Power Tools Market Potential Growth, Share, Demand and Analysis of Key Players - Forecasts to 2032

The global power tools market size was valued at US$ 33.36 Bn in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% CAGR between 2021 and 2031. Tools that are activated using a power source apart from manual labor are termed as power tools.

They are used in multiple applications such as production and assembly lines, maintenance and repair, packaging, and DIY jobs. Ease and efficiency of operation, reduced time and labor requirements, and easy portability are some of the prominent factors driving the demand for power tools across various industries.

The demand is predicted to leap as production activities surge around the sector. In keeping with fmi, production programs will account for max income in the market through the forecast period. Besides this, the rising fashion of do-it-yourself sports will fuel income possibilities for the market.

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Key Takeaways from Global Power tool Market Study

The power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
The overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
The U.S. is expected to spearhead growth in North America, accounting for over 62% of the overall share in the region in 2021
The U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
The outlook for Italy and France is expected to remain positive over the forecast period
"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.

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Global Power tool Market Competitive Landscape

The global power tools market is a highly competitive market owing to the 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 a competitive edge.

Some of the leading companies operating in the market are:

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.

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-to 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).

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Key Segments

Product Type

Drilling Tool
Fastening Tool
Heat Gun
Angle Grinder
Chain Saw
Orbital Sander
Jigsaw
Impact Wrench
Circular Saw
Technology

Electric
Corded
Cordless
Pneumatic
Application

Manufacturing
Metal Fabrication
Automotive
Railways
Aerospace
Furniture
Others
MRO Services
Facility Management
Automotive
Aerospace
Other Industrial
DIY
Construction
Sales Channel

Online
Offline
Region

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

Read more: https://www.digitaljournal.com/pr/power-tools-market-will-drive-growth-in-the-demand-by-5-1-cagr-by-end-of-2031-future-market-insights-inc#ixzz7pbYtwHVZ

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.