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.
Get | Download Sample Copy with Graphs & List of Figures:
https://www.futuremarketinsights.com/reports/sample/rep-gb-760
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.
Scope for application is expected to rise across diverse industries as manufacturers offer intelligent solutions for corded and non-corded power tools. As per FMI, rapid expansion in end-use industries including aerospace, automotive, furniture, and others is positively fuelling the demand for power tools. With features such as electric motors, power tools applications have been surging to eliminate strenuous manual labor across industries.
According to the study, the power tools market had registered growth of 3.7% between 2016 and 2020 in comparison to 5.1% CAGR predicted between 2021 and 2031. Increasing sales of rechargeable power tools, household power tools, handheld power tools, and others via online channels will remain a chief growth driver during forecast period.
Regional Outlook:
FMI has projected North America to remain one of the most lucrative markets throughout the course of the forecast period. Growth within this region is expected to be spearheaded by the U.S. One of the key factors supporting expansion in the country is the substantial growth in commercial and residential construction. As per the U.S. Census Bureau, construction spending recorded by the country stood at US$ 1,459.4 Bn in November 2020. With both private and public spending on construction activities surging, power tools manufacturers will have lucrative prospects to capitalize on in the near future.
Besides this, prospects for growth will rise as the demand for MRO services rises within the automotive sector. SelectUSA has predicted automotive sales in the U.S. to gradually recover post-COVID-19, which will present attractive opportunities for power tool sales within the U.S. in the coming years.
For More Information or Query or Customization Before Buying, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-760
Competitive Landscape
The power tools market is a highly competitive market, led by global players offering cost-competitive products. Some of the players are focusing to carve a niche for specific demography. Market players have left an indelible impact with their astute business expansion strategies and robust product offerings. Many of these players are focusing on product launches.
For instance:
- In January 2019, DEWALT, which is a Stanley Black & Decker launched FLEXVOLT 60V MAX* 2-Inch Brushless SDS MAX Combination Hammer (DCH773), which featured an e-clutch system and advanced technologies
- Makita U.S.A., Inc., one of the well-known manufacturers of accessories and high-quality professional tools launched 18V X2 LXT® Cordless/Corded Upright L.E.D. Area Light (DML810, tool only) in July 2020
- Milwaukee also unveiled Cordless 1” D-Handle High Torque Impact Wrench in 2020
Some of the leading companies operating in the market are:
- Robert Bosch Power Tools GmbH
- Stanley Black & Decker, Inc.
- Makita Corporation
- Hilti Corporation
- Atlas Copco AB
- Techtronic Industries Company Limited
- Snap-on Incorporated
- Actuant Corporation
- Husqvarna AB
- Illinois Tool Works
- Panasonic Corporation
- Hitachi Corporation
- Ingersoll Rand, Inc.
- Enerpac Tool Group
- Kyocera Corporation
- Apex Tool Group
- Ridgid Tools
- Koki Holdings Co., Ltd.
For any queries linked with the report, ask an analyst
https://www.futuremarketinsights.com/ask-question/rep-gb-760
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
- Middle East and Africa (MEA)