The global power tools market is expanding at a significant rate on the back of consumer inclination towards cordless power tools. This is anticipated to remain the key defining factor in the power tool market. As per Future Market Insights (FMI) analysis the global power tools market is expected to be reach US$ 33.36 Billion in 2021.
The demand is anticipated to increase as global construction activity picks up. Construction applications will, according to FMI, account for the majority of market sales during the forecast period. Moreover, the industry will benefit from increased sales prospects due to the growing trend of do-it-yourself projects.
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The worldwide economy has been negatively impacted by the COVID-19 pandemic. Due to supply chain disruptions brought on by global lockdowns and the closure of production facilities, the growth of the power tools industry fell dramatically. But, if economic activity picks back up after the pandemic has been contained, the market is anticipated to recover quickly. Manufacturers are concentrating on expanding their production capacity and improving production rate, which is presenting promising prospects for the growth of the power tool market.
Key Takeaways of Global Power tool Market Study
- Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
- U.S. is expected to spearhead growth in North America, accounting for over 62% of overall share in the region in 2021
- U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
- Outlook for Italy and France is expected to remain positive over the forecast period
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Global Power tool Market Competitive Landscape
Due to the existence of numerous regional and international companies, the market for power tools is extremely competitive. Manufacturers are concentrating on R&D for inventive product portfolio upgrades, growth into untapped areas, along with establishing their businesses via e-commerce platforms, in order to obtain a competitive edge. Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Company Limited, Koki Holding Co., Ingersoll Rand Inc., Apex Tools, Hilti Corporation, and Snap-on Incorporated are a few of the top power tool makers.
Key Segments Covered in the Power Tools Industry Analysis
By Product Type:
- Drilling Tool
- Fastening Tool
- Heat Gun
- Angle Grinder
- Chain Saw
- Orbital Sander
- Jigsaw
- Impact Wrench
- Circular Saw
By Technology:
- Electric
- Corded
- Cordless
- Pneumatic
By Application:
- Manufacturing
- Metal Fabrication
- Automotive
- Railways
- Aerospace
- Furniture
- Others
- MRO Services
- Facility Management
- Automotive
- Aerospace
- Other Industrial
- DIY
- Construction
By Sales Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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