Growing implementation of cordless power tools and high demand for power tools in construction industry are key factors driving the market revenue growth

NEW YORK, NY, USA, Oct. 27, 2021 /EINPresswire.com/ – The global power tools market size is expected to reach $ 38.78 billion in 2028 and register a CAGR of 4.2% over the forecast period , according to the latest Reports and Data report. The increasing demand for power tools in the construction industry and the increasing use of cordless power tools are key factors that are expected to drive the market revenue growth during the forecast period. In addition, the expansion of the construction industry in developing countries is expected to help the market revenue growth in the near future.

Hammer drills, impact wrenches, saw blades, nailers, and staplers are types of cordless power tools. The growing need for more adaptable, flexible and compact tools is expected to drive the demand for cordless tools. Traditional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) batteries are being replaced in power tools by lithium-ion batteries. The emergence of high density battery packs in cordless power tools, thanks to advances in battery technology, provides more run time after each recharge. Hence, these are becoming more and more popular all over the world.

Lithium-ion batteries are preferable for power tools because they offer higher energy density and longer working time. As these batteries are compact and lightweight, they don’t even self-discharge. As a result, lithium ion batteries have become the most popular cordless power tool batteries. Likewise, as the demand for cordless tools increases, tool makers are focusing on developing innovative cordless power tools and bringing new products to market. However, concerns about the safety of power tools, regulatory compliance, and the high cost of maintaining power tools are expected to restrain the market growth to some extent during the forecast period.

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Some companies in the market include Techtronic Industries Company Limited, Robert Bosch GmbH, Stanley Black & Decker, Inc., Makita Corporation, Atlas Copco, Apex Tool Group, Hitachi Koki Co., Ltd., Snap-on Incorporated, Ingersoll-Rand PLC , and Emerson Electric Co.

Some highlights of the report:

• The drilling and fastening tools segment is expected to account for the largest share of revenue during the forecast period. Electrical drilling and fastening equipment is used by professionals and DIY enthusiasts. Drills are used in residential and industrial applications because they are easy to use and less expensive than other electrical equipment. cheaper
• The electrical segment is expected to register a robust revenue growth rate over the forecast period. The growth of the segment is driven by advancements in battery technology and the increasing use of cordless tools in residential and industrial applications.
• The industrial segment is expected to represent the highest revenue share in the global market during the forecast period. The segment’s revenue growth is expected to be propelled by increased technological innovation and the adoption of advanced technologies by the automotive, construction, aerospace and energy industries.
• North America is expected to account for the largest share of revenue over the forecast period. Increased infrastructure development and rapid industrialization are driving the demand for power tools in this region. Moreover, the shortage of low cost labor force would boost the adoption of DIY tasks, further boosting the market growth in this region.

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For the purpose of this report, Reports and Data has segmented the global power tools market on the basis of type, mode of operation, application, and region:

Type Outlook (Revenue, Billions USD; 2018-2028)

• Demolition tools
o Rotary hammers
o Percussion drills
o Demolition hammers
• Drilling and fixing tools
o Impact drivers
o Exercises
o Impact wrenches
o Screwdrivers and screwdrivers
• Sawing and cutting tools
o Reciprocating saws
o Puzzles
o Circular saws
o Shears and nibblers
o Band saws
• Routing tools
o Routers
o Carpenters
o Planers
• Material removal tools
o Shredders
 Right die and grinding machine
 Angle grinders
o Sanders
Buffers
o Polishers
• Others

Mode of Operation Outlook (Revenue, USD Billion; 2018-2028)

• Pneumatic
• Electric
o Wireless
o Wired
• Hydraulic
• Electrically operated

Application Outlook (Revenue, USD Billion; 2018-2028)

• Residential
• Industrial
o Automobile
o Building
Energy
o Aeronautics
o Others

The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces Analysis. The report explores in more detail the major business players along with their in-depth profiling, product portfolio and strategic business decisions. The report has been formulated through extensive primary and secondary research and validated by analysts, industry experts and market professionals. The report also highlights recent mergers and acquisitions, joint ventures, collaborations, partnerships and product launches, among others.

The regional analysis covers the assessment of imports / exports, production and consumption ratios, supply and demand, costs, prices, estimated revenues and gross margins, as well as the presence of key players in the region. The report also offers information on revenue growth, market size, market share, the technological advancement, and the presence of key players in each region.

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The regional bifurcation of the power tools market includes:

North America (United States, Canada, Mexico)
Europe (UK, Italy, Germany, France, rest of Europe)
Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)

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