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Power Tools Market is Projected to Reach $48,677.0 Million by 2027 | By Type, Application & Global Industry Insights
Power Tools Market
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The market growth is attributed to the rise in the adoption of power tools in professional and personal applications. Industrial and do-it-yourself (DIY) sectors are the two major applications of power tools. The industrial sector accounts for the maximum share in the global market, owing to the dominant use of power tools for process automation in the construction and automotive industries. The industrial segment is estimated to generate around three-fifths share of the global power tools market during the forecast period.
Power tools have varied applications in non-residential and residential sectors. There has been a growth in the application of power tools, which is facilitated by work efficiency attained through the use of advanced sensors to analyze and execute tasks with minimum errors. There is an increase in the development of the global power tools market, due to a boost in the trend of automation empowering greater returns on investments (ROI) and cost optimization.
The consumption of power tools streamlines human work by reducing the load of repetitive tasks and by lessening the chances of human injury &errors. The advancement of smart technologies, high costs of labor, and the introduction of energy-efficient &low-cost power tools lift the development of the global power tools market. Conversely, the decline of the automotive industry in Asia-Pacific and distresses for human safety limits the growth of the power tools market.
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Electric power tools are mostly utilized in different end-user industries such as construction, automotive, logistics, and security sectors. A rise in the use of pneumatic power tools in commercial industries, which includes automotive and construction has enhanced the share and demand for pneumatic power tools in the global market. The pneumatic power tools segment is projected to surge at a CAGR of 3.6% throughout the study period.
Asia-Pacific was the foremost geographical market for the global power tools market in 2019. This is due to the large demand for power tools in countries such as China and India due to the presence of a large number of automobile and construction companies.
Key Players
The key players profiled in the global power tools market report include Atlas Copco AB, Emerson Electric Co., Hilti Corporation, Ingersoll-Rand plc, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd.
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