Power Tools Market Forecast to 2030

The Power Tools Market Study was developed as a result of extensive primary and secondary research, qualitative analysis, and quantitative analysis of significant market segments. Business experts have also acknowledged and verified the clever information. The report's objective is to provide more details on the general market environment for Power Tools.

The global power tools market size was USD 25.79 Billion in 2021 and is expected to register a revenue CAGR of 4.5% during the forecast period, according to the latest analysis by Emergen Research. Rising construction and manufacturing industries, especially in emerging countries, and rising usage of cordless power tools are some of the key factors driving revenue growth in the market.

The growing utilization of various types of cordless power tools, such as hammer drills, sawing blades, impact wrenches, staplers, and nailers, is contributing to the rapid growth of the market. The rising need for more adaptable, flexible, and compact tools is increasingly driving demand for cordless power tools. Traditional nickel-cadmium (Ni-Cd) and Nickel-metal Hydride (Ni-MH) battery packs are replaced with lithium batteries in power tools. In addition, rapid advancements in battery technology have led to a surge in the utilization of high-density battery packs in cordless power tools, thereby enabling better operational time after every recharge. On April 13, 2022, Makita U.S.A., Inc., which is one of the leading manufacturers of high-quality professional tools and accessories, expanded its cordless woodworking solutions with the 18V LXT 1/3 Sheet Finishing Sanders (model XOB03). The sander is designed to provide the power and performance of a corded version but without the cord and powered by an efficient brushless motor, enabling a convenient wood finishing solution for the user.

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The global Power Tools market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Power Tools industry is witnessing an expansion and change of dynamics owing to the entry of several new players.

The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

Apex Tool Group, LLC., Emerson Electric Co., Ingersoll Rand, Atlas Copco, Robert Bosch GmbH, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd., Hilti Group, Makita Corporation, and Koki Holdings Co., Ltd

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Some Key Highlights From the Report

The electric segment accounted for a significant revenue share in 2021 owing to ease of flexibility and effectiveness of operation of electric tools. Introduction of powerful batteries has led to an increasing demand for electric tools. Electric power tools are utilized in sectors such as automotive, construction, aerospace, and energy owing to various benefits such as better performance, speed, efficiency accuracy, and convenience. Rapid urbanization and industrialization are some of the factors increasing demand for electric power tools.

The drills segment accounted for a significant revenue share in 2021. Electric drilling and fastening equipment is used by professionals and Do-It-Yourselfers (DIY). Drills are used in both residential and industrial applications since these are easy to operate and cost-effective than other power equipment. Surging demand for drills as primary maintenance and repair equipment is also another factor contributing to growth of the market.

The industrial segment accounted for largest revenue share in 2021. Increasing technical innovation and implementation of advanced technology by these industries are expected to drive revenue growth of the segment. Rapid shift towards usage of power tools as well as various innovation, such as brushless motor technology, which provides less friction, longer motor-life, less voltage drops, and better performance are some of the major factors increasing demand for power tools in manufacturing and construction plants.

The North America market is expected to register a significant growth rate over the forecast period. Growing industrial and infrastructural development in addition to lack of cost-effective labor leading to rapid adoption of DIY activities are some of the key factors significantly driving revenue growth of market in this region. Presence of primary companies with increasing development and innovation activities for improvement of existing tools is another major factor contributing to growth of the market.

Market Overview:

The report bifurcates the Power Tools market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

Mode of Operation Outlook (Revenue, USD Billion; 2019-2030)

Electric

Cordless

Corded

Pneumatic

Others

Product Outlook (Revenue, USD Billion; 2019-2030)

Wrenches

Grinders

Drills

Saws

Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Industrial

Residential

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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.

Regional Analysis Covers:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.

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