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Power Tools Market Size is Expected to Reach a Value of USD 40.4 Billion and Will Grow at a CAGR of 4.6% from 2020 to 2027

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Power Tools Market Size is Expected to Reach a Value of USD 40.4 Billion and Will Grow at a CAGR of 4.6% from 2020 to 2027

April 18
21:11 2022
Power Tools Market Size is Expected to Reach a Value of USD 40.4 Billion and Will Grow at a CAGR of 4.6% from 2020 to 2027
Power tools Market Size
Power Tools Market is expected to grow at a compound annual growth rate of 4.6% from 2020 to 2027, reaching a value of 40,400 million by 2027. The increasing demand for battery-powered tools, expansion in the construction sector, and the ongoing technological innovations in technology are the major factors driving the power tools market growth.

Power tools refer to the devices that are activated using a power source apart from manual labor. Power tools are used to wrench, saw, drill, polish, and cut materials. Thus, they are used across several end-use applications such as packaging, repair, production, assembling, and maintenance and repair jobs. Easy operability, portability, and reduced need for labor are driving the deployment of power tools across several industries.

The primary factor fuelling the power tool market is the growing adoption of these tools in the construction industry because of the increased accuracy, efficiency, and safety of the workforce. Further, the tools have gained immense prominence in household applications owing to their easy portability and user-friendliness. With the increase in the do-it-yourself trend, household users are increasingly demanding power tools with enhanced safety. In addition, the ongoing research and development activities with a surge in technological innovations, such as the emergence of smart technology and the transformation in battery technology, are other factors projected to fuel the power tools market size.

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However, the sudden outbreak of the coronavirus is projected to hamper the growth of the power tools market. The strict lockdown enforced across the nation to curb the spread of the virus disrupted the supply chain, which resulted in a slowdown across the automotive and construction industries. Nevertheless, the revival of industries in the near future is likely to upkeep the market growth.

Tool Type Segment Analysis

The drilling & fastening tools segment is anticipated to hold a larger share in the market over the forecast period. Drills are used as repair and maintenance instruments commonly used in industrial and household applications. The augmenting demand for electric drilling & fastening tools by DIY professionals is the primary factor fuelling the market growth. In addition, the ongoing innovations in drilling technologies have improved the features of power tools, which will further raise the power tools market share.

Mode of Operation Segment Analysis

The electric mode of operations is projected to expand at a faster CAGR over the forecast period. The emergence of strong battery packs has raised the demand for electric tools. Also, the easy mobility and operation efficiency of electric instruments will further drive market growth. The electric power tools enhance operational efficiency by saving the time and effort needed to perform different functions in the automotive industry. Moreover, the continuous innovations in battery technology and accelerating penetration of cordless tools across residential and industrial users will augment the market growth.

Regional Analysis

The Asia-Pacific region is predicted to witness faster growth over the forecast period. The expansion in construction and infrastructural development and accelerating disposable income are prominent factors bolstering the market growth. The increasing adoption of power tools because of the proliferation in industrial activities and infrastructural development across China and India are projected to propel market growth.

Various notable players operating in the market include Ingersoll-Rand plc, Koki Holdings Co., Ltd., Stanley Black & Decker, Inc., Robert Bosch Tool Corporation, Hilti Corporation, Apex Tool Group, LLC., Makita Corporation, Atlas Copco, Snap-on Incorporated., and Emerson Electric Co., among others.

Key Developments:

 

  • In 2020, Makita Corporation introduced 8V X2 LXT® (36V) Cordless String Trimmer (XRU18). This string trimmer has a power comparable to a 30cc gas string trimmer and offers more productivity with the help of a 17″ cutting swath.
  • In 2020, Hilti Corporation introduced a suite of 40 new tools, systems, and accessories. This line comprises the most powerful cordless cutting tools in the market, a battery-powered cordless fastening tool, BX-3BT, to assist the customers in completing high-quality installations on time and safely.  

Power Tools Market Segmentation:

Power Tools Market by Tool Type

      • Demolition Tools

      • Drilling & Fastening Tools

      • Material Removal Tools

      • Sawing & Cutting Tools

      • Routing Tools

      • Others

Power Tools Market by Mode of Operation

      • Pneumatic

      • Electric

      • Other Tools

Power Tools Market by Application

      • Industrial/Professional

      • Residential/DIY

Power Tools Market by Region:

      • Asia Pacific

              o China

              o Japan

              o India

              o Rest of APAC

      • North America

              o United States of America

              o Canada

      • Europe

              o United Kingdom

              o Germany

              o France

              o Spain

              o Rest of Europe

      • RoW

              o Brazil

              o South Africa

              o Saudi Arabia

              o UAE 

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