DUBLIN, September 15, 2021--(BUSINESS WIRE)--The "Global Power Tools Market, By Tool Type (Routing, Demolition, Air-Powered, Drilling & Fastening, Sawing, Others), By Application (Industrial, Residential), By Mode of Operation (Electric, Pneumatic, Hydraulic), Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global power tools market held a market value of USD 30,894.8 Million in 2020 and is forecasted to reach USD 43,278.3 Million by the year 2027. The market is expected to register a CAGR of 5.2% during the forecast period.
Despite the driving factors the high maintenance cost coupled with the volatile raw material price is anticipated to negatively influence the market growth. This is because recalibration at regular intervals is required for power tools for efficient operations. Also, regulatory compliances and power tool safety are expected to pose a challenge to the market growth.
Growing application of power tools in the construction industry
The rising adoption of power tools in the construction industry is also likely to drive the demand for power tools over the forecast period. This is because power tools help in reducing the time associated with redundant tasks. It also helps in providing increased efficiency. Furthermore, the increasing use of sanders, wrenches, drills and other such tools in the construction sectors is also anticipated to boost the market growth. Also, the rapid expansion of the construction industry globally is estimated to fuel the market growth.
Rising adoption of cordless power tools globally
Cordless power tools contain a wide range of battery-powered tools, such as circular saws, hammer drills, and impact wrenches. These also include staplers as well as nailers. Furthermore, the growing demand for more flexible, compact, and mobile tools is also expected to drive the market growth. Moreover, advancements related to battery technology are also expected to increase the adoption of cordless power tools with high-density and long-lasting batteries. In addition, the attraction of consumers towards cordless tools is also motivating market players to focus on cordless power tools, which is expected to boost the market growth.
On a regional basis, the global power tools market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North American region accounted for the largest market share of approximately 31% in the global market owing to the increasing industrial development and infrastructure development activities in the U.S. and Canada.
The Asia Pacific region is anticipated to witness the fastest growth rate of 6.8% during the forecast period. This is due to the fast flourishing automotive industry in the region. Countries witnessing the highest growth include India and China.
The global power tools market report provides insights on the below pointers:
Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global power tools market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Global Power Tools Market
Chapter 4. Global Power Tools Market Overview
Chapter 5. Power Tools Market Analysis, By Tool Type
Chapter 6. Power Tools Market Analysis, By Mode of Operation
Chapter 7. Power Tools Market Analysis, By Application
Chapter 8. Power Tools Market Analysis, By Region/ Country
Chapter 9. North America Power Tools Market Analysis
Chapter 10. Europe Power Tools Market Analysis
Chapter 11. Asia Pacific Power Tools Market Analysis
Chapter 12. Middle East & Africa (MEA) Power Tools Market Analysis
Chapter 13. South America Power Tools Market Analysis
Chapter 14. Company Profiles
ANDREAS STIHL AG & Co. KG
APEX Tool Group, LLC
Atlas Copco AB
C. & E. FEIN GmbH
Delta Power Equipment Corporation
Emerson Electric Co.
Enerpac Tool Group
Ferm International B.V.
KOKI Holdings Co. Ltd.
Robert Bosch GmbH
Stanley, Black & Decker, Inc.
Techtronic Industries (TTI)
Positec Tool Group
Uryu Seisaku, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/wyzyyh
View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005482/en/
Laura Wood, Senior Press Manager
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