Power Tools Market High Demand, Business Scenario, Size, Share, Growth, Insights, Industry Analysis, Trends and Forecasts 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 latest analysis by Emergen Research. Rising demand for cordless power tools and expanding construction and manufacturing sectors, particularly in developing nations, are some of the major market growth drivers.
Electric power tools have a wide range of goods that make it possible to use them for building, manufacturing, and material modification tasks. It aids in reducing operational time and aids in facilitating comfort while working. Because of versatility, these instruments can be used in a variety of settings, including homes, businesses, and professional settings. These tools are offered on platforms that are both corded and cordless. The increased use of technology has improved these instruments’ mechanisms, increasing their functionality for large-scale projects. Additionally, the usage of electric power tools for hammering, compacting, grinding, cutting, planning, sawing, and drilling operations is expanding the demand for these equipment.
Electric power tools are increasingly being used in construction due to their versatility in tasks including grinding, hammering, drilling, chopping, and cutting. As a result, the market for electric power tools is growing as more people use them for construction-related tasks. These tools are being developed as a result of the technology’s expanding use in electric power tools. As a result, both corded and cordless power tools are using brushless motors, greatly enhancing the possibilities of electric power tools. Additionally, the market share for electric power tools is expanding as cordless power tools gain appeal due to their adaptability in various remote places.
Some Key Highlights From the Report
Due to the flexibility and efficiency of using electric equipment, the electric segment represented a sizeable portion of sales in 2021. Powerful batteries’ introduction has increased demand for electric tools. Due to their improved performance, speed, efficiency, precision, and ease, electric power tools are used in industries like automotive, construction, aerospace, and energy.
In 2021, the drills section contributed a sizable portion of sales. Both experts and DIYers employ electric drilling and fastening equipment (DIY). Drills are employed in both domestic and commercial settings because they are simple to use and more affordable than other types of power equipment.
In 2021, the industrial sector had the biggest revenue share. These sectors’ continued adoption of cutting-edge technology and increasing technical innovation are anticipated to fuel the segment’s revenue growth. Power tool demand is rising in manufacturing and construction facilities due to a rapid shift toward the use of these tools as well as a variety of innovations, such as brushless motor technology, which has a number of advantages over traditional motors, including reduced friction, longer motor life, fewer voltage drops, and better performance.
Over the course of the projection period, the North American market is anticipated to rise at a significant rate. Some of the major variables that are considerably boosting the market’s revenue growth in this area include expanding industrial and infrastructure development, lack of cost-effective labour, and the fast acceptance of DIY activities.
The 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. are some significant businesses in the global market research.
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)
Product Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
Browse Full Report Description + Research Methodology + Table of Content + Infographics @https://www.emergenresearch.com/industry-report/power-tools-market
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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