Global Power Tools Market Expected to Reach $49.24 Billion in Revenue by 2030 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The report “Power Tools Market by Product Type and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030” has been added to from ResearchAndMarkets.com offer.

The global power tools market is expected to generate revenue worth USD 24,063.0 million in 2020 and is projected to reach USD 49,242.6 million by 2030, registering a CAGR of 6.8% during the forecast period.

The growth in construction activities and the requirement for efficient power tools for various operations has led to increased penetration of power tools in the construction industry. Basic operations such as cutting, chopping, drilling, hammering and grinding can be easily performed using cordless power tools with greater efficiency and ease. Thus, the surge in the adoption of power tools in the construction industry is expected to drive the growth of the power tools market. Additionally, the need for heavy-duty power tools has led to constant product developments in terms of batteries, motors and other technologies.

The recent product development is the integration of brushless motors into power tools. Although brushless motor technology is not new, the adoption of brushless DC motors in corded and cordless power tools has greatly improved their capabilities. Therefore, the integration of brushless direct current (BLDC) motors into power tools is revolutionizing the power tool industry; thus propelling the growth of the power tools market. Also, the growing popularity of cordless power tools due to their application in various remote locations, ease of use and portability are some of the factors fueling the adoption of cordless tools. This increased adoption is driving the overall power tools market globally.

Conversely, high initial costs of power tools are a major restraining factor for the growth of the power tools market. Pneumatic power tools have been popular for a long time, due to their high productivity capabilities and have comparatively lower costs than their electric counterparts. This is likely to negatively affect the growth of the power tools market.

Major power tool manufacturers have used automation technologies to manage their power tools during operations. The penetration of automation has allowed operators to track, connect and customize their tools across multiple job sites and, as a result, achieve greater productivity from the same power tool. These automation technologies are likely to help create growth opportunities for the global power tools market over the forecast period.

The power tools market is segmented on the basis of product type, end-user industry, and region. Based on product type, the market is divided into wired and wireless. By end-user industry, it is categorized into construction, automotive, aerospace, and others. The Others segment includes energy and DIY power tool end users. The cordless segment is expected to dominate the global power tools market throughout the forecast period.

MAIN BENEFITS FOR STAKEHOLDERS

  • The report provides an in-depth analysis of current and emerging global power tools market trends and dynamics.

  • In-depth analysis of the market is carried out by estimates of the global power tools market for the global power tools market segments between 2020 and 2030.

  • An in-depth analysis of the global power tools market is performed by tracking key product positioning and monitoring major competitors within the scope of the market.

  • A comprehensive analysis of all regions is provided to determine the prevailing opportunities.

  • Forecast analysis of the global power tools market from 2021 to 2030 is included in the report.

  • Leading market players in the Containment Barriers market are profiled in this report and their strategies are thoroughly analyzed which helps to understand the competitive outlook of the global Power Tools market.

GLOBAL POWER TOOL MARKET SEGMENTS

By PRODUCT TYPE

  • Corded tools

  • cordless tools

By END-USER INDUSTRY

  • Construction

  • Automotive

  • Aerospace

  • Others

By region

  • North America

  • we

  • Canada

  • Mexico

  • China

  • Europe

  • Germany

  • Italy

  • UK

  • France

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • Rest of Asia-Pacific

  • LAMEA

  • Latin America

  • Middle East

  • Africa

KEY PLAYERS

  • Apex Tool Group

  • Atlas COPCO AB

  • Hitli Company

  • Ingersoll Rand Plc

  • Koki Holdings Co Ltd

  • Makita Corporation

  • Robert Bosch GmbH

  • Stanley Black and Decker, Inc.

  • Incorporated snap-on

  • Techtronic Industries Company Limited

Market dynamics

Drivers

  • Increased adoption of power tools in the construction industry

  • Integration of brushless motors in electric tools

  • Growth in popularity of cordless power tools

Constraints

  • High initial costs of power tools

Opportunity

  • Technological innovations

For more information about this report visit https://www.researchandmarkets.com/r/eeuz1k


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