Selbyville, Delaware, Sept. 28, 2021 (GLOBE NEWSWIRE) --
The power tools market revenue is anticipated to record a valuation of USD 85 billion by 2027, according to the most recent study by Global Market Insights Inc. Robust demand from the residential and commercial sectors for repair & maintenance across the globe is anticipated to drive the overall power tools market revenue throughout the assessment period.
The COVID-19 pandemic has impacted several industries including construction, automotive, aerospace, electronics, etc., across the globe. The COVID-19 impact on the construction, automotive, and manufacturing industries was significant, especially during the initial days of the pandemic. Starting from the production perspective, many suppliers and manufacturers experienced short of supply of products as many countries or cities implemented very stringent trade restriction and lockdowns. For instance, in the first half of 2020, the Europe automotive sector suffered production losses of 3.6 million vehicles, which resulted in a loss of around USD 120 billion.
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The electric cordless power tools market will witness around 7% CAGR during the forecast period. The significant adoption of electric power tools in the residential and commercial sectors owing to their features, such as portability, high productivities, usability in remote locations, will drive the market growth of cordless and corded electric power tools.
In the last few years, several end-users shifted from corded to cordless power tools; however, corded tools still hold considerable demand from manufacturing plants. Cordless electric power tools include a range of battery-powered tools such as circular saws, band saws, crimpers, impact drivers, hammer drills, and impact wrenches. Cordless tools are ideally used for sanding, welding, cutting, and metalworking.
The DIY application segment will account for over 20% of the power tools market revenue share by 2027. Increasing use of power tools in DIY applications is projected to enhance market growth during the forecast period. The popularity of the Do-it-Yourself (DIY) technique during the COVID-19 pandemic and the unavailability of household workers have led to the increased adoption of DIY jobs for household repair and maintenance. House gardening, repair, and maintenance are easier with the use of tools that are user-friendly and small, leading to enhanced consumption of power tools.
The key companies operating in the power tools market are Robert Bosch GmbH, Hilti Corporation, Stanley Black & Decker, Techtronic Industries, Atlas Copco, Makita Corporation, Apex Tool Group, Emerson Electric Co., Hitachi Koki Ltd., Enerpac Tool Group, and others.
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Some major findings of the power tools market report include:
- The market growth can be attributed to the increasing adoption of electric power tools across end-use industries.
- Technology innovations coupled with the industrial sector growth across Asia Pacific will enhance the market growth.
- The COVID-19 crisis impacted the overall construction, automotive, aerospace & manufacturing industries across the globe and disrupted the normal functioning of the global power tools market.
- Among the various tool type segments, drilling & fastening dominated the power tools industry in 2020 and is projected to generate huge revenue gains throughout the forecast period.
- Among the applications, construction held the major market share in 2020.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
