Power Tools Market size is estimated to reach USD 85 billion by 2027, according to a new research report by Global Market Insights Inc.
A significant shift toward cordless power tools across several industries, such as construction, automotive, manufacturing, and DIY, is a key driver of the power tools industry growth. The development in power tool technology, such as electric power tool like cordless technique, is expected to offer enhanced performance over pneumatic tools.
Considerable growth in end-use industries including automotive, aerospace, and construction is likely to positively fuel the power tools market demand. Furthermore, various features of power tools, such as electric motors and cordless modes, have been eliminating vigorous manual labor work across various end-use industries.
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Growth of Construction sector will flourish the industry statistics
The corded electric mode segment will witness around 6.5% CAGR through 2027. Corded electric power tools find applications in material modifications, construction activities, and manufacturing activities. Advancements in electric power tool portfolios have led to enhanced efficiencies and productivities. Cordless electric power tools have transformed the automotive, construction, and other industries by saving the efforts and time required for simple operations including screwing and drilling to complicated operations including sawing and breaking. Moreover, small sizes and easy availability of cordless electric power tools will enhance the use of these products in common day-to-day applications, such as cutting, drilling, others.
Browse key industry insights spread across 250 pages with 140 market data tables & 10 figures & charts from the report, “Power Tools Market Size By Mode (Electric Corded, Electric Cordless, Pneumatic), By Tool Type (Drilling & Fastening, Sawing & Cutting Tools, Demolition, Material Removal, Wrenches, Others), Application (Construction, Automotive, Aerospace, Energy, Electronics, DIY, Others), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The wrenches power tools market is anticipated to observe steady growth during 2021 to 2027. Wrenches are majorly used in manufacturing plants to improve work efficiency and automation of manufacturing activities is boosting the segment demand.
The construction application segment is set to capture more than 30% of the revenue share by 2027. Increasing construction and renovation activities globally are augmenting the demand for power tools in the construction sector. Additionally, technological innovations and advancements in technologies in the automotive and aerospace sectors are key factors enhancing the market growth.
The North America power tools market size is forecast to register growth rate of over 6.6% through 2027. Substantial growth in the U.S. residential and commercial construction sectors is the key factor supporting the regional industry expansion. According to the U.S. Census Bureau, the annual construction spending noted by the country was nearly USD 1,500 billion in 2020. Increasing private & public spending on construction activities will surge power tool production.
The key companies operating in the power tools market are Robert Bosch GmbH, Techtronic Industries, Atlas Copco, Hilti Corporation, Stanley Black & Decker, Makita Corporation, Apex Tool Group, Emerson Electric Co., Hitachi Koki Ltd., Enerpac Tool Group, and many more. The industry is fragmented due to the presence of several small, medium & large-scale manufacturers across the globe. The major companies are adopting various strategic initiatives including capacity expansion, mergers & acquisitions, new product launches, technology innovation, etc., to remain competitive in the industry.