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The Power Tools Market will be worth $ 56 billion by 2030

05-09-2022 03:41 PM CET | Industry, Real Estate & Construction

Press release from: Strategic Market Research

The report "Power Tools Market" Market by Tool Type (Demolition Tools, Sawing and Cutting Tools, Drilling & Fastening Tools, Routing Tools, Material Removal Tools, and Others), Mode of Operation(Electric (Corded Tools, Cordless Tools), Pneumatic, and Others), Application (Industrial, Residential/DIY, and Others) & Region (Asia-Pacific, Europe, Asia Pacific, & Rest of the world)- Worldwide Forecast up to 2030. In 2020, the total valuation of the Global Power Tools Market was around $ 33.9 Billion. It is predicted to reach a significant benchmark of $ 56 Bn by 2030, representing a CAGR value of 5.13 % throughout the estimated period.

SOME OF THE SIGNIFICANT FACTORS THAT ARE CONSTANTLY AUGMENTING THE MARKET GROWTH

Rising demand from the construction industry because of the advanced infrastructural developments are propelling the sales of power tools. As per Statista, The construction industry did an investment value of close to 12 trillion U.S. dollars before the coronavirus pandemic and is expected to grow by 3% per annum. This involves building projects in real estate, either commercial or residential but also in the infrastructures or industrial structures.

Also, Read:- https://www.strategicmarketresearch.com/market-report/power-tools-market

By Tool Type, the Drilling & Fastening Tools segment held the highest share in 2020

Based on the Tool Type, the Drilling & Fastening Tools segment dominated the market with a revenue share of around 33.2% & is expected to continue its dominance over the forecasted time frame. Drills are pretty much easy to use, cheaper as compared to the other existing power tools, & are most commonly used in industrial & household applications.

By Mode of Operation, the 'Electric' segment held the maximum share of the market in 2020

Based on the Type, The Electric segment has the largest market share in 2020, with almost around 62.17%. The largest share is primarily attributable to the easy mobility & operation efficiency of the variety of electric tools.

By Application, the 'Industrial' segment held the most significant share of the market in 2020

Based on the Application, the Industrial segment held more than 64.20% of the entire revenue share in 2020. The increased technological innovations & rapid adoption of the advanced technologies among these industries are some of the crucial factors that are driving this segment's growth.

By Region, the "Asia-Pacific" accounted for a significant percentage of the share of the market in 2020

Based on Region, Asia-Pacific held the largest market share of around 36.22%. Due to the flourishing of the automotive industry in the developing Asian countries such as India & China, the Region is projected to notice the most significant percentage of CAGR over the forecasted period.

SOME OF THE NOTABLE PLAYERS ARE PREVAILING IN THE MARKET.

Some of the leading players in the Power Tools Market include Emerson Electric Co, Hilti Corporation, Ingersoll-Rand PLC, and Koki Holdings Co. Ltd, Makita Corporation, Robert Bosch, Stanley Black & Decker, & Techtronic Industries.

Recent Developments: -
• In December 2020, Hilti announced that it is planning to expand its rotary and combination hammer tool portfolio along with the next generation TE 70-ATC/AVR, which is by far the most powerful SDS-Max combination hammer in its class. This newly launched tool would help the commercial contractors & tradespeople to drill approximately up to 40% faster in reinforced concrete & demolish more amount of concrete.

• In September month of 2021, Robert Bosch Power Tools GmbH clearly announced the expansion of its comprehensive product line of wood cutting solutions with the introduction of its 12Volt & 18Volt cordless sanders, the GEX12V-5 Brushless 5 In. This newly launched cordless sander is specially designed for optimal balance & convenience.

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