In 2022, the size of the rental market for Compact Power Equipment was estimated to be worth US$ 107,234.1 million. The market’s main growth drivers are anticipated to be the rising market value and variety of applications.
Compact power equipment rental as a whole is anticipated to grow at a strong CAGR of 6.7% between 2022 and 2032, reaching a value of about US$ 204,453.2 Million by the end of that year.
Compact power equipment includes all tools required for lighter construction jobs. The equipment is small in size and used in developing products with more ease and convenience. These compact power tools are of several types, such as engine-driven power tools, electric power tools and pneumatic power tools. They are used for various operations, such as drilling, polishing, woodwork routing and screw driving.
Compact tools are primarily used for construction-related jobs. These tools are used at construction sites for activities like drilling, hammering, cutting, grinding, washing and blowing types of equipment. Compact power tools are lightweight, small, and easy to handle and transport. However, they are more complex to handle than the commonly used hand tools and require skilled labour, and regular maintenance to avoid tool wear.
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The global compact power tools rental market is expected to grow at a steady rate, as the demand for power tools is on the rise in developing countries. Drivers responsible for the growth of the power tools rental market include increasing demand for the fast accomplishment of projects and increasing infrastructural development activities in developing regions like Asia, where construction companies rent the tools from power tool companies as they cannot afford to invest in power equipment. The challenges ahead include continuous maintenance and the high cost of equipment. Many a time, clients who borrow equipment from companies, damage the tools, which is also a major concern for the power tool rental market.
Segmentation of the compact power tools market is done based on types and geography. Compact tools are of various types like electric power tools, engine-driven power tools and pneumatic power tools. Wherein electric power tool includes cordless tools, drilling & demolition, screw-fastening tools, direct fastening tools, cutting/sawing/grinding tools, dust extractors, glue and heat guns, high-pressure washers and blowers. Key geographic segments for the compact power tools market include North America, Latin America, Asia-Pacific and EMEA (Europe, the Middle East & Africa) region. Asia-Pacific is the most prominent region for compact power tools companies owing to increasing construction and infrastructural development activities in countries like India, Japan and China.
Key trends in the compact power tools market are increasing competition from Chinese manufacturers as Chinese vendors are penetrating this market with their tools at competitive prices as compared to other vendors.
Of the many players in the compact power tools market, Makita Corporation, Bosch, Stanley Black & Decker and Techtronic Industries are the dominant leaders. Other important players include Hilti Group, Panasonic Corporation, Emerson Electric Company, Snap-on Inc., etc. Mergers & acquisitions of key players provide opportunities to expand their product portfolio.
In North America, Bosch acquired SPX Corporation’s Service Solution business which manufactures, develops and sells service equipment and repairs workshop accessories. In Europe, Techtronic Industries acquired Ryobi’s power tools business and Royal Appliance Manufacturing Company, a market leader in North America which develops, markets and assembles cleaning appliances such as vacuum cleaners for domestic as well as commercial use. Emerson Electronics decided to focus on acquisitions and divestitures to increase investment in technology and also have a strong focus to acquire the market in developing countries. This is also because of decreasing demands for their products in Europe and market saturation in the U.S. and China.
The future of compact power equipment is very attractive due to an ever-increasing demand for compact power tools. Due to the saturation of developed markets like Europe, the U.S. and China, players in this market are now moving their focus toward developing or emerging nations.
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This research report presents a comprehensive assessment of the compact power equipment market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market types and geography. The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Technology
- Value Chain
Regional analysis includes
- North America
- Latin America
- Asia-Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. It provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Compact Power Equipment Rental Market
Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
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