Pune, India, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The global power tools market size is expected to reach USD 33.05 billion in 2028, exhibiting a CAGR of 3.8% during the forecast period. The market is set to gain traction from the rising development of energy-efficient products equipped with state-of-the-art technologies. In January 2021, for instance, Milwaukee Tool unveiled the fastest cordless rivet tool namedM18 FUEL™ ¼” Blind Rivet Tool w/ONE-KEY™. It delivers3X longer life and is up to 50% faster compared to other power tools.This information is given by Fortune Business Insights™ in a report titled, “Power Tools Market, 2021-2028.” As per the report, the market size was USD 25.24 billion in 2020.
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A list of renowned power tools manufacturers operating in the global 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.)
- Carborundum Universal Limited (India)
- CHERVON (China) Trading Co., Ltd. (China)
- ANDREAS STIHL AG & Co. KG (Germany)
- Snap-on Incorporated (U.S.)
- Apex Tool Group, LLC (U.S.)
- YAMABIKO Corporation (Japan)
- NINGBO YONGFEITE ELECTRICAL& SCIENCE CO., LTD. (China)
- Electrex Power Tools (India)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 3.8 % |
| 2028 Value Projection | USD 33.05 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 25.24 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 140 |
| Segments covered | Mode of Operation;ToolType ;Application ; Regional |
| Growth Drivers | Expansion of Construction Industry and Manufacturing Sector in Emerging Economies to Boost Growth. |
| Pitfalls & Challenges | Price Fluctuations of Raw Materials to Hinder Growth of Power Tools |
Fall of Energy &Aerospace Industries amid COVID-19 Pandemic to Hamper Growth
Wuhan, China,is considered to be the major manufacturing base for a large number of companies. However, the current COVID-19 pandemic has caused lockdown measures in the country, thereby halting production activities. Power tools are extensively adopted by the construction, shipbuilding, automotive, energy, and aerospace industries. But, a downfall of these sectors because of the pandemic would hinder growth in the near future.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/power-tools-market-101444
Segmentation-
PneumaticSegment Earned 26.1% Share in 2020
The market is categorized into the mode of operation, tool type, application, and region. By tool type, it is segregated into drilling & fastening tools, material removal tools, sawing and cutting tools, demolition tools, and others. Based on application, it is divided into industrial and DIY. Lastly, based on the mode of operation, it is fragmented into pneumatic, electric, and others. Amongst these, the pneumatic segment generated 26.1% in terms of the power tools market share in 2020. However, the demand is estimated to slow down as electric tools are expected to be replaced.
Report Coverage-
We follow an innovative research methodology that includesdata triangulation on the basis of bottom-up and top-down approaches. We conduct extensive primary research to validate the projected market numbers. The data used to come up with the forecast for various segments at the country, regional, and global levels are collected through interviews with multiple reputed stakeholders. We also derive information from paid databases, industry journals, SEC filings, and other authentic resources. The report includes several details, such as drivers, opportunities, challenges, and dynamics of the market.
Drivers & Restraints-
Increasing Partnerships &Collaborations among Prominent Companies to Boost Growth
Reputed manufacturers present across the globe are striving to provide better products to end-users. To do so, they are constantly adapting the strategy of partnership and collaboration. It is further enabling them to create novel products for the construction and manufacturing industries. Triax Technologies, Inc., for instance, joined hands with Robert Bosch Tool Corporation in May 2018 to co-develop a tracking solution device for aiding construction companies to track tool and equipment locations. These factors are expected to propel the power tools market growth in the upcoming years. However, persistent price fluctuations of raw materials may obstruct the demand for these tools.
Regional Insights-
Asia Pacific to Dominate Stoked by Presence of Chinese Firms
Regionally, Asia Pacific held USD 8.78 billionin 2020 in terms of revenue. It is set to remain in the dominant position throughout the forthcoming years, backed by the increasing presence of various Chinese firms that are aiming to offer unique power tools at cost-effective prices. On the other hand, the Middle East and Africaare expected to grow steadily on account of the surging industrialization across the oil & gas, power & energy, and construction sectors.
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Competitive Landscape-
Key Players Focus on Launching Technologically Advanced Products to Compete with Rivals
The global marketpossesses multiple local and international power tool manufacturers. They are mainly striving to develop advanced tools for a wide range of end-users. Some of the others are participating in strategic collaborations to intensify competition. Below are the two latest industry developments:
- February 2020:Makita U.S.A., Inc.introduced its 18 Gauge 2” Brad Nailer (AF506) that features a built-in air duster and enhanced ergonomics to offer convenient airflow for clearing work surfaces.
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Table Of Content
- 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 on Power ToolsMarket
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Power ToolsMarket Share Analysis and Matrix, 2020
- KeyMarket Insights
- Profiles of Key Players (Would be provided for 10 players only)
- 6.1. Overview
-
- Key Management
- Headquarters etc.
- Offerings/Business Segments
-
-
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Annexure / Appendix
- Global Power Tools MarketAnalysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- By Mode of Operation (USD billion)
- Electric
- Pneumatic
- Others (Hydraulic, etc.)
- By Tool Type (USD billion)
- Drilling & Fastening Tools
- Material Removal Tools
- Sawing and Cutting tools
- Demolition Tools
- Others (Routing Tools etc.)
- By Application (USD billion)
- DIY
- Industrial
- By Region (USD billion)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Mode of Operation (USD billion)
- North America Power ToolsMarket Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- By Mode of Operation (USD billion)
- Electric
- Pneumatic
- Others (Hydraulic, etc.)
- By Tool Type (USD billion)
- Drilling & Fastening Tools
- Material Removal Tools
- Sawing and Cutting tools
- Demolition Tools
- Others (Routing Tools etc.)
- By Mode of Operation (USD billion)
- Global Power Tools MarketAnalysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
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