The global power tools market is expanding at a significant rate on the back of consumer inclination towards cordless power tools. This is anticipated to remain the key defining factor in the power tool market. As per Future Market Insights (FMI) analysis, the global power tools market is expected to reach US$ 33.36 Bn in 2021. The demand is expected to soar as construction activities surge around the world. According to FMI, construction applications will account for maximum sales in the market through the forecast period. Besides this, the rising trend of do-it-yourself activities will fuel sales opportunities for the market.
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The global power tools market size is expected to reach US$ 33.36 Bn in 2021. Increasing sales of cordless power tools will drive growth in the power tools demand by 5.1% CAGR between 2021 and 2031.
As per the latest Future Market Insights (FMI) analysis, demand for electric power tools and portable power tools will rise exponentially in the coming years. Soaring application in automotive, construction, aerospace and other industries also will create demand for handheld and pneumatic power tools.
The report also predicts power tools sales to constitute nearly 7% to 8% of the global tooling industry.
Key Takeaways of Global Power tool Market Study
- The power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- The overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
- The U.S. is expected to spearhead growth in North America, accounting for over 62% of the overall share in the region in 2021
- The U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
- Outlook for Italy and France is expected to remain positive over the forecast period
“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.
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By Segmentation:
Product Type
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
Technology
- Electric
- Corded
- Cordless
- Pneumatic
Application
- Manufacturing
- Metal Fabrication
- Automotive
- Railways
- Aerospace
- Furniture
- Others
- MRO Services
- Facility Management
- Automotive
- Aerospace
- Other Industrial
- DIY
- Construction
Sales Channel
- Online
- Offline
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East and Africa (MEA)
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Global Power tool Market Competitive Landscape
The global power tools market is a highly competitive market owing to the presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain a competitive edge. Some of the leading manufacturers of the power tool market are Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Company Limited, Koki Holding, Co., Ingersoll Rand Inc., Apex Tools, Hilti Corporation, Snap-on Incorporated, among others.