The tools and components sector is at a mature stage of development. Companies within this sector are increasing their R&D activities to develop tools with improved features, functions, and ergonomic designs. Across the globe, the tools and components market is growing steadily as a result of market demand for cordless tools. Also, the demand for more energy-efficient and ergonomically designed building and construction tools has increased, and manufacturers are developing innovative and compact tools to strengthen their positions in a highly competitive business environment. Demand for cordless tools, like electric screwdrivers, drillers, saws, and sanders, will soon surpass the demand for traditional hand tools. Increasing mining activities worldwide, greater demand from the automotive sector, and more production of heavy machinery are all contributing to the growth of this sector.
Technavio’s tools and components domain provides deep insights for industry stakeholders that are interested in devising strategies to better position themselves in the markets for mechanical, electrical, and other professional tools.
Within this domain, Technavio’s portfolio of research reports covers welding equipment, power tools, pneumatic tools, modular instruments, iron and steel casting machinery, metal cutting equipment, electric drivers, seals, and bearings.