Power Tools Market is expected to foresee significant growth. Asia- Pacific is expected to lead the growth!
- Vikas Kumar
- July 30, 2022
- ENERGY & POWER, NEWS
- Power Tools Market, Power Tools Market Forecast, Power Tools Market Growth, Power Tools Market Share, Power Tools Market size, Power Tools Market Trend
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The Power Tools market is expected to grow at a CAGR of around 5% throughout 2021-2027. This is mainly due to advancements in electric power tools that have revolutionized the way of working, by providing ease and saving time of operation. Thus, the diverse functionality of these tools makes them suitable for use in various applications including professional, residential, and commercial establishments. Moreover, power tools are widely used in various applications such as production and assembly lines, maintenance and repair, packaging, and DIY works. Factors driving the demand for power tools are fastening capability, operational simplicity and efficiency, reduced time and labor requirements, and portability. The expanding number of structures and construction activities, particularly in developing economies, rising the need for an energy-efficient tool to provide comfort and elevate results are escalating the market growth of the power tool market.
For a detailed analysis of the Power Tools Market browse through https://univdatos.com/report/power-tools-market/
- Based on the mode of operation, the market is classified into electric, pneumatic, and others. Amongst these, the electric segment held a prominent share of the market in 2020. Furthermore, innovations in battery technology and the increased acceptance of cordless tools among industrial and residential users are driving this segment’s growth. Additionally, it reduces time and saves the efforts required for conducting various operations.
- Based on tool type, the market is categorized into drilling and fastening, material removal tool, sawing and cutting tools, demolition tools, and others. Drilling and fastening held a prominent share in the market and are expected to remain the same during the forecast period. The increased utilization of these tools in car assembly and wind turbine installation activities is credited with the segment’s rise. Professionals and DIYers employ electric drilling and fastening tools, while industrial environments such as automotive and aerospace manufacturing plants use pneumatic drilling and fastening tools are escalating its market growth.
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For a better understanding of the market adoption of the Power Tools market, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and the rest of North America); Europe (Germany, UK, France Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. APAC is expected to hold the largest growth rate in the global market during the forecast period. One of the major factors driving the growth of the market in the region is the rising road construction and infrastructure activities, especially in emerging economies such as India, Singapore, China, and Japan. Besides, the increasing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC are expected to fuel the growth of the market during the forecast period.
Some of the major players operating in the market include Robert bosch tool corporation, DeWalt, Makita Corporation, Milwaukee Tools, Black & Decker, Hitachi, Craftsman, Ryobi, Stihl, Techtronic Industries
Power Tools Market Segmentation
Market Insight, by Mode of Operation
- Electric
- Pneumatic
- and other (hydraulic)
Market Insight, by Tool Type
- Drilling
- Fastening
Market Insight, By Applications
- DIY
- Industrial
Market Insight, by Region
- North America
- The U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Robert Bosch GmbH
- Stanley Black & Decker Inc.
- Makita Corporation
- Hilti Corporation
- Atlas Copco AB
- Milwaukee Electric Tool Corporation
- Hitachi Ltd.
- RYOBI Limited
- STIHL
- Techtronic Industries Company Limited
