Power Tools Market worth USD 48.6 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Power Tools Market by Mode of Operation (Pneumatic, Electric, and Others), by Tool Type, (Drills, Saws, Material Removal Tool, Wrenches, and Others), by Application (Industrial and DIY), and Region - Global Trends, Market Share, and Forecast to 2027". The global power tools market is estimated to grow from USD 34.9 billion in 2020 to USD 48.6 billion by 2027, at a CAGR of 4.8% from 2021 to 2027. Power tools have varied applications in residential and non-residential sectors. There has been a growth in the power tools application, which is facilitated by work efficiency attained through the incorporation of advanced sensors to analyze and execute tasks with minimum errors in the operations. Also, it has been witnessed in the increase of the power tools development in the market, owing to a boost in the trend of automation, empowering greater cost optimization and returns on investments (ROI). The consumption of power tools streamlines human work by decreasing the load of the repetitive task and by preventing human injuries & errors. The high labor costs, development of smart technologies, and the introduction of energy & cost-efficient power tools are lifting the development and demand in the global power tools market. Conversely, the decline of automobiles production and consumption in Asia-Pacific and distresses for human safety limits the power tools market growth.

Global Power Tools Market Segmentation

The overall power tools market has been segmented into the mode of operation, tool type, application, and region.

• By Mode of Operation (Electric, Pneumatic, and Others)
• By Tool Type (drills, grinders, saws, wrenches, and others.)
• By Application (Industrial and DIY)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Drills, by tool type, are estimated to hold the largest market share during the forecast period.

Based on tool type, the global power tools market is segmented into drills, grinders, saws, wrenches, and others. The drills segment generated the highest revenue in 2020, and it is expected to register a significant CAGR from 2020 to 2027. Commercial users widely using electric drills for efficient drilling operations in industries. Companies have launched power drills, which are easy to handle and smooth to function. For instance, in April 2019, Makita Corporation, a Japanese manufacturer of power tools, launched a ¼" hex screwdriver kit (FD10) for compact driver-drill and 12V max CXT lithium-ion cordless 3/8" driver-drill kit (FD09) for applications in lesser spaces.

The increase in production and manufacturing activities encourage the drill's market growth across the globe. Further, the primary factor driving the cordless power drills adoption is their portable feature, enabling the consumer to operate without the external power supply. Moreover, these power drills are compact and lightweight, which are specifically designed to reduce hand stress. Furthermore, the rising popularity of battery-operated power drills has propelled the market's growth since these drills can be operated in remote areas where there is no power supply.

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North America accounts for the largest market share during the forecast period in the power tools market.

Based on the regions, the global power tools market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, North America accounted for the highest market share of 32.6% in the global power tools market and was anticipated to maintain its dominance throughout the forecast period. South America and the Middle East & Africa is expected to emerge as a lucrative area with maximum growth potential.

The primary power tools manufacturers focused on the North American market, mainly due to the domestic market's high adoption of electric power tools rate. The US is a central manufacturing hub of power tools and accessories for many major companies such as Stanley Black & Decker, Techtronic Industries Co., Ltd., and others. Stanley Black & Decker manufactures most of its tools and accessories through its production locations in various states of the US. Moreover, through its consumer goods segment, Robert Bosch GmbH, based in Germany, consisting of power tools and home appliances in North America, aims to provide an extensive range of power tools and accessories for non-professional operations.

This research report includes a study on the development and marketing strategies, along with the product portfolios and winning strategies of the leading companies operating in the power tools market. It also consists of the profiles of leading companies such as Apex Group, Atlas Copco, Hilti Corporation, Robert Bosch GmbH, Koki Holding, Co., Ltd., Makita Corporation, Ingersoll Rand Inc., Stanley Black & Decker, Inc., Snap-on Incorporated, Techtronic Industries CO., Ltd, Emerson Electric Co., Chervon (HK) Ltd., and others. These market players have focused on acquisitions and expansion to gain a larger market share in the power tools market.

Browse complete report: https://www.marketstatsville.com/power-tools-market

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