The Power Tools Market is experiencing significant growth over the forecast period. This is attributed to the increase in the development of infrastructure, growth in technological advancements such as the revolution in battery technology, and benefits offered by power tools such as the ability to complete the work at high speed and raised efficiency.
The crucial drivers of the growth of the global power tools market include the surge in infrastructural development and extension in the construction sector throughout the world. Moreover, the boost in electric fastening tools demand and their accelerating acquisition in several industries like automobile, energy, and aerospace will further strengthen the market share. Enormous advantages provided by these tools, such as augmented effectiveness than other tools, time-saving, and capability to complete tasks at high speed, are driving the market growth. Also, other factors, including growth in R&D activities and ongoing technological innovations like the emergence of smart technology, accessibility of many cordless power tools, and revolution in battery technology, are promoting the market growth. However, the high maintenance cost and fluctuation in the prices of raw materials will curb the market size.
Know more about the Power Tools Market:
Based on the tool type, drilling & fastening tools are projected to witness a higher CAGR during the forecast period. This is owing to the rising acceptance of these tools by DIY consumers and professionals. In addition, expanding developments in drilling technologies are resulting in improvements in the power tool features, such as improved durability and high resistance to shock and vibrations, which will fuel the market growth.
Based on the mode of operation, the electric segment is expected to expand at a faster CAGR over the forecast period due to the growth in the demand for these tools in the automotive industry because of their ability to improve operational efficiency as it saves effort and time. Moreover, the growing progression in battery technology and the high penetration of cordless tools by residential and industrial users are likely to supplement the market growth.
Based on the regional coverage, Asia-Pacific is predicted to grow at a higher CAGR during the forecast period. This is primarily because of the amplifying adoption of power tools led by rapid extension in the industrial activities and increasing development of infrastructure across developing countries like China and India. In addition, intensifying preference towards the DIY trend is promoting industry growth.
Various notable players operating in the market include Robert Bosch Tool Corporation, Stanley Black & Decker, Inc., Hilti Corporation, Makita Corporation, Apex Tool Group, LLC., Atlas Copco, Snap-on Incorporated., Ingersoll-Rand plc, Koki Holdings Co., Ltd., and Emerson Electric Co., among others.
The global power tools market segmentation is categorized on the basis of tool type, mode of operation, application, and regions. Based on tool type, the market is segmented into demolition tools, drilling & fastening tools, material removal tools, sawing & cutting tools, routing tools, and others. Based on the mode of operation, the market is segmented into pneumatic, electric, and other tools. Based on application, the market is segmented into industrial/professional and residential/DIY.
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 Operation:
- Pneumatic
- Electric
- Other Tools
Power Tools Market by Application:
- Industrial/Professional
- Residential/DIY
Power Tools Market by Region:
- North America Power Tools Market (Option 1: As a part of the free 25% customization)
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- North America Power Tools Market by Tool Type
- North America Power Tools Market by Mode of Operation
- North America Power Tools Market by Application
- United States Telehealth Market
- Canada Telehealth Market
- Europe Power Tools Market (Option 2: As a part of the free 25% customization)
- Europe Power Tools Market by Tool Type
- Europe Power Tools Market by Mode of Operation
- Europe Power Tools Market by Application
- UK Telehealth Market
- Germany Telehealth Market
- France Telehealth Market
- Spain Telehealth Market
- Rest of Europe Telehealth Market
- Asia-Pacific Power Tools Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Power Tools Market by Tool Type
- Asia-Pacific Power Tools Market by Mode of Operation
- Asia-Pacific Power Tools Market by Application
- China Telehealth Market
- India Telehealth Market
- Japan Telehealth Market
- Rest of APAC Telehealth Market
- RoW Power Tools Market (Option 4: As a part of the free 25% customization)
- RoW Power Tools Market by Tool Type
- RoW Power Tools Market by Mode of Operation
- RoW Power Tools Market by Application
- Brazil Telehealth Market
- South Africa Telehealth Market
- Saudi Arabia Telehealth Market
- UAE Telehealth Market
- Rest of world (remaining countries of the LAMEA region) Telehealth Market
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