Posted On: 2021-03-23
Concrete power tools acquired the largest revenue share in the power tools market of Thailand- 6Wresearch
Thailand power tools market witnessed a sluggish growth during the period 2017-2020, due to the outbreak of the COVID-19 pandemic; which has resulted in the halt of construction and developmental projects, business operations and manufacturing units. It has further caused supply chain disruptions due to the closure of international borders and stringent lockdowns imposed in the country which reduced the consumer demand for the product. However, recovery is expected in market revenues post-2020, with a gradual re-opening of the construction and manufacturing sector which would improve the economic conditions of Thailand resulting in an increased purchasing power of the consumers.
According to 6Wresearch, Thailand Power Tools Market revenue size is projected to grow at a CAGR of 9.0% during 2021-2027F. Expanding the construction industry, growing automotive vertical and spurring growth of the industrial sector; along with a rapid shift of consumer preferences from hand tools to power tools, would provide huge opportunities for the growth of the power tools market in Thailand during the forecast period. Global power tools giants like Makita, Ingersoll Rand, Bosch, etc., are working on several latest technologies for making high-end power tools with enhanced technology and innovation. Thus, the increasing industrial and construction projects along with government initiative for improving automobile, manufacturing and industrial sectors would bode well for Thailand power tools market in the forthcoming period.
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch, “In terms of technology type, electric power tools have emerged as a major market revenue shareholder in Thailand power tools market in 2020, as they are affordable, convenient, and easy to use as compared to pneumatic power tools. Electric power tools usage is currently growing at a very fast pace in Thailand, especially across the construction and industrial segments.
Moreover, a visible shift from corded to cordless power tools using lithium-ion batteries and dust control technology is seen among end-users. Hence, the cordless power tools segment is projected to witness substantial growth and high user acceptance during the forecast period owing to its certain key advantages such as portability, light-weight, and added-efficiency.” Alpana concluded.
According to Bhawna Singh, Research Associate, 6Wresearch, “Among verticals, industrial sector emerged as the dominant revenue share contributor in Thailand power tools market for the year 2020. The segment is projected to lead the market during the forecast period as well, attributed to forthcoming developmental projects and government policies towards industrial development in the country. An upsurge in manufacturing, oil & gas, metal, mining and utility segment would catalyse the growth of the power tools market in both countries during the forecast period.
Among market types, organized market acquired the largest revenue share in the Thailand power tools market in the year 2020 and this trend is likely to continue during the forecast period due to various advantages available to end-users which organized market offers, in the form of affordable and customer friendly repair and maintenance service, increased warranty, after-sales services, etc.” Bhawna further added.
Some of the major companies in Thailand power tools market include Robert Bosch Power Tools GMBH, Ingersoll Rand PLC, Makita Corporation, Stanley Black & Decker, Inc., Atlas Copco AB and Hilti Corporation.
“Thailand Power Tools Market (2021-2027F)” report provides an in-depth analysis covered in 70 pages. The report estimates and forecast Thailand power tools market by market type, technology, tool types and verticals. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.