Latin America Power Tools Market

Latin America Power Tools Market Analysis Report (2021 - 2026)

The Latin America Power Tools Market is anticipated to grow in a significant way during the forecast period. It is estimated that the power tools market in Latin America is growing at a CAGR of about 5% over the outlook period of 2022 - 2027.

A power tool is the devices that can get actuated by the additional power source or the mechanisms that are not solely utilized by manual labor or hand tools. Major types of power tools are internal combustion engines and compressed air. And the steam engines, direct burning of fuels and propellants, such as in powder-actuated devices, or even natural power sources like wind or water are included in other power sources. Generally, tools directly driven by animal power are not considered as power tools.

The growth of the target market in this region is attributed to the recovering construction industry collectively with rapid urbanization in the countries of this region.

Recent Developments

• Snap-on Incorporated, a leading global innovator, manufacturer, and marketer of tools, equipment, diagnostics, repair information & systems solution, has scheduled to present at the Merrill Lynch 2020 Consumer & Retail Technology Conference held by Bank of America. 

• Ingersoll-Rand Plc, also known as Trane Technologies which is a manufacturing company formed in 1905 with the merger of Ingersoll-Sergeant Drill Company and Rand Drill Company, has launched Following IR Spin-of. 

Drivers and Restraints of Latin America Power Tools Market

The surge in the construction industry, coupled with the rapid urbanization and an increase in public-private partnerships are the significant drivers of growth in the Latin American Power Tools Market.

However, factors like fluctuation in the prices of the goods and high maintenance costs are the major challenges that are limiting the growth of the power tools market in Latin American.

Market Segmentation of Latin America Power Tools Market

• By Tool Type: Drilling & fastening tools (Drills, Impact Drivers, Impact wrenches, Screwdrivers and nut runners), Demolition tools (Rotary hammers, hammer drills, and demolition hammers), Sawing and cutting tools (Jigsaws, Reciprocating saws, Circular saws, Band saws, and Sheers and nibblers), Material removal tools (Sanders/polishers/buffers, Grinders; Angle grinders, Die and straight grinder; Routing Tools; Routers/planers/joiners), Others (measuring and layout tools, laser tools, dust extractors, glue guns, and heat guns).

• By Operation: Electric and Pneumatic. The Electric segment is further sub-segmented into Corded Tools and Cordless Tools.

• By Application: Industrial and Residential. The Industrial sector is further divided into Aerospace, Construction, Automotive, Energy, and Others.

• By Region: Latin America Underwater Connectors Market includes Brazil, Mexico, Argentina, Chile & Rest of LATAM. In the regional analysis of the Latin America Power Tools Market, Mexico has garnered a significant share of the target market's revenue in this region followed by Brazil. The growth of the power tools market in Mexico is due to the rising number of partnerships between the public and private sectors, which are leading to the growth in advancements based on infrastructure and construction.

The key players of the Latin America Power Tools Market include Stanley Black & Decker (US), Techtronic Industries (Hong Kong), Robert Bosch (Germany), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), KOKI Holdings (Japan), and Snap-on Incorporated (US)