The global power tools market size is expected to reach US$ 33.36 Bn in 2021. Increasing sales of cordless power tools will drive development in the power tools by 5.1% CAGR between 2021 and 2031.
According to the analysis, the power tools market had reported growth of 3.7% between 2016 and 2020 in comparison to the 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 the forecast period.
The report also predicts power tools sales to make up nearly 7% to 8% of the global tooling industry.
The COVID-19 pandemic has severely affected the global economy. Resulting in manufacturing plants shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth.
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However, the market is expected to recover sharply as the economic activities resume post the containment of the pandemic. Manufacturers are focusing on scaling up their production capabilities with improved production rates creating positive prospects for the power tools market growth.
Key Takeaways from the 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 The outlook for Italy and France is expected to remain positive over the forecast period
“The power tools market is witnessing a strong growth trend, attributed to increasing demand from various end-use industries. Key industry participants are focusing on developing partnerships with regional distributors to gain a competitive advantage in the evolving global market. To comply with online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says an FMI analyst.
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.
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Valuable Insights into Global Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020 to 2030.
The study divulges compelling insights on the power tools market based on backing product type (drilling tools, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric and pneumatic), application (manufacturing, MRO services, DRO, construction), and sales channel (offline and online) across six regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa).
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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