openPR Logo
Press release

Power Tools Market Projected to reach 35.58 Billion USD by 2023 | Key players include Robert Bosch, Stanley Black & Decker, Makita and Techtronic Industries

01-31-2019 08:27 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

MarketsandMarkets

MarketsandMarkets

According to the new market research report "Power Tools Market by Mode (Electric (Corded & Cordless), Pneumatic, Others), Tool Type (Drilling & Fastening, Sawing, Demolition, Material Removal), Application (Industrial (Construction, Automotive, Aerospace, Energy), DIY) - Global Forecast to 2023", The power tools market is expected to grow from USD 27.19 Billion in 2017 to USD 35.58 Billion by 2023, at a CAGR of 4.6% between 2017 and 2023. The factors driving the market include the constantly growing construction industry in emerging economies, increasing sales of commercial vehicles across the world, and rising demand for cordless tools.

Browse 68 Market Data Tables and 53 Figures spread through 163 Pages and in-depth TOC on "Power Tools Market - Global Forecast to 2023"

https://www.marketsandmarkets.com/Market-Reports/power-tools-market-50744034.html

Early buyers will receive 10% customization on this report.

Electric tools held the largest size of the overall power tools market in 2016

Electric power tools held the largest market size, in terms of value, in 2016. Electric tools are primarily used by professionals as well as DIY users. Electric tools are operated either through the battery, based on application, or through the corded power supply. Corded electric tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy in nature. The growth of the electric tools is fueled by innovations in the battery technology and the growing adoption of cordless tools among industrial as well as residential users. Due to their ergonomic advantages, end users prefer cordless tools over conventional tools. The European Union has already banned the use of nickel–cadmium (Ni-Cd) for power tool batteries due to the toxic properties of Cadmium. As a result, the demand for cordless electric tools with Li-ion batteries is likely to increase over the next few years.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=50744034&utm_source=OpenPR

Drilling and fastening tools expected to dominate the power tools market between 2017 and 2023

Currently, drilling and fastening tools hold the largest market share among all other tool types in the power tools market, and a similar trend is likely to continue during the forecast period. Drilling and fastening tools are used in several industries, namely automotive, aerospace, electronics, and consumer appliances, energy, and shipbuilding. The growth of the market for electric drilling tools is driven by the rising adoption of cordless drilling and driving tools by professionals as well as DIY consumers. Pneumatic drilling and fastening tools are mostly used in manufacturing industries, such as automotive and aerospace, wherein high torque tools are required. According to the OICA, the sale of all types of vehicles is expected to increase in the near future. Hence, the increase in the production of automobiles is likely to boost the electric fastening tools market growth in the coming years.

Construction industry held the largest size of the overall power tools market

The construction industry is at the leading position in the power tools market as these tools are used in a majority of construction projects. The rapidly increasing industrialization and urbanization propel the growth of the market for the construction industry. Power tools play an important role at every stage of the construction activity, including the design, survey, construction, and maintenance phases. They are used for various construction applications such as drilling, driving, demolition, concrete cutting, and polishing. Tools such as impact drills, drivers, and rotary hammers are widely used in construction projects. The growing construction activities in countries such as the US, China, and India and the rising demand for technologically advanced and innovative power tools, drive the market growth.

North America to dominate the market between 2017 and 2023

North America is expected to dominate the global power tools market during the forecast period due to the significant growth in construction, manufacturing, and automotive industries. In North America, power tools are extensively used for both industrial as well as residential applications. The DIY trend is already prevalent among consumers in this region and is likely to continue to drive the demand for cordless tools. The increasing wind energy installations have boosted the demand for fastening tools in this region. The region registered the sales of ~12.9 million commercial vehicles in 2016. Hence, power tools find major opportunities in the commercial vehicle market. Moreover, aerospace is one of the prominent industries contributing significantly to the growth of the power tools market.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=50744034&utm_source=OpenPR

The power tools market was dominated by the key players such as Robert Bosch (Germany), Stanley Black & Decker (US), Techtronic Industries (TTI) (Hong Kong), Makita (Japan), Hilti (Liechtenstein), Atlas Copco (Sweden), Apex Tool Group (US), Ingersoll-Rand (Ireland), Hitachi Koki (Japan), Snap-on (US), and C. & E. Fein (Germany).

