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Power And Hand Tools Market Overview 2024-2033: Share, Size, Insights, Forecast
Power And Hand Tools Market Overview
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According to The Business Research Company's, The power and hand tools market size has grown steadily in recent years. It will grow from $11.53 billion in 2023 to $11.99 billion in 2024 at a compound annual growth rate (CAGR) of 4%. The growth in the historic period can be attributed to growth in the popularity of do-it-yourself (DIY) projects and home improvement activities, expansion in the construction sector, driving demand for power and hand tools, increased online sales channels making tools more accessible to a broader customer base, increased urbanization leading to increased residential and commercial construction activities, development of more environmentally friendly tools.
The power and hand tools market size is expected to see steady growth in the next few years. It will grow to $14.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to increasing demand for eco-friendly and sustainable power and hand tools, incorporation of automation and artificial intelligence to enhance tool functionality and user experience, increased urbanization and infrastructure development, the rise of e-commerce and omnichannel retailing, rising demand for customizable and personalized tools to meet specific user requirements. Major trends in the forecast period include smart and connected tools, advanced battery technologies, integration of automation and robotics in power tools, AI and machine learning, modular and multi-functional tools, customization and personalization.
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Market Drivers and Trends:
The rising construction industries is expected to propel the growth of the power and hand tools market. Construction industries encompass the sectors involved in planning, designing, developing, and constructing buildings, infrastructure, and other physical structures. The increase in construction industries is due to several factors, such as urbanization, population growth, infrastructure development, technological advancements, and economic expansion. Power and hand tools are used to increase efficiency, speed, and precision in construction tasks, contributing to overall project success and quality. For instance, in February 2023, according to ConstructConnect, a US-based construction contractor trust, U.S. construction had risen by 16.7% in 2022, reaching up to $912 billion. Therefore, rising construction industries will drive the power and hand tools market.
Major companies operating in the power and hand tools market are developing battery-powered tools with a longer runtime, with the inclusion of smart integrated sensors for real-time monitoring and ergonomic designs. Battery-powered tools with longer runtime are tools that operate on rechargeable batteries and can sustain continuous use for extended periods without frequent recharging. For instance, in January 2022, Bosch Power Tools GmbH, a Germany-based electrical and electronic manufacturing company, launched a new 18V REVOLVE 4000 green-beam rotary laser. The latest product has enhanced features such as an extended leveling range, higher visibility up to four times brighter than traditional red beams, and additional ADS settings, allowing for a superior user experience during heavy-duty tasks.
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Major Key Players of the Market:
The Bosch Limited, Danaher Corporation, Stanley Black & Decker Inc., Atlas Copco AB, Emerson Electric Co., Techtronic Industries Co. Ltd., Milwaukee Electric Tool Corporation, Makita Corporation, Ingersoll-Rand Plc, Snap-On Incorporated, MISUMI Group Inc., Chervon Holdings Limited, Apex Tool Group LLC, Fluke Corporation, Enerpac Tool Group, Chicago Pneumatic Tool, The Ames Companies In., Alberta Investment Management Corporation (AIMCo), Daniels Manufacturing Corporation, Alltrade Tools LLC, AnCor Inc., Taparia Tools
Power And Hand Tools Market 2024 Key Insights:
• The power and hand tools market size is expected to see steady growth in the next few years. It will grow to $14.12 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%.
• Impact Of Construction Industry Growth On The Power And Hand Tools Market
• Advancements In Battery-Powered And Smart Tools In The Power And Hand Tools Market
• North America was the largest region in the power and hand tools market in 2023
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