Power Tools Market to Reach $48.67 Bn, Globally, by 2027 at
- Integration of brushless motors in electric power tools, growing adoption of power tools in the construction industry, and rapid industrialization coupled with rise in infrastructure spending have boosted the growth of the global power tools market
PORTLAND, Oregon, May 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Power Tools Market by Mode of Operation (Electric, Pneumatic, and Others), Tool Type (Drills, Material Removal Tool, Saws, Wrenches, and Others), and Application (Industrial and Do-It-Yourself (DIY)): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global power tools market was pegged at $32.66 billion in 2019, and is projected to reach $48.67 billion by 2027, growing at a CAGR of 4.8% from 2020 to 2027.
Major driving factors of the market
Integration of brushless motors in electric power tools, growing adoption of power tools in the construction industry, and rapid industrialization coupled with rise in infrastructure spending have boosted the growth of the global power tools market. Moreover, rise in popularity of energy-efficient power tools supplemented the market growth. However, high purchase costs of electric power tools and hydraulic cylinders as compared to pneumatic cylinders hamper the growth. On the contrary, technological innovations and surge in demand for material handling equipment are expected to create lucrative opportunities in the near future.
The electric segment to witness high demand
Based on mode of operation, the electric segment held the largest share in 2019, accounting for nearly one-third of the market and is projected to register the highest CAGR of 5.1% during the forecast period. This is due to massive growth in the construction and manufacturing industries in the developing countries.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/1734
The Drills segment held the largest share
Based on tool type, the drills segment dominated the market in 2019, contributing to nearly one-third of the market, as power drills that are easy to handle and smooth to function and increased production and manufacturing activities. The same segment would manifest the fastest CAGR of 5.7% throughout the forecast period.
DIY segment to manifest highest CAGR through 2027
The DIY segment is expected to portray the highest CAGR of 5.2% during the forecast period, due to rise in DIY culture and increased trend of the e-retail platform in developing nations, which made it easy for the non-professional users to buy power tools. However, the industrial segment held the largest share in 2019, accounting for nearly two-thirds of the total revenue. This is due to increased government investment in construction and infrastructural development activities, which augments the demand for power tools.
Get detailed COVID-19 impact analysis on the Power Tools Market: https://www.alliedmarketresearch.com/request-for-customization/1734?reqfor=covid
North America dominated the market
The market across North America held the largest share in 2019, contributing to nearly one-third of the market, owing to high adoption rate of electric power tools in the region. However, the market across LAMEA is expected to manifest the highest CAGR of 6.2% during the study period, as major power tool manufacturers have established their subsidiaries to promote better sales and services in the developing regions.
Major market players
- Atlas Copco AB
- Hilti Corporation
- Emerson Electric Co.
- Koki Holdings Co., Ltd.
- Ingersoll-Rand plc
- Robert Bosch GmbH
- Makita Corporation
- Stanley Black & Decker Inc.
- Snap-on Incorporated
- Techtronic Industries Co. Ltd.
Interested to Procure the Data? Inquire [email protected] https://www.alliedmarketresearch.com/power-tools-market/purchase-options
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Pre-Book Now with 12% Discount:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: +1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter