Portland, OR, June 01, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power tools market generated $32.66 billion in 2019, and is estimated to reach $48.67 billion by 2027, registering a CAGR of 4.8% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in usage of power tools in the construction industry and growing demand for energy-efficient power tools drive the growth of the global power tools market. However, higher pricing of electric power tools and high purchase cost of hydraulic cylinders in comparison with pneumatic cylinders hinder the market growth. On the other hand, growing technological innovations in the development of power tools create new opportunities for the market player in the coming years.
Covid-19 scenario:
- Several major market players have halted the production of power tools amidst the lockdown.
- The various end-users of power tools such as industrial manufacturing units and building & construction industry across the globe have halted their operation amid lockdown due to the COVID-19 pandemic.
- The revenue generated from the DIY (do-it-yourself) segment is likely to increase during the COVID-19 pandemic outbreak as daily wage workers such as carpenters, plumbers, and electricians have been exempted from work during the lockdown.
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The report offers detailed segmentation of the global power tools market based on mode of operation, tool type, application, and region. Based on tool type, the drills segment contributed to the largest share in 2019, accounting for more than one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is also estimated to portray the highest CAGR of 5.7% during the forecast period.
Based on application, the industrial segment accounted for the largest share in 2019, holding more than three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, DIY (do-it-yourself) segment is expected to register the highest CAGR of 5.2% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 6.2% from 2020 to 2027.
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Leading market players analyzed in the research include Emerson Electric Co., Atlas Copco AB, Ingersoll-Rand plc, Hilti Corporation, Makita Corporation, Koki Holdings Co., Ltd., Snap-on Incorporated, Robert Bosch GmbH, Techtronic Industries Co. Ltd., and Stanley Black & Decker Inc.
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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.