Press release
Power Tools Market Trends, Innovations and Product Developments, 2020-2027 | Demand & Future Growth Opportunity
Power Tools Market
Undoubtedly, power tools are safer than hand tools. This in turn acts as a major reason for its growing popularity. From DIY experts to seasoned contractors, power tools have so far simplified their jobs conveniently. Thanks to electrical motors for eliminating labor-intensive work.
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Power tools, furthermore, have undergone and are witnessing numerous advancements as more and more industries are demanding these tools. Industries including automotive and construction are the most frequent ones who are highly demanding for advanced power tools. However, power tools nowadays are being found even in unexpected places. Which is highly motivating the manufacturers to bring innovations.
According to a new report published by Allied Market Research, titled, “Power Tools Market by Mode of Operation, Tool Type, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global power tools market size was $32.7 billion in 2019, and is projected to reach $48.7 billion by 2027, registering a CAGR of 4.8% from 2020 to 2027.
Key Market Segments
The global power tools market is segmented on the basis of mode of operation, tool type, application, and region.
By mode of operation, it is divided into electric (corded and cordless electric power tools), pneumatic, and others. The electric power tools segment dominates the market throughout the study period.
On the basis of tool type, the global market is categorized into drills, wrenches, material removal tool, saws, and others. The drills segment is expected to dominate the market during the forecast period.
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By application, the global market is bifurcated into industrial (construction, automotive, aerospace, and others) and do-it-yourself (DIY). The DIY segment is expected to exhibit highest growth rate during the forecast period.
Region wise, the market has been analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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