UAE power tool market projected to reach over $163 million by 2024

UAE power tool market is projected to reach over $163 million by 2024, according to ResearchAndMarkets.com’s “UAE Power Tools Market (2018-2024): Market Forecast. As per the study, the market registered a healthy growth in revenues during 2014-17, owing to surge in demand for metal and concrete segment power tools. Drilling cordless tools with lithium-ion batteries under the metal segment tool type are majorly in demand due to its deployment in residential sector along with construction and automation sectors.

As per the report, UAE Vision 2021 and Abu Dhabi Vision 2030 would positively affect the growth of construction market, further boosting the deployment of power tools over the coming years. However, upcoming new commercial and residential projects coupled with increasing automotive sector and surging need for automation are some of the key factors which would further drive the market over the next six years.

Also, for upcoming World Expo 2020 more than $15.41 billion is expected to be invested by the UAE government for the expansion of existing and construction of new public and private infrastructures resulting in an increase in deployment of power tools in the country.

In UAE, Northern region held majority of the market share in term of revenues on the back of increasing construction activities in Dubai due to World Expo 2020, increasing vehicle sales and urbanization. Southern region is expected to register a healthy growth during the forecast period 2018-24 due to increase in infrastructural and railway projects in Abu Dhabi.

For the full report that covers the market of power tools by tool type, technology type, verticals and regions, opportunities/high growth areas and market drivers buy the full Research And Markets report here