, the introduction of powerful battery packs has resulted in the increased power of electric tools. In addition to these, the features such as light-weight and portability of electric power tools will help these tools to lead the market during the forecast period as well.

Market by Tool Types

In Thailand and South Korea, the concrete power tools type is anticipated to have highest revenue share during the forecast period. Concrete power tools such as demolition hammer and rotary hammer have wide applicability across the industrial, manufacturing and automotive sectors. Also, with ongoing construction projects in several sectors such as residential and non-residential, the market for concrete power tools is forecast to grow significantly in the forthcoming years.

Market by Verticals

The industrial sector is dominating the overall power tools market of Thailand and South Korea in terms of revenue share in the year 2020. This large market share is due to widespread use of power tools across sectors such as telecommunication, oil & gas, power plants, metal & mining, and various other industrial sectors. However, due to the increasing demand for power tools in the transportation segment, the others vertical is likely to witness significant growth during the forecast period.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2017 to 2020.
• Base Year: 2020.
• Forecast Data until 2027.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Thailand and South Korea Power Tools Market Overview.
• Thailand and South Korea Power Tools Market Outlook.
• Thailand and South Korea Power Tools Market Forecast.
• Thailand and South Korea Power Tools Market Size and Thailand and South Korea Power Tools Market Forecast for the Period, 2021-2027F.
• Historical data and forecast of Thailand Power Tools Market Revenues and Volume, for the Period, 2017-2027F.
• Historical data and Forecast of Thailand Power Tools Market Revenues and Volume, By Market Types, for the Period, 2017-2027F.
• Historical data and Forecast of Thailand Power Tools Market Revenues and Volume, By Tool Types, for the Period, 2017-2027F.
• Historical data and Forecast of Thailand Power Tools Market Revenues and Volume, By Technology, for the Period, 2017-2027F.
• Historical data and Forecast of Thailand Power Tools Market Revenues and Volume, By Verticals, for the Period, 2017-2027F.
• Historical data and forecast of South Korea Power Tools Market Revenues and Volume, for the Period, 2017-2027F.
• Historical data and Forecast of South Korea Power Tools Market Revenues and Volume, By Market Types, for the Period, 2017-2027F.
• Historical data and Forecast of South Korea Power Tools Market Revenues and Volume, By Tool Types, for the Period, 2017-2027F.
• Historical data and Forecast of South Korea Power Tools Market Revenues and Volume, By Technology, for the Period, 2017-2027F.
• Historical data and Forecast of South Korea Power Tools Market Revenues and Volume, By Verticals, for the Period, 2017-2027F.
• Market Drivers and Restraints.
• Thailand and South Korea Power Tools Market Trends.
• Industry Life Cycle and Value Chain Analysis & Ecosystem.
• Porter’s Five Forces Analysis.
• Thailand and South Korea Power Tools Market Share, By Companies.
• Thailand and South Korea Power Tools Market Opportunity Assessment.
• Thailand and South Korea Power Tools Market Overview by Competitive Benchmarking.
• Company Profiles.
• Key Strategic Recommendations.

Market Scope and Segmentation

Thereportprovides a detailed analysis of the following market segments:

Market by Market Type

• Organized Power Tools Market
• Unorganized Power Tools Market

Market by Technology

• Electric Power Tools
  • Corded Power Tools
  • Cordless Power Tools
• Pneumatic Power tools

Market by Tool Types

• Material Power Tools
• Concrete Power Tools
• Metal Power Tools
• Other Power Tools

Market by Verticals

• Construction
• Residential
• Industrial
• Others (Defence, Transportation, etc.)