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 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 of the market.
Surging demand for electric fastening tools in industrial sectors is a key factor driving power tools market revenue growth. Growing utilization of various types of cordless power tools, such as hammer drills, sawing blades, impacting wrenches, staplers, and nailers, is contributing to rapid growth of the market. 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 has led to a surge in utilization of high density battery packs in cordless power tools, thereby enabling better operational time after every recharge.
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The report offers these individuals a vivid description of the competitive spectrum of the global Power Tools Market .The global health emergency has beleaguered the global economy, thereby disrupting this particular business domain’s functioning mechanism. It assesses the present market scenario and forecasts the pandemic’s aftermath in this business sector to help organizations boost their COVID-19 preparedness.
Power Tools Market : Competitive Landscape
The prominent players operating in the Power Tools Market are profiled in-depth in the report and their strategies, collaborations, and product innovations. The analysis of the key players and their strategies to fortify their presence in the market impart a better understanding of the competitive landscape of the Power Tools Market .
Some of the prominent players operating in the market are:
Apex Tool Group, LLC.,
Emerson Electric Co.,
Ingersoll Rand,
Atlas Copco,
Robert Bosch GmbH,
Stanley Black & Decker,
Techtronic Industries Co., Ltd.,
Hilti Group,
Makita Corporation,
and Koki Holdings Co., Ltd.
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The Power Tools Market report takes a closer view of the global Power Tools Market share, estimated growth rate, future market trends, entry-level barriers, fundamental market drivers, restraints, challenges, and opportunities. The report clearly defines Power Tools Market position on a global level. The detailed insights into the market’s geographical spectrum offered by the report make it an excellent source of knowledge about the Power Tools Market .
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.
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Emergen Research has segmented the global power tools market based on mode of operation, product, application, and region:
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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Regional Bifurcation of the Power Tools Market Includes:
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)
Key questions answered in the report:
What will be the development pace of Power Tools Market ?
What are the key factors driving the Global Power Tools Market ?
Who are the key manufacturers in the market space?
What are the openings, hazards, and outline of the market?
What is sales, revenue, and price analysis of top manufacturers of Power Tools Market ?
Who are the distributors, traders, and dealers of Power Tools Market ?
What are the Power Tools Market opportunities and threats faced by the vendors in the Global Infrared detector industries?
What are deals, incomes, and value examinations by types and utilizations of the market?
What are deals, income, and value examinations by areas of enterprises?
Highlighting points of Global Power Tools Market Report:
The Power Tools Market report provides an exhaustive qualitative and quantitative analysis that will provide insight into the industry.
This Power Tools Market insight includes data from significant participants such as marketers, industry experts, and investors.
The Power Tools Market report’s objective is to provide an exhaustive perspective from all stakeholders for young marketers and entrepreneurs.
Trends and drivers are discussed in the Power Tools Market Report
The global Power Tools Market report delivers an overview of the global competitive environment.
It provides details about the market, its share, and revenue.
The Power Tools Market research study recognizes the major growth regions, with the Asia Pacific leading during the forecast period.
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Table of Contents:
Chapter 1 includes an introduction of the global Power Tools Market , along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.
Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.
Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.
In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.
Chapters 5 and 6 have laid emphasis on the infrared detector market segmentation based on product type and application
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