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.
The global power tools market is anticipated to reach US$ 33.36 billion in 2021, according to Future Market Insights (FMI). As construction activity increases around the world, demand is projected to rise. Construction applications, according to FMI, will account for the majority of market sales over the forecast period. Aside from that, the growing popularity of do-it-yourself projects will boost market sales.
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The worldwide economy has been badly impacted by the COVID-19 pandemic. As a result of nationwide lockdowns around the world, manufacturing factories have closed, and supply chains have been disrupted, resulting in a drop in the power tools market’s growth. However, as economic activity resumes following the pandemic’s containment, the market is projected to recover quickly. Manufacturers are focusing on scaling up their manufacturing capacities and increasing their production rate, which bodes well for the growth of the power tools market.
Key Takeaways of Global Power tool Market Study
- Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
- S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
- 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.
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 in 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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Key Segments
Product Type
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
Technology
- Electric
- Pneumatic
Application
- Manufacturing
- MRO Services
- DIY
- Construction
Sales Channel
- Online
- Offline
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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 2020-2030. 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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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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