Power Tools Market Overview
The Power Tools Market will obtain a value of USD 73.8 billion and a CAGR of 5.9% between the year 2023-2030.
The term “power tool” refers to machinery that requires an auxiliary power source, such as an electric motor, an internal combustion engine, or compressed air. Power tools have several uses in the building, shipbuilding, energy, and automotive industries.
Top Players Listed in this research report:
Ingersoll Rand, Inc. (US)
Kyocera Corporation (Japan)
Robert Bosch Power Tools GmbH (Germany)
Stanley Black & Decker, Inc. (US)
Makita Corporation (Japan)
Apex Tool Group (US)
Snap-on Incorporated (US)
Emerson Electric Co. (RIDGID TOOLS) (US)
Hilti Corporation (Liechtenstein)
Atlas Copco AB (Sweden)
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It is anticipated that rising residential instrument usage will propel the market toward growth trajectories. Globally, the Do-it-Yourself technique has become increasingly popular. The lack of household employees has compelled homeowners to perform DIY home repair and maintenance tasks. Easy and ergonomically designed tools simplify tasks like gardening and house maintenance, raising the demand for these goods. Another important aspect impacting the industry’s growth is consumers’ rising disposable income level. Over the next seven years, it is also projected that the growing use of Power Tools in the construction and automotive industries will increase demand.
Fastening tasks are prevalent on the production and assembly lines for automobiles. Power tools boost productivity while lowering the time spent on these repetitive operations. Power Tools are thus being used more frequently in the automobile sector by both manufacturers of vehicles and companies that offer repair and maintenance services. The demand for drills, sanders, wrenches and other equipment is also increasing since these products are used more frequently in the construction industry. Another factor driving the development of the market is technical progress. To increase their products’ effectiveness, businesses are releasing technologically enhanced products. For instance, the Dewalt Flexvolt battery automatically changes battery voltage according to the tool you have attached to it.
Market Size 2021
USD 44.6 billion
Market Size 2022
USD 47.2 billion
Market Size 2030
USD 73.8 billion
Compound Annual Growth Rate (CAGR)
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Power Tools Market Segmentation
The Power Tools Market is divided into different segments.
Drilling and fastening/driving tools, sawing and cutting tools, material removal tools, routing tools, demolition tools, and others are the different tool categories that make up the market. While most pneumatic drilling and fastening equipment are employed in industry settings like automotive and aerospace manufacturing plants, electric drilling and fastening instruments are used by experts and DIY customers.
The Power Tools Market is divided into three categories: electric, pneumatic, and other. Innovations in battery technology and the increasing use of cordless tools by commercial and domestic customers are driving the expansion of electric power tools. Rapid urbanization and industrialization are expected to significantly fuel market expansion in the foreseeable future.
The Power Tools Market is divided into categories based on application: industrial/professional and residential. Tools are used in industrial applications in the automotive, construction, aerospace, and logistics sectors.
Power Tools Market Regional analysis
Asia-Pacific, Europe, the Middle East, and North America make up the different regions of the Power Tools Market. Furthermore, the biggest market share is held by the Asia Pacific. During the foreseeable time, this region will surpass other regional competitors. Due to industrialisation, construction, and development considerations, power tool demand is quite high.
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India is also seeing a wide variety of growth prospects. The market in the Middle East comes in second. The predicted period will see a rise in the demand for power tools. In the oil and gas industry, power tools are necessary. It keeps increasing the need in this area.
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