Power Tools Latest market insights highlighting growth trends
New York, USA, October 28, 2022 – Tools that are powered by a power source instead of manual effort are called power tools. They are used in a variety of settings, such as DIY projects, packaging, manufacturing and assembly lines, and maintenance and repair. Power tools are highly sought after in a variety of industries due to their high efficiency, hassle-free operation, portability, and reduced need for labor and time. The global Power Tools Market value in 2021 was USD 35.63 Billion and will reach USD 55.89 Billion by 2030 at a CAGR of 6.97% from 2021 to 2030.
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Power Tools Market Overview:
• In 2021, the drilling systems segment accounted for the largest market share of nearly 30% based on product type.
• By operating mode, the electric mode segment led the market with a 60% revenue share in 2021.
• In 2021, the industrial applications segment contributed a revenue share of approximately 60%.
• Geographically, Asia-Pacific occupied a significant position in the overall market, with a share of more than 33.2% in 2021.
Power tools market dynamics
The power tools market is growing in a variety of industries owing to factors such as their portability, improved operational efficiency, convenience of use, and reduced time and labor requirements .
Over the next seven years, the demand for power tools is expected to grow due to increased usage in the construction and automotive industries. These technologies help reduce time spent on unnecessary tasks and improve overall efficiency. Similarly, power tools are used more frequently by companies offering automotive repair and maintenance services. Drills, wrenches, sanders and other equipment are in high demand in the power tools market.
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Power Tools Market: An In-Depth and Detailed Segmentation Analysis
The segmentation and division of the power tools market has been done on the basis of product, mode of operation, application, and region.
By operating mode
• United States
• Rest of Europe
• Rest of APAC
• Saudi Arabia
• South Africa
• Rest of Latin America, Middle East and Africa.
By operation mode, the electric mode segment led the market with a 60% revenue share in 2021 due to their efficient operation and ease of mobility. Many improvements in battery technology have taken place over the past few years. For this reason, the development of powerful batteries has accelerated the adoption of power tools. The two types of electric models, corded and cordless, are further separated. In 2021, cordless electric mode dominated the power tools market, and this trend is expected to continue throughout the forecast period. Many power tool manufacturers are updating their product lines and increasing the selection of cordless power tools they offer consumers. Cordless tools are also user-friendly and simple to use for home and commercial purposes.
Geographically, Asia-Pacific occupied an important position in the overall market, with a share of more than 33.2% in 2021. The CAGR of the region is expected to be the highest during the projection period in due to the expansion of the automotive sector in countries such as China and India. . Growth in infrastructure development and construction activities, along with increasing disposable income, are all important factors influencing the expansion of the regional market. Future robust growth in Europe should be driven by the UK and Germany. The expansion of the market is fueled by the existence of manufacturing and production facilities in various European Union countries.
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Key industry players in the power tools market
• Technology industries
• Ingersoll-Rand plc
• Koki Holdings Co., Ltd.
• Hilti Corporation
• Stanley Black & Decker
• Emerson Electric, Co.
• Makita Corporation
The global Power Tools market value in 2021 was USD 35.63 Billion and will reach USD 55.89 Billion by 2030 at a CAGR of 6.97% from 2021 to 2030. electricity is affected by the increasing popularity of do-it-yourself techniques. The automotive industry, construction and other sectors are witnessing an increase in the use of power tools.
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