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Power Tools Market Projected to reach 35.58 Billion USD by 2023 | Key players include Robert Bosch, Stanley Black & Decker, Makita and Techtronic Industries here

News-ID: 1548851 • Views: 975

More Releases from MarketsandMarkets™

Foot and Ankle Devices Market worth $5.3 billion by 2025 - Leading Key Players a …
According to the new market research report "Foot and Ankle Devices Market by Product (Implants, Plates, Screw, Wires, Internal Fixators, Braces, Prosthesis (SACH, Single/Multi-Axial)), Application (Rheumatoid Arthritis, Osteoporosis, Hammertoe), Enduser (Hospital, ASCs) - Global Forecasts to 2025", published by MarketsandMarkets™, the Foot and Ankle Devices Market is projected to reach USD 5.3 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 6.4% during the forecast period. Browse
Chromatography Instruments Market worth $11.0 billion by 2025 - Leading Key Play …
According to the new market research report "Chromatography Instruments Market by Type (Liquid Chromatography, Gas Chromatography), Consumable & Accessory (Columns, Detectors, Pressure Regulators), End User (Life Science Industry, Oil & Gas Industry), and Region - Analysis & Global Forecasts to 2025", published by MarketsandMarkets™, the Chromatography Instruments Market is expected to reach USD 11.0 billion by 2025 from USD 8.6 billion in 2020, at a CAGR of 5.1%. Browse in-depth TOC
Smart Buildings Market will reach to $108.9 billion by 2025
According to a new market research report "Smart Buildings Market by Component (Solution (Safety and Security Management, Energy Management, Building Infrastructure Management, Network Management, IWMS), Services), Building Type (Residential, Commercial, Industrial), Region - Global Forecast to 2025" published by MarketsandMarkets™, the market size expected to grow from USD 66.3 billion in 2020 to USD 108.9 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast
5G Core Market worth 9,497 million USD by 2025 - Exclusive Report by MarketsandM …
According to a new market research report "5G Core Market by Component (Solutions and Services), Network Function (Access and Mobility Management Function, Policy Control Function, Unified Data Management), Deployment Model (Cloud and On-premises), End User, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the 5G core market size projected to grow from USD 630 million in 2020 to USD 9,497 million by 2025, at a Compound Annual Growth

All 5 Releases


More Releases for MarketsandMarkets

Electric Powertrain Market Insights by 2027| MarketsandMarkets
The Global Electric Powertrain Market size is projected to reach $191.4 billion by 2027, from an estimated $62.9 billion in 2019, at a CAGR of 14.9 %. The electric powertrain market is expected to witness rapid growth due to stringency in emission norms which is pushing automakers to come up with electrified powertrain technologies. Between 2025 and 2030, emission standards would require automakers to reduce CO2 emissions by 15% and
Automotive Interior Market - Global Forecast to 2025 | MarketsandMarkets
According to the new market research report "Automotive Interior Market by Component (Seat, Interior Lighting), Material (Glass Composite, Carbon Composite, Metal, Vinyl, Fabric), Autonomous Driving (Semi-autonomous, Autonomous), Electric Vehicle, Vehicle Type and Region - Global Forecast to 2025 " Published by MarketsandMarkets™, The global Automotive Interior Market is projected to reach USD 153.8 billion by 2025 from USD 123.2 billion in 2020, at a CAGR of 8.8% during the forecast
Automotive Fuse Market Insights by 2025| MarketsandMarkets
The Automotive Fuse Market is projected to grow at a CAGR of 6.84% during the forecast period, to reach $24.33 Billion by 2025 from $14.33 Billion in 2017. The market is estimated to grow in the near future owing to various factors such as an increase in vehicle production, growing electrification, growing importance of safety & comfort features in mid-segment vehicles which will lead to increase in the number of
Next Gen Immuno-Oncology Congress - 4th Annual MarketsandMarkets
In the past decade, many scientific breakthroughs have been achieved through research including success in recent years of cancer immunotherapy with monoclonal antibodies, cancer vaccines, adoptive cell therapy and immune-checkpoint therapy. Personalized immunotherapy with various combinations will be the next promising strategy for the future cancer treatment direction. Register as a Delegate at https://www.reportsnreports.com/events/4th-annual-marketsandmarkets-next-gen-immuno-oncology-congress/register o 30+ experts from academia and industry will be presenting their current work in Immuno-Oncology, Latest updates on
Global Connected Car Market by 2025| MarketsandMarkets
According to recent research "Connected Car Market by Service (Connected Services, Safety & Security, and Autonomous Driving), Form (Embedded, Tethered, and Integrated), Network (DSRC, and Cellular), End Market, Transponder, Hardware, and Region - Global Forecast to 2025", The global connected car market is estimated to be USD 72.89 billion in 2017 and is projected to reach USD 219.21 billion by 2025, at a CAGR of 14.8% from 2017 to 2025.
Vehicle Diagnostics Market by Vehicle Type, Application, Connectivity - 2021 | M …
The report "Vehicle Diagnostics Market by Vehicle Type, Application (Automatic Crash Notification, Vehicle Tracking, Vehicle Health Alert & Roadside Assistance), Connectivity (3G, 4G LTE, Wi-Fi, Bluetooth), Region, & Aftermarket (Vehicle Type & Region) - Forecast to 2021", The vehicle diagnostics market is projected to reach a market size of USD 30.22 Billion by 2021, growing at a CAGR of 16.79% from 2016 to 2021. Stringent emission norms, the rising demand