Growing demand for power fastening tools across industrial sectors is a key driver for the power tools market revenue growth
— Emerging research
VANCOUVER, BC, CANADA, November 21, 2022 /EINPresswire.com/ — The Global power tools market the size was USD 25.79 billion in 2021 and is expected to register a CAGR of 4.5% during the forecast period, according to the latest analysis from Emergen Research. The growth of construction and manufacturing industries, especially in emerging countries, and the increasing use of cordless power tools are some of the key factors driving the market revenue growth.
The increasing use of various types of cordless power tools such as hammer drills, saw blades, impact wrenches, staplers, and nail guns is contributing to the rapid growth of the market. The growing need for more adaptable, flexible and compact tools is increasingly driving the demand for cordless power tools. Traditional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) batteries are being replaced by lithium batteries in power tools. Additionally, rapid advancements in battery technology have led to an increase in the use of high-density batteries in cordless power tools, allowing for longer run time after each recharge. On April 13, 2022, Makita USA, Inc., which is a leading manufacturer of high-quality professional tools and accessories, expanded its cordless woodworking solutions with 18V LXT 1/ 3 sheet (model XOB03). The sander is designed to provide the power and performance of a corded but cordless version and powered by an efficient brushless motor, allowing for a convenient wood finishing solution for the user.
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The latest report titled “Global Power Tools Market” includes an in-depth analysis of the fundamental parameters contributing to the global power tools market scenario. The research report provides the reader with an in-depth interpretation of the Power Tools market dynamics, including crucial drivers, opportunities, threats, and challenges. The report also depicts key business strategies, demand and supply ratios, major regions, and renowned market players, in a nutshell, providing a futuristic perspective of the overall Power Tools industry. The market intelligence report is a prototype of the 360° overview of the global power tools industry, highlighting the estimated market value, share, growth trends, gross revenue, competitive overview, major manufacturers and buyers, available product types and end-use apps.
The report further explores key business players along with their in-depth profiling, product catalog, and strategic business decisions. The major players studied in the report are Apex Tool Group, LLC., Emerson Electric Co., Ingersoll Rand, Atlas Copco, Robert Bosch GmbH, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd., Hilti Group, Makita Corporation . , and Koki Holdings Co., Ltd.
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Some highlights of the report
The electric segment accounted for a large share of revenue in 2021 due to the ease of flexibility and efficient operation of power tools. The introduction of powerful batteries has led to an increasing demand for power tools. Power tools are used in industries such as automotive, construction, aerospace, and energy due to various benefits such as better performance, speed, efficiency, accuracy, and convenience. Rapid urbanization and industrialization are some of the factors that are increasing the demand for power tools.
The drill segment accounted for a major share of revenue in 2021. Electric drilling and fastening equipment is used by professionals and do-it-yourselfers (do-it-yourselfers). Drills are used in residential and industrial applications because they are easy to use and more economical than other electrical equipment. Growing demand for drills as the primary maintenance and repair equipment is also another factor contributing to the growth of the market.
The industrial segment accounted for the largest share of revenue in 2021. Increase in technical innovation and implementation of advanced technologies by these industries is expected to drive the revenue growth of the segment. The rapid evolution towards the use of power tools as well as various innovations, such as brushless motor technology, which offers less friction, longer motor life, less voltage drops and better performance are some of the major factors that are increasing the demand for power tools in manufacturing and construction plants.
The North America market is expected to register a significant growth rate over the forecast period. Rising industrial and infrastructural development, along with lack of profitable labor leading to rapid adoption of DIY activities are some of the key factors that are significantly driving the market revenue growth in this region.
The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region and presence. of key players in the region.
The segments covered in this report are:
Mode of Operation Outlook (Revenue, USD Billion; 2019-2030)
Product Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
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Regional Power Tools Market Outlook:
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
Main information presented in the report:
Market revenue share by major business players, by type, by application, and market scope of the global Power Tools market
Turnover of the main players and new entrants
Competitive analysis of key players including aspects such as business overview, product or service specifications, suppliers and buyers
Recent mergers, acquisitions, product launches, recent investments and joint ventures
Regional analysis to provide insight into recent trends and opportunities
The Power Tools market research report answers the following key questions:
Who are the major players in the Power Tools market?
Which regional market is expected to witness a high growth rate during the projected period?
What consumer trends and demands are expected to influence market players’ operations in the Power Tools market?
What are the key growth drivers and restraining factors in the Power Tools market?
What are the expansion plans and strategic investment plans undertaken by the players to gain a firm foothold in the market?
What is the global impact of the COVID-19 pandemic on the Power Tools market and its key segments?
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