Global Power Tool Gears Market: Growth, Trends, and Projections - Reach of US$ 8.38 Bn by 2030 | Future Market Insights

The Power Tool Gears Market report, unveiled by Future Market Insights-an ESOMAR Certified Market Research and Consulting Firm-presents invaluable insights and meticulous analysis of the Power Tool Gears market. Encompassing the research's scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Power Tool Gears. It furnishes intricate revenue and shipment segmentations, accompanied by 8 year projection up to 2030. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

Anticipated to hit US$ 5.63 billion in 2022, the global power tool gears market is on a growth trajectory. The market's expansion is driven by the escalating utilization of power tools in woodworking and metal fabrication activities within the construction sector.

According to Future Market Insights (FMI), the global demand for power tool gears is projected to soar to US$ 8.38 billion by 2030. This growth is expected to maintain a steady pace, with a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period.

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FMI delivers a comprehensive biannual comparative analysis alongside pivotal insights outlining the growth prospects of the Power Tool Gears market. The pervasive application of power tools in woodworking and metal fabrication operations within the construction sphere is driving its upward trajectory. Additionally, the integration of power tool gears into specialized equipment for torque and speed management, coupled with the advent of enhanced power tool variants, is poised to be a catalyst for market augmentation.

As per FMI's scrutiny, the juxtaposition of BPS (Basis Points) metrics between H1 2022-Outlook and the H1 2022 projection unveils a decrement of 9 units within the Power Tool Gears market. Notably, in comparison to H1 2021, a surge of 24 BPS is anticipated during H1 2022, signifying positive momentum.

Key Insights from the Power Tool Gears Market Analysis

The surge in the uptake of automation, leading to improved productivity and precise operations, stands out as a pivotal factor driving the demand for power tools. This, in turn, is propelling the growth trajectory of the power tool gears market.

Power tools offer a distinct advantage by facilitating work on robust materials that pose challenges for conventional mechanical tools. Moreover, the scarcity of skilled labor and wage-related concerns are emerging as additional drivers for the expansion of the power tool gears market.

Anticipated growth is foreseen in the adoption of spur gears and worm or spiral gears throughout the forecast period.

Dominance is expected to persist within the professional end-user segment, primarily attributed to the heightened demand for gear sets in this sector. The robust adoption of power tools for professional applications further bolsters this segment's prominence.

In terms of applications, grinding machines are poised for rapid progression, fueled by the increasing deployment of sanders and polishers in the market.

Competitive Landscape:

Prominent enterprises within the global power tool gears sector are strategically embracing expansion avenues, including novel product introductions, mergers, acquisitions, and collaborations, with the aim of amplifying their worldwide presence. These industry players are also channeling investments into research and development endeavors to enhance the depth of their product offerings.

A notable example is witnessed in the actions of P&F Industries, Inc., a prominent power tools and accessories manufacturer. In January 2022, the company announced its acquisition of Jackson Gear Company, a Pennsylvania-based enterprise specializing in custom gears and power transmission gear production. The transaction, valued at US$ 2.3 million, is poised to fortify P&F Industries' position and product array within the United States market.

Key Players:

Porite Group
hGears
Zhejiang Oliver manufacturing Gear Co. Ltd
P&F Industries
Zhejiang Fore Intelligent Technology Co., Ltd.
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Key Segements Covered in Report:

By Gear Type:
Bevel Gears
Spiral Gears
Spur Gears
Helical Gears
Hypoid Gears

By Application:
Grinding Machines
Drills
Hammers
Saws
DC Cordless Screw Drivers

By End User:
Professional
DIY (Consumer)

By Region:
North America
Latin America
Europe
South Asia Pacific
East Asia
MEA

Reference:

Power Tool Gears Market Size @ https://www.einnews.com/pr_news/563158272/power-tool-gears-market-is-expected-to-top-us-8-38-bn-by-2030-fmi 

Power Tool Gears Market Share @ https://www.fmiblog.com/2023/04/11/power-tool-gears-market-is-expected-to-expand-at-a-cagr-of-5-1-from-2022-to-2030/

About Future Market Insights (FMI)
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.

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