North America to remain one of the most lucrative Power Tools Market During Forecast

In 2022, the market for power tools is anticipated to be worth US$33.36 billion. The demand for electric power tools and portable power tools will increase exponentially over the next few years, according to the most recent Future Market Insights (FMI) analysis.

Demand for handheld and pneumatic power tools will also increase due to their growing use in the automotive, construction, aerospace, and other industries. Additionally, the report projects that sales of power tools will account for 7% to 8% of the global tooling market.

Sales are anticipated to grow at a healthy 5.1% CAGR over the course of the assessment period, supported by the aforementioned factors. The total demand for power tools is anticipated to reach $51.2 million by 2032, growing at a CAGR of 5.1% between 2022 and 2032.

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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.

The COVID-19 pandemic has severely affected the global economy. Resulting in manufacturing plant shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth. However, the market is expected to recover sharply as 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 of Global Power tool Market Study

1. The power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
2. The overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
3. The U.S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
4. The U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
5. 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 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 highly competitive market owing to 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 competitive edge. Some of the leading manufacturers of 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 2020-2030. 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).