The report "Power Tools Market by Tool Type (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools), Mode of Operation (Electric, Pneumatic, Hydraulic), Application and Region - Global Forecast to 2029" The power tools market is expected to grow from USD 39.5 billion in 2024 to USD 45.5 billion by 2029, at a CAGR of 2.9% during the forecast period. The growth of the construction industry in emerging economies, widespread adoption of battery-powered power tools worldwide, and rising demand for power tools in the automotive sector are significant factors. Furthermore, the development of smart and connected power tools, coupled with the increasing demand for household application power tools, generates opportunities for market growth.
Drilling and Fastening
Tools segment is expected to grow at the highest CAGR during the forecast
period.
The drilling and
fastening tools segment are expected to grow at the highest CAGR during the
forecast period. Drilling and fastening tools are extensively used across
industrial sectors due to their versatility. Professionals rely on these tools
for a wide range of repair and maintenance tasks. Additionally, impact tools,
screwdrivers, impact wrenches, and nut runners are commonly employed for
various fitting and fastening applications in both industrial and residential
settings. Notably, the automotive industry is a major driver of market growth,
as it heavily relies on these tools in its operations. These factors
collectively contribute to the anticipated rapid growth of the drilling and
fastening tools segment in the power tools market.
Electric mode of
operation segment is expected to grow at the highest CAGR during the forecast
period.
Electric mode of
operation is expected to grow at the highest CAGR during the forecast period.
Electric power tools can be operated either with a battery or a corded power
supply, depending on the particular application. The growing preference for
cordless electric tools is driven by their enhanced convenience and
portability. Moreover, advancements in battery technology have notably improved
the performance and durability of these cordless tools, making them
increasingly appealing to both professionals and DIY enthusiasts.
Residential/DIY
Application is expected to grow at the highest CAGR during the forecast period.
Residential/DIY
Application is expected to grow at the highest CAGR during the forecast period.
The growing popularity of cordless power tools among homeowners is driving
market growth. Specifically, DIY enthusiasts prefer electric power tools for
their home improvement projects, opting for compact and lightweight options for
daily tasks. This trend highlights a significant shift towards ergonomically
designed solutions in the power tools market. Furthermore, advancements in
battery technology, providing longer runtime and improved performance, add to
the appeal of cordless tools. Additionally, the inclusion of user-friendly
features and smart technologies further increases the attractiveness of
cordless power tools among homeowners, leading to market expansion.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=50744034
Asia Pacific is expected
to grow at the highest CAGR during the forecast period.
The Asia Pacific region
is expected to grow at the highest CAGR during the forecast period. The rapid
urbanization and industrialization seen in countries like China, India, and
Southeast Asian nations are prompting significant investments in infrastructure
development, construction projects, and manufacturing activities. This increase
in construction and industrial endeavors leads to a higher demand for power
tools across various sectors. Additionally, the growing disposable income and
expanding middle-class population in the region are driving the demand for
power tools for residential and do-it-yourself (DIY) purposes. Furthermore,
advancements in technology and the availability of innovative power tool
solutions tailored to the specific needs of the Asian market are contributing
to market growth.
Key players
Major companies
operating in the power tools market include Stanley Black & Decker, Inc.
(US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong),
Makita Corporation (Japan), Hilti Corporation, (Liechtenstein), Andreas Stihl
AG & Co. KG (STIHL) (Germany), Atlas Copco AB (Sweden), Apex Tool Group,
LLC (US), Ingersoll Rand (US), Snap-on Incorporated (US), among others.
About MarketsandMarkets™
MarketsandMarkets™ is a
blue ocean alternative in growth consulting and program management, leveraging
a man-machine offering to drive supernormal growth for progressive
organizations in the B2B space. We have the widest lens on emerging
technologies, making us proficient in co-creating supernormal growth for
clients.
The B2B economy is
witnessing the emergence of $25 trillion of new revenue streams that are
substituting existing revenue streams in this decade alone. We work with
clients on growth programs, helping them monetize this $25 trillion opportunity
through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to
Execution, Market Share Gain, Account Enablement, and Thought Leadership
Marketing.
Built on the 'GIVE
Growth' principle, we work with several Forbes Global 2000 B2B companies -
helping them stay relevant in a disruptive ecosystem.Our insights and
strategies are molded by our industry experts, cutting-edge AI-powered Market
Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market
Intelligence Cloud) integrates our research, facilitates an analysis of
interconnections through a set of applications, helping clients look at the
entire ecosystem and understand the revenue shifts happening in their industry.
No comments:
Post a Comment