According to a new report published by xResearch, titled, “Power Tools Market 2022- Industry Insights, Trends, Opportunity & Forecast, 2022–2030,” the global power tool market size is anticipated to witness a moderate growth during the forecast period i.e.,2022-2030.
Factors such as the rapid growth of global construction sector, infrastructural development, innovative approaches and major interests taken in the advancement of technology with plausible outputs and the policies laid out by the governments for better living standards in future benefit and create an arena of overall development in the power tools market.
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In 2022, the industrial application category holds the largest share of the power tool market. The industrial applications in the power tools market are likely to be driven by increased technical innovation and adoption of advanced technologies in sectors such as construction, aerospace, automotive, and energy, among others. However, over the forecast period, the residential sector has the highest CAGR in the market.
Geographically, During the projected period, Asia Pacific (APAC) region is expected to have the highest growth rate in the worldwide power tools market. The primary factors driving the market’s growth in APAC are rising urbanization, a growing manufacturing industry, and rising vehicle sales.
Furthermore, rising government initiatives in APAC to improve industrial manufacturing facilities and infrastructural development are likely to propel the market forward during the forecast period. Power tool manufacturers continue to find India and China to be viable growth areas. The residential/DIY application is expected to have the highest CAGR in the developed countries like the United States, the United Kingdom, and Germany, where DIY enthusiasts are increasingly using power tools.
Some of the major power tools companies profiled in the report include Robert Bosch Power Tools GmbH, Stanley Black & Decker, Inc., Makita Corporation, Hilti Corporation, Atlas Copco AB, Techtronic Industries Company Limited, Snap-on Incorporated, Actuant Corporation, Husqvarna AB, Illinois Tool Works, Panasonic Corporation, Hitachi Corporation, Ingersoll Rand, Inc., Enerpac Tool Group.
The global power tool market is segmented intotooltype,mode of operation, application, distribution channel, and region. Based on tool type, the market is bifurcated into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools and other types of tools. Drilling tools are categorized into drills, impact drivers, impact wrenches, screwdriver and nutrunners. Demolition tools has a large portfolio of different types of hammers and drills. Sawing and cutting tools are further divided into jigsaws, reciprocating saws, circular saws, band saws, shears and nibblers.
Based on material removal tools, it is classified into sanders, air scalars and grinders which is subdivided into angle grinders and die and straight grinders. Routing tools comprises of routers, planers and joiners. Others category includes laser tools, dust extractors, glue guns etc. Based on mode f operations, it is classified into electric, pneumatic and others. The subcategory electric is further bifurcated into corded tools and cordless tools. polyethylene, polycarbonate and others. Based on application, it is classified into industrial/professional and residential/DIY. The industrial/professional sector is subdivided into construction, automotive, aerospace, energy, shipbuilding and other industries. The sub-division of industrial/professional sector, construction is further defined by facility management. Based on distribution channel, it is classified into online and offline.
The global power tool market is analyzed across into North America (the United States, Canada, and Mexico), Europe (Germany, the United Kingdom, France, Italy, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, and the rest of Asia-Pacific), and the rest of the world (LAMEA: Latin America, Middle East, and Africa). Countries in LAMEA, Germany, France, Italy and the United Kingdom in Europe and India, China and Japan in Asia Pacific are among the major contributors to the growth of the power tool market.
Key Insights of Power Tools Market
- The report examines the existing and emerging trends and dynamics in the worldwide power tools market.
- Increased demand from the construction industry as a result of improved infrastructure projects drives up power tool sales.
- On the basis of technology, the growing demand for flexible, mobile, and compact tools, now drives the market revenue.
- On the basis of government policies, emerging nations like India and China aided by strong governmental support exhibit potential to acquire greater market shares.
- On the basis of region, Europe led the global smart greenhouse market in 2021 and is expected to further retain its lead in the market during the forecast period.
- On the basis of region, Asia-Pacific and LAMEA are estimated to attain the highest growth rate in the market during the forecast period.
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