Power Tools Market Set for 5.8% CAGR Surge, Reaching USD 67.64 Billion by 2031 | SkyQuest Technology

Power Tools Market Size, Share, Growth Analysis, By Tool Type(Drilling and Fastening Tools (Drills, Impact Drivers, Impact Wrenches, Screwdrivers And Nut Runners)), By Mode of Operation(Electric (Corded Tools and Cordless Tools), Pneumatic, and Hydraulic), By Material(Bricks/Blocks, Concretes, Glasses, Woods/Metals), By Application(Industrial/Professional (Construction, Automotive, Aerospace, Energy), By Distribution Channel(Online, and Offline), By Region - Industry Forecast 2024-2031
Power Tools Market [https://www.skyquestt.com/report/power-tools-market] size was valued at USD 40.72 billion in 2022 and is poised to grow from USD 43.09 billion in 2023 to USD 67.64 billion by 2031, growing at a CAGR of 5.8% during the forecast period (2024-2031).

The growth of the power tools market is increasing due to the rise in construction and infrastructural developments, technological innovations, and high demand for home improvement products. Power tools are mostly used in sectors like construction, aerospace, automotive, and shipbuilding. These tools play an important role in tasks like cutting, drilling, and grinding. They can be used for enhancing the efficiency and productivity at construction sites. With the expansion of construction activities worldwide and people's choice in improving their living space is increasing the demand for home improvement products, boosting the market. Many developing nations like India and China are investing huge amount of money in the development of infrastructure as they have large populations that are growing at a massive rate. This is increasing the demand for construction, or any related tools required for the activities. Such wave of infrastructural and constructional activities has the potential to boost the market for the power tools necessary in building, manufacturing, and maintenance sectors.

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Increasing Preference of Cordless Power Tools

The trend of introducing web and digital connectivity is increasing in the market as these can easily accomplish connectivity between the power tools and smartphones. The demand for cordless tools is also rising in the market because they are portable, light in weight, and minimizes various types of equipment to carry compared to the tools with cords. Many key organizations have already started investing in such smart technologies to improve their productivity. For example, Panasonic introduced their new Cordless Impact Driver that has short body length of only 98mm. It can provide high power impact even in confined places. The popularity of unwired power tools is growing because they are easy to manage and have less weight, significantly influencing the market.

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Businesses Moves Towards Multi-Use Cordless Solutions to Save Energy Companies like Atlas Copco AB and Robert Bosch Tool are offering unique power tools that uses green energy saving technologies. This move towards multi-use solutions have become important for the industry players because the consumers have become more environment conscious, and they are more interested in brands who produce environmentally friendly products. The devices are flexible and can-do multiple tasks accurately. As consumers wants better quality and error-less products the popularity for these devices is increasing, boosting the market.

* Robert Bosch launched the AdvancedDrill and AdvancedImpact 18V-80 QuickSnap Series in February 2024. This will enable the users to plug in inset screw and drills even in narrow areas.
* In February 2024, Makita U.S.A. Inc., unveiled the 5" Paddle Switch Angle Grinder with AC/DC Switch (9558HP). This product can be used for metal fabrication shops.
* In October 2023, Milwaukee presented the M18 FUEL 4-1/2"/5" Dual-Trigger Braking Grinder with dual-trigger activation, fixed side handle, and auto stop kickback control for improved control and safety.
* In March 2023, DEWALT announced the expansion of TOUGHSYSTEM 2.0 storage portfolio. It has three new products- 3-Drawer Toolbox, Adaptor, and Deep Compact Toolbox.

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The market is rising steadily because of the growth of industrialization, urbanization, and DIY activities. Technology is playing an important role in the growth of the sector with the emergence of cordless devices that has long battery life and efficient. Energy savings and eco-friendliness are two primary factors that are helping in the growth of the market.

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