Global Power Tools Market in the assessment period 2022-2027 – Muleskinner

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The global Power Tools Market held a market value of USD 30,894.8 Million in 2020 and is projected to reach USD 43,278.3 Million by 2027. The market is expected to register a CAGR of 5.2% during the forecast period. forecast.
Tools powered by an additional power source and mechanism are power tools. Electric motors, internal combustion engines and compressed air are the most common types of power tools. The market is mainly driven by the growing application of power tools in the construction industry and the growing adoption of cordless power tools globally.

Despite the driving factors, high maintenance cost coupled with raw material price volatility is expected to influence the market growth negatively. Indeed, recalibration at regular intervals is necessary for power tools for efficient operations. Additionally, regulatory compliances and safety of power tools are expected to pose a challenge for the market growth.

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Growth Influencers:

Growing application of power tools in the construction industry

The growing adoption of power tools in the construction industry is also expected to drive the demand for power tools during the forecast period. Indeed, power tools help reduce the time associated with redundant tasks. It also helps to provide increased efficiency. Additionally, the increasing use of sanders, wrenches, drills, and other similar tools in the construction sectors is also expected to boost the market growth. Additionally, the rapid expansion of the construction industry globally is expected to fuel the growth of the market.

Growing adoption of cordless power tools around the world

Cordless power tools contain a wide range of battery-powered tools, such as circular saws, hammer drills and impact wrenches. These also include staplers as well as nail guns. Additionally, the growing demand for more flexible, compact and mobile tools is also expected to drive the market growth. Additionally, advancements in battery technology are also expected to increase the adoption of cordless power tools with high-density, long-lasting batteries. Additionally, the consumer attraction for cordless tools is also driving the market players to focus on cordless power tools which is expected to boost the market growth.

Presentation of the segments:
The global power tools market is segmented into tool type, mode of operation, and application.

By tool type
• Drilling and fixing tools
o Drills
o Screwdrivers and nut drivers
o Keys
o Drivers
• Demolition tools
o Demolition Hammer
o hammer drill
o Circuit breaker
o Rotary Hammer
o Others
• Sawing and cutting tools
o Circular saws
o Puzzles
o Multi-knife saws
o Cut-off saws
o Band saws
o Reciprocating saws
o Shears and nibblers
• Material removal tools
o Grinders
– Straight grinder and grinder
– Angle grinder
– Rotating files
– Bench grinder
– Pencil grinders
o Sanders
o Polishers/Pads
• Routing tools
o Routers/planer
o Carpenters
• Pneumatic tools
o Air hoses
o Pneumatic hammers
o Air scalers
o Others
• Others

The drilling and fastening tools segment is expected to hold the largest market share of over 28%. Within the drilling and fastening tools segment, the drill bits segment is expected to grow at a rate of 4.8%. Within the demolition tools segment, the hammer segment is expected to grow at a CAGR of 5%. The air tools segment is expected to grow at the fastest rate of 6.1% over the forecast period.

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By application,
• Industrial
oConstruction
o Automotive
o Aeronautics
o Energy
o Shipbuilding
o Metal & Manufacturing
o Other industries
• Residential

The industrial segment is expected to hold the largest market share owing to the growing demand for power tools across various industries. These industries include construction, automotive, and energy, among others. The energy segment is expected to grow at a CAGR of 5.9%. The residential segment is expected to grow at the fastest rate over the projected period.

By operating mode,
• Electric
o Wired
o Wireless
• Pneumatic
• Hydraulics
The electric segment is expected to hold the largest market share due to the technological advancements related to the segment. The tire segment is expected to grow at the fastest rate of 6.5% over the forecast period.

Regional overview

On a regional basis, the global power tools market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.

The North American region accounted for the largest market share of approximately 31% in the global market due to increased industrial development and infrastructure development activities in the United States and Canada.

The Asia-Pacific region is expected to witness the fastest growth rate of 6.8% during the forecast period. This is due to the rapid development of the automotive industry in the region. The fastest growing countries are India and China.

Competitive landscape

The major players operating in the global power tools market are 3M, ANDREAS STIHL AG & Co. KG, APEX Tool Group, LLC, Atlas Copco AB, C. & E. FEIN GmbH, Delta Power Equipment Corporation, Emerson Electric Co., Enerpac Tool Group, Ferm International BV, Festool GmbH, Hilti Corporation, Husqvarna AB, Ingersoll-Rand, Interskol, KOKI Holdings Co. Ltd., Kyocera Corporation, Makita Corporation, Panasonic Corporation, Robert Bosch GmbH, Snap-On, Stanley, Black & Decker, Inc., Techtronic Industries (TTI), Positec Tool Group, UryuSeisaku, Ltd., CS Unitec, and Fortive Corporation, among others.
The top 5 market players hold around 75% of the market share. These players are involved in mergers and acquisitions, product launches, and collaboration, among others. For example, in June 2021, Atlas Copco acquired the UK-based compressed air distributor and service provider named Airflow Compressors & Pneumatics Ltd (Airflow). This acquisition strengthens the company’s presence in England.

The Global Power Tools Market report provides information about the pointers below:

  • Market Penetration: Provides comprehensive market insights offered by major players
  • Market Development: The report offers detailed information on lucrative emerging markets and analyzes penetration in mature segments of the markets.
  • Market Diversification: Provides detailed information on untapped geographies, recent developments and investments
  • Competitive Landscape Assessment: Mergers and acquisitions, certifications, product launches in the global power tools market have been provided in this research report. In addition, the report also emphasizes on the SWOT analysis of key players.
  • Product Development and Innovation: The report provides smart insights into future technologies, R&D activities and breakthrough product developments

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The global power tools market report answers questions such as:

  • What is the market size and forecast of the global power tools market?
  • What are the inhibiting factors and impact of COVID-19 on the Global Power Tools Market during the assessment period?
  • What are the products/segments/applications/areas to invest in during the assessment period in the Global Power Tools Market?
  • What is the competitive strategic window for opportunities in the Global Power Tools Market?
  • What are the technology trends and regulatory frameworks in the global power tools market?
  • What is the market share of the major players in the global power tools market?
  • What modes and strategic moves are considered favorable for entering the global power tools market?

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