Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The global power tools market size was valued at USD 26.61 billion in 2022. The market is expected to grow from USD 27.51 billion in 2023 to USD 36.82 billion by 2030, exhibiting a CAGR of 4.3% from 2023 to 2030. Power tools are used for cutting, wrenching, saw drills, and polishing materials. Such tools are utilized in various industries such as automotive, aerospace, construction, petrochemical, oil and gas, and others. The global market is projected to grow significantly in the forecast period owing to the adoption of cordless power equipment. This information is provided by Fortune Business Insights™ in its research report, titled “Power Tools Market, 2023-2030.”
KEY INDUSTRY DEVELOPMENTS:
January 2023: Dewalt launched chipping hammers, breker hammer, and other tools to enhance the capabilities and offer support to construction industries. Dewalt is the leading brand of Stanley Black & Decker offering total jobsite solutions.
Request a Sample Copy of the Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/power-tools-market-101444
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.3% |
| 2030 Value Projection | USD 296.61 billion |
| Base Year | 2022 |
| Power Tools Market Share in 2022 | USD 169.18 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | By Mode of Operation, By Tool Type, By Application, and By Region |
| Power Tools Market Growth Drivers | Development of Multi-Purpose Products and Additional Accessories to Lay the Foundation for Future Growth |
| Expansion of the Construction Industry and Manufacturing Sector in Emerging Economies to Boost Growth |
COVID-19 Impacts:
Slowdown in Production Activities Affected the Market Growth
With the COVID-19 pandemic, the slowdown in production activities affected the market growth. Wuhan has been a traditional manufacturing base for modern industrial manufacturing of optoelectronic technology, automotive manufacturing, iron manufacturing, and steel manufacturing. Hence, halt on such activities declined the market growth.
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/power-tools-market-101444
Drivers and Restraints:
Expansion of Construction and Manufacturing to Increase Market Value
Expansion of construction and manufacturing activities is one of the major driving factors of the power tools market growth. Key market players are manufacturing corded and cordless tools that allow construction workers to use them across various applications. Also, small and mid-sized manufacturing enterprises are bound to use these tools to their capabilities and flexibility. Additionally, manufacturers have been offering advanced products through collaboration and research. Companies such as Atlas Copco AB, Robert Bosch Tool Corporation, Techtronic Industries Co. Ltd., and others have been developing energy-efficient power tool products integrated with innovative technologies.
However, power fluctuations of raw materials are anticipated to limit the market growth.
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants for strengthening their market presence.
Market Segmentation:
Electric Tools to have Maximum Share due to Rising Demand from Construction Sector
Based on mode of operation, the market is segmented into electric, pneumatic, and others, including hydraulic tools. Electric tools segment to have the dominant market share and is also anticipated to witness notable growth due to performance capabilities. It includes cordless and corded tools.
Material Removal Tools to Lead Due to Increasing Demand
On the basis of tool type, the market is fragmented into drilling & fastening tools, material removal tools, sawing & cutting tools, demolition tools, and others, which include routing tools. Material removal tools segment is estimated to lead owing to their demand across car factories, metal processing workshops, and other industrial sites. Sawing and demolition tools have less market share.
DIY to Lead the Segment Due to the Trend of DIY Enthusiasts
On the basis of application, the market is fragmented into DIY and Industrial. The do-it-yourself (DIY) segment is projected to have a prominent impact on the market owing to the growth and trend of DIY enthusiasts.
On the basis of region, the market is studied across North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Have Any Query? Ask Our Experts:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/power-tools-market-101444
Regional Analysis:
Asia Pacific to Dominate with Growing Industrialization, Infrastructure Development, and Urbanization
Asia Pacific is set to lead the global power tools market share due to growing industrialization, infrastructure development, and urbanization. India is expected to witness significant growth due to Industry 4.0 and enhanced production in the manufacturing sector. India is one of the developing countries in the market due to increasing automotive manufacturing clusters and heavy construction sector development.
The Middle East & Africa market is set to have a positive impact due to growing product adoption across the construction, power and energy, and oil & gas sectors. Presence of several players is also finding these regions to be potential zones to expand their business portfolios.
Europe and North America are expected to grow steadily steady influence on the market with their steady demand for power tools and stagnant production rate.
Competitive Landscape:
Dewalt Enhanced its Product Lineup by Adding Outdoor Power Tools
Market participants have a strong presence in Asia Pacific, North America, and Europe. The companies have been focusing on the acquisition of small and mid-sized companies. It allows them to expand their businesses and customer bases in other regions/countries. In February 2021, Dewalt enhanced its lineup by adding outdoor power tools for the preparation for lawn & home maintenance season and spring landscaping.
List of the Companies Operating in the Market:
- Robert Bosch GmbH (Germany)
- Stanley, Black & Decker, Inc. (U.S.)
- Hilti Corporation (Liechtenstein)
- Atlas Copco AB (Sweden)
- Makita Corporation (Japan)
- Emerson Electric Co. (U.S.)
- Hitachi Koki Ltd. (Japan)
- Ingersoll Rand (U.S.)
- Techtronic Industries Co. Ltd. (Hong Kong)
- Enerpac Tool Group (U.S.)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Power Tools Key Players Market Share/Ranking, 2022
- Global Power Tools Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Mode of Operation (USD)
- Electric
- Pneumatic
- Others (Hydraulic)
- By Tool Type (USD)
- Drilling & Fastening Tools
- Material Removal Tools
- Sawing and Cutting Tools
- Demolition Tools
- Others (Routing Tools, etc.)
- By Application (USD)
- DIY
- Industrial
- Manufacturing
- Automotive
- Construction
- Energy
- Others (Shipbuilding, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Power Tools Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Mode of Operation (USD)
- Electric
- Pneumatic
- Others (Hydraulic)
- By Tool Type (USD)
- Drilling & Fastening Tools
- Material Removal Tools
- Sawing and Cutting Tools
- Demolition Tools
- Others (Routing Tools, etc.)
- By Application (USD)
- DIY
- Industrial
- Manufacturing
- Automotive
- Construction
- Energy
- Others (Shipbuilding, etc.)
- By Country (USD)
- United States
- Mode of Operation
- Canada
- Mode of Operation
- United States
- Europe Power Tools Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Mode of Operation (USD)
- Electric
- Pneumatic
- Others (Hydraulic)
- By Tool Type (USD)
- Drilling & Fastening Tools
- Material Removal Tools
- Sawing and Cutting Tools
- Demolition Tools
- Others (Routing Tools, etc.)
- By Application (USD)
- DIY
- Industrial
- Manufacturing
- Automotive
- Construction
- Energy
- Others (Shipbuilding, etc.)
TOC Continued…!
Quick Buy - Power Tools Market Research Report:
https://www.fortunebusinessinsights.com/compare-plan/101444
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
