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Growth Trajectory of the Global Electric Power Tools Market: Empowering Progress 2032

11-23-2023 12:20 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Growth Trajectory of the Global Electric Power Tools Market:

Allied Market Research has recently published an insightful report titled "Electric Power Tools Market," providing a comprehensive analysis of this dynamic industry. In 2019, the global electric power tools industry achieved a remarkable $23.60 billion, with projections estimating its growth to $39.14 billion by 2027, marking a notable CAGR of 8.5% from 2020 to 2027.

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The market's expansion is propelled by the small size and easy availability of electric power tools, making them an integral part of daily lives. Additionally, the increasing adoption of cordless tools is further fueling market growth.

Drivers, Restraints, and Opportunities: The market's growth is driven by factors such as the small size and easy availability of power tools in daily life, their surge in implementation in the construction industry, and the rising prominence of cordless tools. However, challenges such as the high initial investment in high-capacity batteries and brushless motors hinder market growth. On a positive note, opportunities arise from advancements in automation technologies.

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Covid-19 Scenario: The Covid-19 pandemic posed challenges with disruptions in manufacturing activities due to lockdowns in several countries. The construction sector witnessed a significant decline in demand due to halts in commercial and residential construction activities. Associations in the electrical equipment sector, including the National Electrical Manufacturers Association (NEMA), released guidelines for cleaning and disinfecting tools to maintain safety protocols.

Key Market Segments:

1. Cordless Segment:

Maintained its leadership status in 2019, contributing over two-thirds of the global electric power tools market.

Expected to continue its dominance, with a projected CAGR of 8.9% from 2020 to 2027.

Advancements in battery technologies enhance the productivity of cordless tools.

2. Construction Segment:

Held more than one-third of the market in 2019, expected to maintain dominance with the highest CAGR of 9.4% from 2020 to 2027.

Attributes include convenience, ease of functioning, and improved efficiency in various tasks.

3. Regional Contributions:

North America led with over one-third of the market share in 2019, expected to maintain its highest contribution by 2027.

Asia-Pacific is anticipated to exhibit the highest CAGR of 10.0% from 2020 to 2027, fueled by a surge in do-it-yourself (DIY) users.

4. Leading Market Players:

Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll Rand Inc., Koki Holding, Co., Ltd., Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Snap-on Incorporated, Techtronic Industries Co., Ltd.

For a detailed COVID-19 impact analysis on the Electric Power Tools Market, click here.

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This report provides an in-depth exploration of the current and future trends, offering valuable insights for industry participants and stakeholders. As the electric power tools market continues its upward trajectory, these findings serve as a roadmap for navigating the evolving landscape.

https://www.alliedmarketresearch.com/electric-power-tools-market

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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