openPR Logo
Press release

Power Tools Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

03-10-2023 08:48 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

Power Tools Market Set to Grow at the Fastest Rate- Time to Grow

The global power tools market size is estimated to be USD 42.8 billion in 2022 and is projected to reach USD 65.5 billion by 2027 at a CAGR of 8.9%. The growth of the market can be attributed to the growing construction industry in emerging economies, the high demand for power tools in the automotive industry, the rising adoption of battery-powered power tools globally, and the surging demand for electric fastening tools in industrial environments.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=50744034

Drilling and Fastening Tools to grow at the highest CAGR during review period

Drilling and fastening tools are to grow at the highest CAGR among all tool types of power tools during the forecast period. This segment includes a detailed description of all major drilling and fastening tools, such as drills, impact drivers, impact wrenches, screwdrivers, and nutrunners. Drilling and fastening tools are expected to continue dominating the power tools market due to their extensive use in industrial and residential applications. A few driving factors for the power tools market growth include the rising demand for electric power tools in industrial environments, significant growth in the adoption of battery-powered power tools, and increasing construction activities in emerging economies.

Electric power tools to grow at highest CAGR during forecast period

Electric power tools will likely grow at the highest CAGR in the forecast period. Professional and DIY users primarily use electric power tools. Depending on the application, they are operated either through a battery or a corded power supply. Corded power tools are completely reliant on electricity for their energy source. An electric power tool is a portable power tool driven by an electric motor, which is widely used for machining materials, for instance, metalworking and woodworking. The most widely used electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers.

Residential/DIY Application to grow at the higher CAGR in forecast period

The Residential application is growing at the higher growth rate during the forecast period. Rising adoption of cordless power tools from homeoweners is driving market growth. Mostly, electric power tools are used by DIY consumers for residential refurbishment and improvement projects. DIY users prefers small and lighter power tools while doing ordinary trades. Thus, there is a growing tendency for preferring small, ergonomic tools that are more powerful than tradition tools. This has led to a significant increase in demand for smaller and lighter power tools.

Asia Pacific to be the fastest-growing market during forecast period

The regional market is likely to grow at the highest rate during the forecast period, attributed to the increasing demand for power tools in major countries such as China and Japan. Also, with the growing automotive industry and manufacturing sector, Asia Pacific has become one of the major regions to adopt power tools. Besides, the countries, such as China, Japan, and India, in the region, have one of the world's largest construction markets. Countries are investing heavily in infrastructure development and urban area planning, which is consequently driving the demand for power tools. The rapid increase in population has increased the demand for residential houses and commercial facilities. The increasing urbanization and the development of smart cities are expected to support the growth of the power tools market for the construction industry.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=50744034

Major companies operating in the power tools market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co., Ltd. (Hongkong), Makita Corporation (Japan), Atlas Copco AB (Sweden), Ingersoll Rand (US), Snap-on Incorporated (US), and Apex Tool Group, LLC (US), among others.

News also Covered: https://www.prnewswire.com/news-releases/power-tools-market-worth-65-5-billion-by-2027---exclusive-report-by-marketsandmarkets-301704124.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Power Tools Market Set to Grow at the Fastest Rate- Time to Grow your Revenue here

News-ID: 2969293 • Views:

More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to Surpass USD 36.7 billion
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth. Download PDF Brochure @
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMarkets
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2030 | Leading key players are ABB, Schneider Electric, Eaton, Vertiv
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of

All 5 Releases


More Releases for CAGR

[CAGR of 6.7%] Nanocoatings Market Size, Industry Share, CAGR, Regional Forecast …
The global Nanocoatings Market generated $10.7 billion in 2020, and is projected to reach $20.1 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends. Download sample PDF @ https://www.alliedmarketresearch.com/request-sample/2064 According to the report published by Allied Market Research,
[CAGR of 5.3%] Pigments Market Size, Industry Share, CAGR, Regional Forecast, 20 …
A recent report by Allied Market Research provides a detailed analysis of the pigments market, highlighting its robust growth. The industry was valued at $27.2 billion in 2022 and is projected to surge to $45.4 billion by 2032, exhibiting an impressive CAGR of 5.3% from 2023 to 2032. This research report identifies the growth drivers behind the market's expansion and delves into the market dynamics using advanced analytical frameworks
[CAGR of 5.5%] Silica Flour Market Size, CAGR, Competitive Analysis and Forecast …
The global silica flour industry generated $520.0 million in 2021, and is estimated to reach $876.3 million by 2031, witnessing a CAGR of 5.5% from 2022 to 2031. Allied Market Research published a report, titled, "Silica Flour Market by Type (Quartz, Cristobalite), by Application (Fiberglass, Glass and Clay, Oil Well Cement, Ceramic and Refractory, Foundry, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report offers a detailed analysis
Enzymes Market Expansion CAGR of 4.9% CAGR Anticipated 2025-2034
The Enzymes Market report is an in-depth examination of the global Enzymes Market's general consumption structure, development trends, sales techniques, and top nations' sales. The research looks at well-known providers in the global Enzymes Market industry, as well as market segmentation, competition, and the macroeconomic climate. A complete Enzymes Market analysis takes into account a number of aspects, including a country's population and business cycles, as well as market-specific microeconomic
Electric Bed Market CAGR, Size, Share Grow USD 2,063 Million by 2030 CAGR 13.70%
Global electric bed market size is expected to be worth roughly USD 2,063 million by 2030, growing at a CAGR of more than 13.7% during the projected timeframe of 2022-2030, according to Ameco Research A significant portion of the population over the age of 60, who often have reduced immunity levels and are more susceptible to neurological disorders, cardiac issues, tumors, and spinal cord compression, is anticipated to have a substantial
Call Center AI Market Latest, CAGR, Volume and Value 2022-2030 | (CAGR) of 25%
New York , United States- Report Ocean published the latest research report on the Call Center AI market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Call Center AI market study demonstrates a detailed examination of the business state, which represents creative ways for company growth,