Power Tools Market Latest Trend, Growth by Size, Application, Key Opportunity and Forecast by 2028

Power Tools Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Mode (Electric, Pneumatic, Others); Type (Drilling and Fastening, Sawing, Demolition, Material Removal); End-user (Residential, Commercial , Industrial) and Geography"

Power tools are a class of tools and mechanical devices that operate when a secondary power source and mechanism are activated rather than being operated manually. Electric motors and compressed or internal combustion engines are examples of this. From hand-held machine drills to hydraulic presses and pneumatic equipment, power tools cover a wide range of applications. Power tools can be used for a variety of tasks, including home chores, construction, and gardening. The key drivers of the power tool markets include increasing demand from the industrial sector, increasing demand from the professional segment, and increasing use of power tools for DIY and domestic activities. Power tools also have applications across various verticals.

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Companies Profiled in this report includes: AIMCO, Atlas Copco, Hilti Corporation, KYOCERA Industrial Tools Corporation, Makita U.S.A., Inc, Panasonic Life Solutions India Pvt. Ltd, Robert Bosch Tool Corporation, Snap - on Incorporated, Stanley Black and Decker, Inc., Techtronic Industries Co. Ltd

MARKET SEGMENTATION

  Based on mode the market is segmented as, electric, pneumatic and others.

  Based on type the market is segmented as, drilling and fastening, sawing, demolition and material removal.

  Based on end-user the market is segmented as, residential, commercial and industrial.

MARKET DYNAMICS

Drivers:

  The key driving factors for power tools market are, rise in disposable incomes, technological advancements in tooling, increase in popularity of DIY techniques.

  Growth in popularity of cordless and wireless power tools is expected to fuel market growth during the forecast period.

  Growth in construction industry across the globe along with growing application of power tools across verticals is also expected to spur market growth during the forecast period.

Restraints:

  High cost of power tools, and their maintenance cost is expected to restrain market growth during the forecast period.

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IMPACT OF COVID-19 ON POWER TOOLS MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

The purposes of this analysis are:

To characterize, portray, and check the Power Tools market based on product type, application, and region.

To estimate and inspect the size of the Power Tools market (in terms of value) in six key regions, specifically, North and South America, Western Europe, Central & Eastern Europe, the Middle East, Africa, and the Asia-Pacific.

To estimate and inspect the Power Tools markets at country-level in every region.

To strategically investigate every sub-market about personal development trends and its contribution to the Power Tools market.

To look at possibilities in the Power Tools market for shareholder by recognizing excessive-growth segments of the market.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.