Market Trends of Power Tools Industry
Rise in Global Construction and Infrastructure Development Activities
The global construction industry is expected to grow from USD 15.17 trillion in 2022 to USD 18.96 trillion in 2024. The APAC region accounts for around 40% of the market, followed by Europe and North America. Countries such as the United States and India aim to invest considerably in infrastructure development.
Significant technical breakthroughs in infrastructure development, as well as rising demand for low-carbon, ecologically friendly structures, are additional major drivers driving the global construction industry forward. Another factor projected to boost construction industry growth is better economic circumstances in emerging nations, which leads to more consumer disposable income and increasing government investment in public infrastructure.
One of the primary reasons driving market expansion is the rising need for public infrastructure in emerging markets like Brazil, Russia, India, China, South Africa, and the nations of the Cooperation Council for the Arab States of the Gulf. The two most populous countries, China and India, also have the fastest-growing economies. Governments have been forced to invest more in infrastructure development due to rising populations and urbanization.
Australasia has made the most significant recovery from the pandemic. The region's score on GlobalData's Construction Project Momentum index has when it comes to infrastructure projects, going from an average of 0.47 at the height of the pandemic (March-December 2020) to 1.25 in January 2022. North-East Asia has seen the greatest improvement, with its score on the index rising from 0.33 in December 2021 to 0.64 in January 2022.
Increasing Demand of Power Tools in The Automotive and Manufacturing Industries
Manufacturers in high demand during the pandemic must devise unique solutions to meet customer satisfaction while protecting employees. Paper providers have experienced a 20% spike in orders during the epidemic, with anxious people stockpiling toilet paper for fear of being trapped indoors without it.
The majority, 65%, are looking to new technology, such as data analytics, to help them adjust to surges in demand and guarantee their manufacturing is more efficient and adaptable. Over 40% of those attempting to use technology to achieve capacity gains cited gaps in their technology and a lack of competent labor as hurdles.
EV demand to increase at its current rate, the industry would require 200 new giga-factories by 2030, in addition to the 130 giga-factories that now exist, totaling more than USD 400 billion in deployed capital. Several of the new factories would very certainly be located near Manufacturers to cut lead times and inventory needs. Furthermore, because battery cells can cost more than USD 7,000 per car, the pipeline inventory value for globally supplied batteries would be quite significant.
