Press release
Power Tools Market Witness Excellent Growth by 2027 | Tremendous Business Opportunity and Trends
Power Tools Market
The global power tools market size was $32.7 billion in 2019, and is projected to reach $48.7 billion by 2027, registering a CAGR of 4.8% from 2020 to 2027.
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Top Impacting Factors:
Power tools are utilized in both residential and non-residential sectors. Their growing application is supported by enhanced work efficiency achieved through advanced sensors that minimize errors. The global power tools market is expanding due to the trend towards automation, which offers higher returns on investment and cost optimization.
Power tools streamline tasks by reducing the burden of repetitive work and decreasing the risk of human injury and errors. The development of smart technologies, high labor costs, and the introduction of energy-efficient, low-cost power tools are driving market growth. However, the decline in the automotive industry in Asia-Pacific and concerns over human safety pose challenges to this growth.
Electric power tools are predominantly used in construction, automotive, logistics, and security industries. The increased use of pneumatic power tools in commercial industries such as automotive and construction has boosted their demand and market share. The pneumatic power tools segment is projected to grow at a CAGR of 3.6% throughout the study period.
In 2019, Asia-Pacific was the leading geographical market for power tools, primarily due to high demand in countries like China and India, driven by the presence of numerous automobile and construction companies.
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Driving Demands:
Power tools are extensively used across various industries, including construction, aerospace, automotive, shipbuilding, and energy sectors, as well as by homeowners. Manufacturers produce and distribute a wide range of high-quality tools made from top-grade materials. The industry is supported by increasing construction activities in emerging markets, strong demand in the automotive sector, and a growing global preference for battery-powered tools.
These tools are essential for tasks such as cutting, wrenching, drilling, and polishing across sectors like automotive, aerospace, construction, petrochemicals, and oil and gas. Known for their convenience and ease of use, power tools enhance operational efficiency and precision. The global market is set for significant growth due to the widespread adoption of cordless power tools. Nonetheless, challenges such as maintenance costs for moving parts and the volatility of raw material prices, which are subject to market fluctuations, remain.
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Key Players:
The key players profiled in the global power tools market report include Atlas Copco AB, Emerson Electric Co., Hilti Corporation, Ingersoll-Rand plc, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd. Key players are constantly focusing on launch of new products and discover innovative technologies to sustain the growing customer demands. A substantial rise in spending for R&D activities in wireless technology corporations simplifies product improvement and innovation of customized solutions.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. 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.
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