Press release
Electric Power Tools Market 2021 production, revenue, price, market share and growth rate upto 2031 | Apex Tool Group, LLC, Atlas Copco AB, Hilti India Pvt. Ltd., Ingersoll Rand Inc.
Electric Power Tools Market
New York, According to a new market research report published by Global Insight Services Electric Power Tools Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Electric power tools are used in several industries, including in construction, manufacturing, or material modification activities. The advancements in electric power tools have provided ease and saved operation time. Thus, the multiple functionalities of electric power tools make them suitable for use in various applications, including residential and commercial establishments. Moreover, various power capacities offer electric power tools in both corded and cordless platforms. In the beginning, electric power tools were intended for small-scale jobs, however, the enhanced mechanisms and batteries have enhanced the functionality and penetration of use for large-scale jobs. Further, electric power tools are used for sawing, drilling, planning, grinding, cutting (metal, wood, soft materials, and others), hammering, and compacting operations.
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Market Drivers and Trends
The impact of the 2020 recession has been observed across the global economy and the global engineering and construction (E&C) industry. In 2022, the E&C sector will have a big role in supporting any nation's growth plan. According to the Infrastructure Investment and Jobs Act (IIJA), with increasing investments across healthcare, public safety, and other public infrastructure are expected to bode well for the E&C firms and are likely to accelerate recovery across the non-residential segment. Furthermore, the residential segment is expected to stay strong and exhibit similar activity as it did in 2021. Further, in India, according to Invest India website, the Indian government continuously focuses on the development of infrastructure and construction services through multiple policies such as open foreign direct investment (FDI) norms, large budget allocation to the infrastructure sector, and the smart cities mission. In FY21, infrastructure activities accounted for a 13% share of the total FDI inflows of US$ 81.7 billion, according to Invest India website. Moreover, according to Invest India website, India aims to become the third largest construction market globally by 2025.
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Also, the global E&C sector has increased its investments in modern technologies, including modern tools & equipment and digitalization. These technologies will help the E&C sector in faster growth. Thus, the rapid expansion of the construction sector is a major factor driving the growth of the electric power tools market because key market players are manufacturing cord and cordless power tools that allow construction workers to use them.
Market Restraints and Challenges
Electric power tools, including assembly tools, are precision instruments requiring regular maintenance of their moving parts. Also, electric power tools need to be recalibrated at regular intervals for precise operations. Motors, power cords, batteries, carbon brushes, drive belts, and bearings wear out and fail over time when continuously used. In addition to the aforementioned electric power tool components, other components, including drill bits, power switches, and accessories, require high maintenance for proper functioning as these tools are frequently used in multiple industries. Thus, the need for regular repair and replacement of electric power tool parts costs higher for the user, which might act as a restraining factor for the electric power tools market.
Global Electric Power Tools Market Segmental Overview
The report analyses the global electric power tools market based on product type, end-user industry, and region.
Global Electric Power Tools Market by Product Type
Based on product type, it is bifurcated into corded power tools and cordless power tools. The cordless power tools segment is increasing at a faster rate because cordless power tools are widely used in several industries, including construction, automotive, and aerospace. Further, the basic operations such as cutting, chopping, drilling, hammering, and grinding can be easily completed using cordless power tools with more efficiency and ease. Thus, numerous benefits of the cordless power tools segment boost the market's growth.
Major Players in the Global Electric Power Tools Market
The key players studied in the global electric power tools market are Apex Tool Group, LLC (US), Atlas Copco AB (Sweden), Hilti India Pvt. Ltd. (India), Ingersoll Rand Inc. (US), Koki Holdings Co., Ltd. (Japan), Makita Power Tools India Pvt. Ltd. (India), Robert Bosch GmbH (Germany), Stanley Black & Decker, Inc. (US), Snap-on Incorporated (US), and Techtronic Industries Co. Ltd. (Hong Kong).
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Reasons to buy Electric Power Tools Market Report:
• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Global Insight Services LLC
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Website: https://www.globalinsightservices.com/
About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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