Global Power Tools Market Comprehensive Study: Forecasted Market Size And Growth Rate | Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Corp., Ingersoll Rand Inc., Snap-on Incorp

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2653

The Business Research Company offers in-depth market insights through Power Tools Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The power tools market size has grown strongly in recent years. It will grow from $39.21 billion in 2023 to $42.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growth in construction and diy industries, expansion of manufacturing and fabrication, demand for efficient and cordless tools, increase in home improvement projects, regulatory standards for tool safety..

The power tools market size is expected to see strong growth in the next few years. It will grow to $56.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to customized power tool solutions for specific trades, sustainable and eco-friendly power tool designs, growth in electric and cordless tool options, innovation in smart and connected power tools, increased use in precision and microtools.. Major trends in the forecast period include smart and iot-enabled power tools, regulatory compliance in power tool safety, ergonomic and user-friendly tool designs, personalized power tool kits for professionals, transparency in tool performance and maintenance..

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Market Segmentation:
The main types of power tools are drilling and fastening, demolition, routing, sawing, cutting, material removal and other tool types. The drilling and fastening tools are used to form a hole of different sizes on a job. Drilling is a metal removing technique that may be done with a drilling machine. Drilling, reaming and boring are all operations that can be done with a drilling tool. The various operations modes include electric, pneumatic and others and can be distributed through online and offline channels. The numerous applications include construction, automotive, aerospace, energy, electronics and others.

Major Driver - Growth In The Industrial Sector Drives The Power Tools Market
The growth in the industrial sector has been a significant driver for the power tools market. The industrial sector encompasses a wide range of economic activities involving the production, manufacturing, and processing of goods and services on a large scale. he growth of various industrial sectors, including automotive, aerospace, and manufacturing, drives the need for power tools in production and maintenance. For instance, according to trading economics, a USA-based provider of data on economic indicators, the industrial output in India increased by 11.9% year-on-year in August 2021, higher than the 11.5% in the previous month, and compared to market forecasts of 12%. Also, in 2021, according to the Bureau of Economic Analysis (BEA), a US-based governmental organization that publishes official macroeconomic and sectoral statistics, in the USA, private goods-producing industries increased by 4.7% and private services-producing industries increased by 7.8%. Overall, 19 of 22 industry groups contributed to the second-quarter increase in real GDP. This growth in the industrial sector globally is expected to drive the power tools market.

Competitive Landscape:
Major companies operating in the power tools market include Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Corp., Ingersoll Rand Inc., Snap-on Incorporated, Apex Tool Group Corp., Hitachi Koki Ltd., Emerson Electric Co., Enerpac Tool Group Corp., Carborundum Universal Limited, Electrex India Limited, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, Ridgid Tools Company, Andreas Stihl AG & CO. KG, YAMABIKO Corporation, KEN Holding Co. Ltd., Dynabrade Power Tools Pvt. Ltd., Delta Machinery Corp., Chervon Corp., Diamond Products Ltd., Einhell Germany AG, Elliott Tool Technologies Ltd., Festool Group GmbH & Co. KG, Ideal Industries Inc., Illinois Tool Works Inc., Metabo Power Tools SA Ltd., OLFA Corp., Positec Technology Co. Ltd., Sandvik AB

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Top Trend - Innovative Compact Battery Redefines The Power Tools Market
New product innovations have emerged as the key trend gaining popularity in the power tools market. Major companies operating in the power tools market are inventing new product innovations to sustain their position in the market. For instance, in December 2021, Dewalt, a US-based company that manufactures power tools, launched its new Dewalt PowerStack 20V Max Compact Battery, which gives 50% more power. It contains broad application capabilities and fast performance with cordless tools. This battery is 25% more compact and 15% lighter.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Power Tools Market Characteristics
3. Power Tools Market Trends And Strategies
4. Power Tools Market - Macro Economic Scenario
5. Power Tools Market Size And Growth
…..
27. Power Tools Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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