Press release
Power Tools Market outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
The COVID-19 pandemic has severely affected the global economy. Resulting in manufacturing plants shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth. However, the market is expected to recover sharply as the economic activities resume post the containment of pandemic. Manufacturers are focusing on scaling up their production capabilities with improved production rate creating positive prospected for the power tools market growth.
Key Takeaways of Global Power tool Market Study
Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3% Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031. U.S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021 U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031 Outlook for Italy and France is expected to remain positive over the forecast period
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“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.
Global Power tool Market Competitive Landscape
The global power tools market is highly competitive market owing to presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain competitive edge. Some of the leading manufacturers of power tool market are Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Company Limited, Koki Holding, Co., Ingersoll Rand Inc., Apex Tools, Hilti Corporation, Snap-on Incorporated, among others.
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Valuable Insights into Global Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the power tools market based on backing product type (drilling tools, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric and pneumatic), application (manufacturing, MRO services, DRO, construction), and sales channel (offline and online) across six regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa).
Scope of the Report
Attribute Details Forecast Period 2021-2031 Historical Data Available for 2016-2020 Market Analysis USD Million for value and Units for Volume Key Regions Covered North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa Key Countries Covered US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa Key Segments Covered Product Type, Technology, Application, Sales Channel, and Region Key Companies Profiled 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 Kyocera Corporation Apex Tool Group Ridgid Tools Koki Holdings Co., Ltd. Report Coverage Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry
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About Us:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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