Power Tools Market Forecast 2021-2028 with Growth Drivers, Regional Outlook

Surging demand for electric fastening tools in industrial sectors is a key factor driving power tools market revenue growth

The global power tools market size was USD 25.79 Billion in 2021 and is expected to register a revenue CAGR of 4.5% during the forecast period, according to latest analysis by Emergen Research. Rising construction and manufacturing industries especially in emerging countries, and rising usage of cordless power tools are some of the key factors driving revenue growth of the market.

Growing utilization of various types of cordless power tools, such as hammer drills, sawing blades, impacting wrenches, staplers, and nailers, is contributing to rapid growth of the market. Rising need for more adaptable, flexible, and compact tools is increasingly driving demand for cordless power tools. Traditional Nickel Cadmium (Ni-Cd) and Nickel-metal Hydride (Ni-MH) battery packs are replaced with lithium batteries in power tools.

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In addition, rapid advancements in battery technology has led to a surge in utilization of high density battery packs in cordless power tools, thereby enabling better operational time after every recharge. On 13 April 2022, Makita U.S.A., Inc., which is one of the leading manufacturer of high quality professional tools and accessories, expanded its cordless woodworking solutions with 18V LXT 1/3 Sheet Finishing Sanders (model XOB03). Sander is designed to provide power and performance of a corded version but without cord and powered by an efficient brushless motor, enabling a convenient wood finishing solution for user.

The Global POWER TOOLS Market research study is an extensive collection of insightful information about the POWER TOOLS Market industry. The report covers the POWER TOOLS Market segmentation along with a detailed outline of the POWER TOOLS Market size with regards to volume and valuation. The report provides comprehensive coverage of the POWER TOOLS Market scenario for the current period and forecast timeline of 2022-2030. The POWER TOOLS Market report contains an in-depth analysis of the historical, current, and projected revenues for every industry vertical, segment, end-use industries, applications, and regions.

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The report also discusses key players involved in the market, such as 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. and others as well as new entrants in the market. The competitive analysis also includes regional analysis of major geographical regions. The report covers regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa.

Emergen Research has segmented the global power tools market based on mode of operation, product, application, and region:

Mode Of Operation Outlook (Revenue, USD Billion; 2019-2030)

Electric

Cordless

Corded

Pneumatic

Others

Product Outlook (Revenue, USD Billion; 2019-2030)

Wrenches

Grinders

Drills

Saws

Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Industrial

Residential

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Key Features of the Power Tools Market Report:

The report offers details about key drivers, restraints, opportunities, challenges, growth prospects, limitations, and threats

The report encompasses details about the key companies, product portfolio along with specifications, production valuation, and market shares

Evaluation of key current and emerging market trends and growth prospects

It also offers research-backed estimations for the forecast period of eight years, primarily to estimate the potential market growth

Brief overview of industry with regards to research and development, technological advancements, and product development

In-depth assessment of upstream raw materials, downstream buyers, demands, and current market scenario

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