The global power tools market size was valued at US$ 33.36 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.1% CAGR between 2021 and 2031. from a power source other than manual labor are qualified as power tools.
They are used in multiple applications such as production and assembly lines, maintenance and repair, packaging and DIY work. Ease and efficiency of operation, reduction in time and labor requirements, and ease of portability are some of the major factors driving the demand for power tools in various industries.
Demand is expected to surge as production activity increases in the sector. According to fmi, the production schedules will represent the maximum revenue in the market throughout the forecast period. Additionally, the growing fashion for do-it-yourself sports will fuel the revenue opportunities for the market.
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Key Insights from the Global Power Tools Market Research
The power tools market will show a growth of 0.2% in 2021 compared to 2020 to reach 4.3%
The overall outlook remains positive as IMF expects the market to grow by around 5.1% between 2021 and 2031.
The United States is expected to lead growth in North America, accounting for over 62% of overall share in the region in 2021
The UK is expected to post 4.6% year-on-year growth between 2021 and 2031
The outlook for Italy and France is expected to remain positive over the forecast period
“The power tools market is witnessing a strong growth trend, driven by increasing demand from various end-use industries. Major industry players are focusing on developing partnerships with regional distributors to obtain a competitive edge in the changing global market. To comply with the advent of online sales channel, the adoption of e-commerce will create vast opportunities for market players during the forecast period.” says the IMF analyst.
Competitive landscape of the global power tools market
The global power tools market is a highly competitive market owing to the presence of a large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative enhancements to their product portfolio, expanding into untapped markets, and growing their business through e-commerce platforms to gain competitive advantage. Some of the major manufacturers in the power tools 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 the Global Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, showcasing historical demand data (2015-2019) and forecast statistics for the period 2020 to 2030. The study discloses insights convincing on power tools. Market Based on Support Product Type (Drill Tools, Fastening Tool, Heat Gun, Angle Grinder, Chainsaw, Orbital Sander, Jigsaw, Impact Wrench, Circular Saw), Technology (Electric and Pneumatic ), application (manufacturing, MRO services, DRO, construction) and sales channel (offline and online) in six regions (North America, Latin America, Europe, East Asia, South Asia, Middle -East and Africa).
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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
This press release was published on openPR.