South Korea Power Tools Market Research Report, 2028

South Korea Power Tools Market Research Report, 2028

Actual Market Research 30-01-2023 63 Pages Figures : 5 Tables : 14 Region : Asia-Pacific Country : Korea South Category : Manufacturing & Industry Machinery, Parts & Equipment

South Korea's growing manufacturing and automotive industries will drive market growth. Growing construction and infrastructure development activities in the region are important factors influencing power tool demand. Significant growth in end-use industries such as automotive, construction, and aerospace is expected to drive market demand. On the other hand, fluctuations in raw material prices and the availability of alternative tools impede growth to some extent. High-end technological advancements in tooling equipment, on the other hand, are expected to create lucrative opportunities in the industry. Power tool technology advancements, such as the development of electric power tools and cordless tools, are expected to provide superior performance over pneumatic tools. Power tool consumption is expected to rise as a result of these factors during the forecast period. Cordless electric power tools have revolutionized the automotive, construction, and other industries by reducing the effort and time required for simple operations such as screwing and drilling to more complex operations such as sawing and breaking. According to the research report, “South Korea Power Tools Market Research Report, 2028”published by Actual Market Research, the market is anticipated to add up to 0.47 Billion market size during the upcoming timeframe. During the forecast period, drilling and fastening tools are expected to account for the largest share of the power tools market by tool type. During the forecast period, the market for electric mode of operation tools is expected to grow at the fastest CAGR. Electric tools are plug-and-play, whereas cordless tools are simple to use, efficient, and convenient. End users prefer cordless tools over traditional tools due to their ergonomic benefits. The growing demand for lightweight, portable, flexible, and compact tools, as well as the growing DIY trend among homeowners, is driving the adoption of electric power tools for residential and DIY use. Material removal tools are expected to grow at a faster CAGR during the forecast period. These are end-effectors that are used to remove unwanted material from workpieces in order to achieve the desired shape. Sanders, polishers, buffers, air scalers, and grinders are examples of material removal tools used in industrial and residential applications. These tools are ergonomically designed for the users' comfort and safety. These tools are powered by either electricity or pneumatics. Cordless electric material removal tools are widely used in a variety of industrial applications, driving segment growth. Power tools covered of types such as transportable and stationary power tools and that are driven by electricity. Power tools are presented in numerous shapes and sizes and they are easy to operate. Different type of power tools such as drilling and fastening driving tools, demolition tools, sawing and cutting tools, material removal tools, and routing tools are used in several industries. Hammer drills, electric screwdriver, and fast screw guns are the most preferred power tools. Power tools have advantages over other tools such as high speed, more effective and high efficiency. Power tools are extensively used in numerous industries such as construction, aerospace, automobile repair and maintenance, electronics industry. Power tools have many applications in commercial and home establishments. The growing demand for more efficient, more powerful, and smarter products are increasing the demand for power tools from the automotive and construction sector. The increase in middle-class income and the young population are resulting in the development of the automotive industrial and maintenance industry. Power tool stores in South Korea include ACE Hardware, Geosangtul, Tulkes, Seogsan, Hyndai Hardware, and many others. Power tool manufacturing necessitates the use of resin as well as ferrous and nonferrous metals such as steel, zinc, copper, brass, aluminum, and nickel. Batteries, motors, brushes, belts, power cords, and other electronic components are also needed for these tools. The rising cost of materials, component parts, or finished goods may result in manufacturing interruptions, delays, inefficiencies, or the inability to market products. The widely fluctuating raw material costs also result in ineffective price management and fluctuating profit margins. These fluctuations in raw material prices raise the price of power tools and have an impact on sales, limiting the growth of the power tools market. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea Power Tools market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Tools Type: • Drilling and Fastening Tools • Demolition Tools • Sawing and Cutting Tools • Material Removal Tools • Routing Tools • Others By Mode of Operation: • Electric • Pneumatic • Others (Hydraulic) By Application Type: • Industrial • Residential The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Power Tools industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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