Power Tools Market Size, Share, Key Players, Growth Trend and Forecast, 2021-2028
Growing implementation of cordless power tools and high demand for power tools in the construction industry are key factors driving the market revenue growth.
NEW YORK, NY, USA, Sept. 15, 2022 /EINPresswire.com/ — The global power tools market size is expected to reach USD 38.78 billion in 2028 and register a CAGR of 4.2% over the forecast period , according to the latest Reports and Data report. Rising demand for power tools in the construction industry and growing use of cordless power tools are key factors that are expected to drive the market revenue growth over the forecast period. Furthermore, the expansion of the construction industry in developing countries is expected to contribute to the market revenue growth in the near future.
Hammer drills, impact wrenches, saw blades, nailers, and staplers are a few 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 batteries in cordless power tools, thanks to advances in battery technology, provides more run time after each recharge. Therefore, these are becoming more and more popular all over the world.
Lithium-ion batteries are preferred for power tools because they offer higher energy density and longer working time. As these batteries are compact and lightweight, they do not even 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 manufacturers are focusing on developing innovative cordless power tools and launching new products in the market. However, concerns regarding power tool safety, regulatory compliance, and high cost of power tool maintenance are expected to restrain the market growth to some extent over 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 key highlights of the report:
• The drilling and fastening tools segment is expected to account for the largest share of revenue during the forecast period. Electric drilling and fixing equipment is used by professionals and DIYers (DIY). 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 segment’s growth is driven by advances in battery technology and the increasing use of cordless tools in residential and industrial applications.
• The industrial segment is expected to account for the highest revenue share in the global market during the forecast period. The segment’s revenue growth is expected to be propelled by increasing technological innovation and adoption of advanced technologies by the automotive, construction, aerospace and energy sectors.
• North America is expected to account for the largest revenue share during the forecast period. Increased infrastructure development and rapid industrialization are driving the demand for power tools in this region. Additionally, shortage of low-cost labor would boost the adoption of DIY (Do It Yourself) tasks, which would further boost the market growth in this region.
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For the purposes of this report, Reports and Data has segmented the global power tools market based on type, mode of operation, application and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
• Demolition tools
o Rotary hammers
o Drill hammers
o Demolition hammers
• Drilling and fixing tools
o Impact factors
o Impact wrenches
o Screwdrivers and nutrunners
• Sawing and cutting tools
o Reciprocating saws
o Circular saws
o Sheers and nibblers
o Band saws
• Routing tools
• Material removal tools
Die and straight grinder
Mode of Operation Outlook (Revenue, USD Billion; 2018-2028)
• Electrically operated
Application Outlook (Revenue, USD Billion; 2018-2028)
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Additionally, the research study gives additional insights into the regional presence of the companies through in-depth regional analysis. The regional analysis covers key geographies such as North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The regional analysis segment covers the details of the market share held by each region along with the potential growth opportunities and revenue generation. The report also offers a growth rate projection for each region in the entire forecast timeline. It also offers country-by-country analysis to give a better understanding of the industry.
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