Electric power tools by technology, accounted for the largest revenue share in the Thailand and South Korea Power Tools Market – 6Wresearch
The Power Tools Market in Thailand and South Korea is dominated by electric power tools by technology. There are two kinds of electric power tools available in the market which are corded and cordless. These power tools in the market provide efficiency in the automotive sector since they save the efforts and time which is needed for conduction many operations. 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.
According to 6Wresearch, Thailand and South Korea Power Tools Market size is projected to grow at CAGR of 8.5% during 2021-2027. Most of the power tools in Thailand are imported from other countries, majorly from China and Japan, due to lack of domestic manufacturing of such equipment in the country; whereas in South Korea, there are well-established domestic players of power tools who already have global presence. In South Korea, many globally renowned companies have their own manufacturing facility making the distribution of power tools easier in the country. The sector is projected to propel well in the near future.
According to Ravi Bhandari, Research Head, 6Wresearch, the concrete power tools segment dominated the market due to its increasing utilization in industrial, construction and residential sectors. Wood working segment accounts for a low market share owing to its utilization majorly in residential construction industry, however, a significant growth is anticipated in the future owing to its application in furniture market of Thailand which is expected to bloom in the near future.
The industrial segment by verticals, acquired dominant revenue share in the market owing to power tools usage throughout numerous industries including mining & metals, oil & gas, manufacturing, cement and others. Construction segment would exhibit healthy growth in future due to upcoming investment and projects in the above said vertical which would further boost the power tools market in the forecast period.
“The Thailand and South Korea Power Tools Market (2021-2027)” report provides an in-depth analysis with 63 figures and 23 tables, covered in 148 pages. The report on The Power Tools Market in Thailand and South Korea comprehensively covers the industry by market type, technology, tool types, and verticals. The report provides a detailed and unbiased analysis of the on-going growth drivers, opportunities/high growth areas, as well as trends of the industry which are estimated to support the stakeholders to meet and devise their market strategies as per the latest and future market dynamics.
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