In 2021, the global power tools market is expected to be worth US$ 33.36 billion. Increased sales of cordless power tools will propel power tool development by 5.1 percent CAGR between 2021 and 2031.
According to the analysis, the power tools market had reported 3.7 percent growth between 2016 and 2020, compared to the 5.1 percent CAGR predicted between 2021 and 2031. Increasing online sales of rechargeable power tools, household power tools, handheld power tools, and other products will continue to be a major growth driver during the forecast period.
According to the report, power tool sales will account for roughly 7% to 8% of the global tooling industry.
The global economy has been severely impacted by the COVID-19 pandemic. As a result of manufacturing plant shutdowns and supply chain disruptions caused by nationwide lockdowns around the world, the power tools market growth has plummeted.
Request a sample @
https://www.futuremarketinsights.com/reports/sample/rep-gb-760
However, the market is expected to rebound sharply as economic activity resumes following the pandemic’s containment. Manufacturers are focusing on expanding their production capabilities and improving production rates, which bodes well for the growth of the power tools market.
Key Takeaways from the Global Power tool Market Study
The power tools market will grow by 0.2 percent in 2021 over 2020, reaching 4,3 percent. The overall outlook remains positive, with FMI forecasting 5.1 percent growth between 2021 and 2031. The United States is expected to lead growth in North America, accounting for more than 62 percent of the region’s overall share in 2021. Between 2021 and 2031, the United Kingdom is expected to grow by 4.6 percent year on year. Over the forecast period, the outlook for Italy and France is expected to remain positive.
“The power tools market is experiencing strong growth due to increased demand from various end-use industries.” To gain a competitive advantage in the evolving global market, key industry participants are focusing on developing partnerships with regional distributors. Adoption of e-commerce to comply with online sales channels will create numerous opportunities for market participants during the forecast period,” says an FMI analyst.
Global Power tool Market Competitive Landscape
Because of the large number of global and regional players operating in the market, the global power tools market is a highly competitive market. To gain a competitive advantage, manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion into untapped markets, and business development through e-commerce platforms.
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.
Ask us your Queries About this Report @
https://www.futuremarketinsights.com/askus/rep-gb-760
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).
Key Segments
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)
Request Methodology @
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-760
Use promo code ->> FMITODAY to get flat 20% discount
About Us
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.
Contact Us:
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs