Press release
Revving Up: Insights into the Thriving Power Tools Market in 2024
As per the report, 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 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%.
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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.
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 power tools market covered in this report is segmented -
1) By Tool Type: Drilling and Fastening Tools, Demolition Tools, Routing Tools, Sawing and Cutting Tools, Material Removal Tools, Other Tool Types
2) By Mode Of Operation: Electric, Pneumatic, Other Mode of Operations
3) By Distribution Channel: Online, Offline
4) By Application: Construction, Automotive, Aerospace, Energy, Electronics, Other Applications
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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
Contents of the report:
1. Executive Summary
2. Power Tools Market Report Structure
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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