A recent research report published by MarkNtel Advisors has projected a moderate CAGR for the Latin America Power Tools Accessories Market during 2022-27. Rapid urbanization, the surging demand for power tools across the rapidly expanding automotive, construction, aerospace & defense industries, and massive investments by both governments & private sectors in infrastructure developments are the prime aspects driving the power tools accessories industry in Latin America.
In addition, the increasing utilization of electric power tools, owing to their benefits like enhanced efficiency & mobility and faster job completion, across the automotive industry for different applications like production, assembling, maintenance & repair, packaging, etc., is another prominent factor projected to propel the growth of the Latin America Power Tools Accessories Market during 2022-27.
With Growing Demand for Convenience & Mobility, Electric Power Tools to Dominate the Market
The advent of more powerful battery technologies has led to the burgeoning demand for electric power tools powered with Lithium-ion (Li-ion) battery packs across both the residential & construction industries in Latin America. These batteries are small in size, lightweight, have a high energy density, & deliver better efficiency.
These characteristics of Li-ion batteries have been instrumental in significantly enhancing the performance of several products, especially cordless power tools, which are witnessing increasing adoption across different end-user verticals owing to their easy operation & mobility. Hence, these aspects shall lead to the dominance of electric power tools in the Latin America Power Tools Accessories Market through 2027.
The Rapidly Expanding Construction Industry to Boost the Mexico Power Tools Accessories Market
Mexico is witnessing a rapid rise in construction activities owing to increasing joint ventures among public & private sector companies, i.e., drawing substantial expenditure on infrastructural developments across both commercial & residential sectors. As a result, the ever-growing need for power tools for various applications in these sectors is fueling the growth of the Power Tools Accessories Market in Mexico.
Moreover, the surging demand for cordless power tools owing to their easy access & mobility in the automotive sector for vehicle manufacturing and repair & maintenance is another crucial aspect driving the market. Besides, the lack of cost-effective labor to cater to increasing construction activities has surged DIY activities in the country, i.e., leading to more & more production of power tools for easy & efficient operations.
The major companies in the Latin America Power Tools Accessories Market include Atlas Copco, Hilti Corporation, Enerpac Tool Group, Emerson Electric, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker, and Techtronic Industries.
Key Questions Answered in the Research Report