Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Electric Tile Cutter Market - Insights
The global electric tile cutter market was valued at US$ 145.7 Mn in 2017, and is expected to exhibit a CAGR of 5.9% over the forecast period and reach US$ 257.3 Mn in 2027. Asia Pacific accounted for the largest revenue share in the global electric tile cutter market in 2018. The market in India is expected to grow at a significant rate over the forecast period, followed by Rest of Asia Pacific. This growth is attributed to growing urbanization and population explosion in the region, which is expected to boost the number of construction activities during the forecast period.
The Asia Pacific market is witnessing high growth due to rising infrastructural development, increasing disposable income, and growing construction industry in countries such as India, China, and Japan. For instance, in June 2018, the Asian Infrastructure Investment Bank (AIIB) announced an investment of US$ 200 million in the National Investment & Infrastructure Fund (NIIF).
Growing construction industry is one of the key drivers boosting the market growth
The construction industry is undergoing rapid transformation due to advancements in tools and equipment that are used in construction process.
Tile cutting equipment is one of the power tools that are in high demand due to availability of extensive range of tile sizes that are used across residential, industrial, and commercial industries. Moreover, increasing construction activities and rapid urbanization are two major factors that are boosting growth of electric tile cutter market. Electric tile manufacturers are focusing on product launches and innovation strategy, in order to strengthen their foothold in the electric tile cutter market. Manufacturers are focused on innovative offerings and have introduced tile cutters with robust design and advanced features. Therefore, growing construction industry is expected to boost growth of the electric tile cutter market, globally.
Figure1. Global Electric Tile Cutter Market Share (%), by Region, 2018 & 2027
Source: Coherent Market Insights, 2018-19
Europe Electric Tile Cutter Market Scenario:
Europe is expected to witness significant growth due to the rapidly growing real estate sector, which includes construction of residential buildings as well as increasing remodeling and renovation activities. For instance, in November 2017, the National Energy Efficiency Action Plans (NEEAPs) announced plans to raise investments for renovation of residential, public, and commercial buildings in Europe region, which includes shopping centers, hotels, hospitals, offices, restaurants, garages, and stores. Moreover, in 2018, the government of Germany announced its plan to construct around 1.5 million housing units by 2021. Furthermore, growing commercial sector, increasing disposable income, and changing trends in home furnishing and lifestyle are factors that are expected to increase demand for tiles and in turn drive growth of the electric tile cutter market over the forecast period in this region. Key players are focusing on various strategies such as new product launches, in order to expand their geographical presence. For instance, in February 2018, GERMANS BOADA SA (RUBI UK LTD.), a Europe-based manufacturer and distributor of cutting equipment and tools, announced the launch of its RUBI DU-200 EVO 850 Electric Cutter, which is designed for renovation and light work. Such factors are expected to increase demand for electric tile cutters in Europe during the forecast period.
Household segment is expected to witness highest growth rate in the electric tile cutter market during the forecast period
Household segment is projected to exhibit CAGR of 5.8% over the forecast period. Electric tile cutters are designed to cut tiles according to the area of the household such as kitchens, bathrooms, and galleries among others, where the tiles are to be fitted. By using electric tile cutters, it is easier to cut tiles in a particular shape and size suitable for walls and floors. Tiles are an important part of the home interior, and consumers’ preference for different types of tiles can vary depending on the household area such as kitchen, bathroom, flooring, walls, and backsplashes. For instance, there are various types of tiles that are specifically used for kitchen floors, kitchen walls, and kitchen counters such as tiles made from stone, ceramic, quarry, cork, porcelain, glass, vinyl, and bamboo. Glass tiles are mostly useful for backsplashes. Ceramic, porcelain, and quarry tiles are commonly used for counters and floors.
Figure2: Global Electric Tile Cutter Market Value (US$ Mn) Analysis and Forecast, by Household (2017-2027)
Source: Coherent Market Insights, 2018-19
Global Electric Tile Cutter Market: Key Players
Major players operating in the global electric tile cutter market include iQ Power Tools, GERMANS BOADA SA (RUBI UK LTD.), Brevetti Montolit S.p.A., Norcros plc, Q.E.P. Co., Inc. (Vitrex), Jack Sealey Ltd., Laptronix, CORTAG, and DEWALT.