The power tool market will cross $ 85 billion by 2027; Global
Selbyville, Delaware, September 28, 2021 (GLOBE NEWSWIRE) –
The revenue of the power tools market is expected to register a valuation of USD 85 billion by 2027, according to the most recent study from Global Market Insights Inc. Strong demand from the residential and commercial sectors for repair and maintenance across the globe is expected to drive the overall power tool market revenue throughout the assessment period.
The COVID-19 pandemic has impacted several industries including construction, automotive, aerospace, electronics, etc., across the world. The impact of COVID-19 on the construction, automotive and manufacturing industries has been significant, especially during the early days of the pandemic. From a production point of view, many suppliers and manufacturers have experienced product shortage as many countries or cities have very strict trade restrictions and blockages in place. For example, in the first half of 2020, the European automotive sector suffered production losses of 3.6 million vehicles, resulting in a loss of around $ 120 billion.
Request a sample of this research report @ https://www.gminsights.com/request-sample/detail/5006
The cordless power tools market will experience a CAGR of approximately 7% during the forecast period. The significant adoption of power tools in the residential and commercial sectors due to their characteristics, such as portability, high productivities, ease of use in remote locations, will drive the growth of the cordless power tools market and with wire.
In recent years, many end users have made the switch from corded power tools to cordless power tools; however, corded tools are still in great demand from manufacturing plants. Cordless power tools include a range of battery-powered tools such as circular saws, band saws, crimpers, impact screwdrivers, impact drills, and impact wrenches. Cordless tools are ideally used for sanding, welding, cutting and metalworking.
The DIY applications segment will account for over 20% of the power tools market revenue share by 2027. The increasing use of power tools in DIY applications is expected to improve the market growth during the period. forecast. The popularity of the Do-it-Yourself (DIY) technique during the COVID-19 pandemic and the unavailability of domestic workers has led to the increased adoption of DIY jobs for household repair and maintenance. Gardening, home repair and maintenance are made easier with the use of user-friendly and small tools, resulting in increased consumption of power tools.
The main companies operating in the power tool market are Robert Bosch GmbH, Hilti Corporation, Stanley Black & Decker, Techtronic Industries, Atlas Copco, Makita Corporation, Apex Tool Group, Emerson Electric Co., Hitachi Koki Ltd., Enerpac Tool Group and others.
Request for customization of this research report on https://www.gminsights.com/roc/5006
Here are some of the key findings of the Power Tools Market report:
- The growth of the market can be attributed to the increasing adoption of power tools in end-use industries.
- Technological innovations associated with the growth of the industrial sector in Asia-Pacific will enhance the growth of the market.
- The COVID-19 crisis has impacted all of the construction, automotive, aerospace and manufacturing industries around the world and disrupted the normal functioning of the global power tools market.
- Among the various tool type segments, drilling and fastening dominated the power tool industry in 2020 and is expected to generate huge revenue gains throughout the forecast period.
- Among applications, construction held the largest market share in 2020.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.