Global Power Tools Market Forecast to 2030
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 report, Global Power Tools Market Research Report and Forecast to 2030, provides a detailed analysis of the global Power Tools market, including market size, market share, current and future trends, and the most recent technological breakthroughs. The research provides information on the regional and global competitive landscape of the Power Tools market, along with a complete prognosis through 2030. The impact of the COVID-19 epidemic on the market for Power Tools has been updated in the most recent research. It examines the impact of the epidemic on each region's political and economic systems. It presents a present and projected view of the pandemic's effects on supply chain disruptions and economic volatility.
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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Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled 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
Market Dynamics:
The report offers insightful information about the market dynamics of the Power Tools market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Power Tools market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Power Tools market.
Radical Highlights of the Power Tools Market Report:
Comprehensive overview of the Power Tools market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Power Tools market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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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.
Power Tools Market Segmentation:
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
Regional Segmentation;
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)
In conclusion, the Power Tools Market report is an exhaustive database that will help readers formulate lucrative strategies. The Power Tools Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.
How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Power Tools market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Power Tools with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
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