Global Power Tools Market: Overview
“The global Power tools Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Power tools are electric or battery-powered devices deployed in various mechanical tasks including drilling, cutting, plowing, carving, etc. Various types of power tools include hammer drills, electric screwdrivers, screw guns, and others.
Rising construction activities, increasing demand for DIY tools in developed countries, rapid industrialization and urbanization in developing as well as developed economies are major factors expected to drive revenue growth of the target market.
In addition, technological advancement such as integration of Bluetooth feature in the power tools and tools with web and digital connectivity, which is expected to fuel growth of the global market. Tools equipped with Bluetooth connectivity allows individuals to track status and ensure the safety of the tools, is expected to drive revenue growth of target market.
Furthermore, factors such as increasing R&D activities related to improves life and performance of batteries, along with to enhance the inventory management, which is expected to fuel growth of the global market. In March 2017, for instance, Bosch Power Tools India launched new range of heavy duty power suitable tools for metalwork, construction, mining, and other sector.
Development of wireless battery charging technology and a switch from Ni-Cd to Li-ion batteries are expected to create lucrative revenue opportunities for players operating in the target market in the upcoming period.
However, low penetration of portable power tools in developing countries may hamper demand for the products and restrain growth of the global market over the forecast period.
Global Power Tools Market: Segment Analysis
Among the mode analysis segments, the electric power tools segments are expected to account for higher revenue shares in the global market.
Among the tool type segments, the drilling and fastening segment is expected to account major revenue share in the global market, and is expected to maintain its dominance over the forecast period.
Among the application segments, the construction segment is anticipated to register significant growth rate over the forecast period.
Global Power Tools Market: Region Analysis
The market in North America is expected to dominate the global market, owing to increasing expansion of aerospace industry, increasing demand of automobiles, consumer spending activity on construction activities are some of the factors expected to drive growth of the target market over the estimated time period.
Developing countries such as China and India in Asia Pacific region are expected to register a considerable growth rate over the forecast period. This is attributable to improved economic condition, increasing construction activities, technological advancements in power tools, along with increasing heavy investments regarding automating processes in the region.
Moreover, presence of major players, coupled with increasing R&D activities for development of innovative products is expected to further support growth of the market in this region over the forecast period.
Global Power Tools Market Segmentation:
Segmentation by Mode Analysis:
Segmentation by Tool Type:
- Drilling and Fastening
- Material Removal
Segmentation by Application:
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Robert Bosch GmbH
- Stanley Black & Decker
- Techtronic Industries Company Limited
- Makita Corporation
- Hilti Corporation
- Atlas Copco
- Apex Tool Group
- Ingersoll-Rand plc
- & E. Fein GmbH
- AIMCO Corporation
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