The Global Power Tools Market is expected to reach a value of USD 44.18 Billion by 2028, at a CAGR of 5.30% over the forecast period (2022 - 2028) - SkyQuest Technology
According to the latest research by SkyQuest Technology, the Global Power Tools Market was valued at USD 30.78 Billion in 2021, and it is expected to reach USD 44.18 Billion by 2028, with a CAGR of 5.30% during the forecast period of 2022 - 2028. The research provides up-to-date power tools market analysis of the current market landscape, latest trends, drivers, and overall market environment.
Westford, USA, May 26, 2022 (GLOBE NEWSWIRE) -- Power Tools advancements have revolutionised the way people work by providing convenience and saving time. As a result of their diverse functionality, these tools are suitable for use in a variety of applications, including professional, residential, and commercial establishments. Electric power tools come in corded and cordless models with varying power capacities. Initially, power tools were intended for small jobs, but improved mechanisms and batteries have increased the functionality and penetration of use for large-scale jobs. Electric power tools are also used for drilling, sawing, planning, cutting (metal, soft materials, wood, and other materials), grinding, compacting, hammering, and a variety of other tasks.
Power Tools market sales are being propelled by rising demand from the construction industry as a result of advanced infrastructure developments. The expansion of the construction industry increases the demand for power tools, resulting in advanced infrastructure developments. In the construction industry, power tools such as drills and hammers are commonly used. Because of strong government support and rising income levels, the construction industry is expected to grow significantly in emerging countries such as India and China, driving the growth of the power tools market. Raw materials for power tools are obtained globally and are generally available at competitive prices from multiple suppliers.
Read market research report, " Global Power Tools Market Segmented by Product (Drills, Saws, Wrenches, Grinders, Sanders, Others), By Mode of Operation (Electric, Pneumatic, Others), By Application (Residential, Industrial), & By Region- Forecast and Analysis 2022-2028.” by SkyQuest
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To manage their electric power tools during operations, the major electric power tools manufacturers have been using automation technologies. The spread of automation has enabled operators to track, connect, and customize their tools on multiple job sites, allowing them to achieve greater productivity with the same electric power tools. During the forecast period, such automation technologies are likely to assist in the creation of power tools market opportunities. With the introduction of IoT and the use of smart connected systems in assembly line operations, each piece of equipment in the plant has become connected. Technological advancements and the adoption of smart manufacturing practices result in the development of smart and connected tools. Leading power tools manufacturers are concentrating their efforts on the development of smart and connected power tools.
Another factor influencing power tools market demand is technological advancement. Companies are introducing technologically advanced products to increase the efficiency of their existing products. DeWalt’s Flexvolt battery introduces automatically switches battery voltage based on the tools attached to it. The automatic voltage switch aids in manually adjusting the power before using various corded power tools. Similarly, Bosch Power tools introduced the X-Lock angle grinder lock interface. The changing system for grinders ejects wheels with the simple pull of a lever, reducing the need for other tools. But apart from technological advances, the increased adoption of cordless tools that provide easy mobility and no external power source is boosting the power tools market growth.
The top players in the Power Tools market are Apex Tools Group, Robert Bosch, Atlas Copco AB, Koki Holdings Co., Emerson Electric, Co., Stanley Black & Decker, Techtronic Industries and Hilti Corporation etc. New players are also entering the segment thus increasing its market share and therefore demand growing exponentially.
The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
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What does this Report Deliver?
- Market Estimation for 20+ Countries
- Power Tools Market demand by Region, Sub-Region, and Country
- Customization on Segments, Regions, and Company Profiles
- 100+ tables, 150+ Figures
- Global, Regional and Country specific Power Tools Market Trends
- Comprehensive Mapping of Power Tools Industry Parameters
- Attractive Investment Proposition in the Global Power Tools Industry
- Competitive Strategies Adopted by Power Tools Market Key Players
- Drivers, Restraints, Opportunities, Challenges and the impact on the Power Tools Market Size
- Market growth rate till 2028
- Regulatory scenario, regional dynamics, and Power Tools market insights of leading countries in each region
- In-depth Market insights by Region and Country
- Market Segmentation Trend Analysis, Opportunities and Growth
- Porter’s five force analysis to know the market’s condition
- Pricing Analysis and Power Tools Market Sales
- Parent market analysis
- Product portfolio benchmarking
SkyQuest has segmented the Global Power Tools Market based on Product, Mode of Operation, Application and Region:
- Global Power Tools Market by Product (Revenue, USD Billion, 2021 - 2028)
- Drills
- Saws
- Wrenches
- Grinders
- Sanders
- Others
- Global Power Tools Market by Mode of Operation (Revenue, USD Billion, 2021 - 2028)
- Electric
- Pneumatic
- Others
- Global Power Tools Market by Application (Revenue, USD Billion, 2021 - 2028)
- Residential
- Industrial
- Global Power Tools Market by Region (Revenue, USD Billion, 2021 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Rest of CSA
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- North America
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List of Key Players in the Global Power Tools Market
- Apex Tools Group (US)
- Atlas Copco AB (Sweden)
- Emerson Electric, Co. (US)
- Hilti Corporation (Liechtenstein)
- Ingersoll-Rand PLC (Ireland)
- Koki Holdings Co., Limited (Japan)
- Makita Corporation (Japan)
- Robert Bosch (Germany)
- Stanley Black & Decker (US)
- Techtronic Industries (China)
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