Portland, Oct. 30, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global power tools market was estimated at $28.84 billion in 2016 and is expected to hit $39.63 billion by 2022, registering a CAGR of 5.4% from 2016 to 2022. The report provides a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
The increasing need for automation, availability of affordable & energy-efficient power tools and rising construction activities worldwide propel the growth of the global power tools market. On the other hand, human safety concerns and declining automotive sales hamper the growth to a certain extent. However, an increase in application areas and growth in emerging economies are expected to create multiple opportunities for the key players in the industry.
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The electric power tools segment to lead the trail until 2022-
Based on the mode of operation, the electric power tools segment accounted for more than two-thirds of the total market segment in 2016 and is expected to rule the roost during the forecast period. The pneumatic power tools, on the other hand, would grow at the fastest CAGR of 7.1% from 2016 to 2022.
The non-residential segment to dominate during the estimated period-
Based on end-user, the non-residential segment generated the highest market revenue in 2016, accounting for more than two-thirds of the total share. Simultaneously, the residential segment is anticipated to garner the fastest CAGR of 5.9% through 2016–2022.
North America to dominate during 2016–2022-
Based on geography, North America contributed to one-third of the total share in 2016 and is expected to retain its top status till 2022. At the same time, the Asia-Pacific region is projected to register the fastest CAGR of 6.6% during the estimated period.
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Leading market players-
The key market players analyzed in the global power tools market report include Stanley Black & Decker Inc., Hilti Corporation Hitachi Koki Co. Ltd., Robert Bosch GmbH, Emerson Electric Co., Actuant Corporation, Danaher Corporation, Techtronic Industries Co. Limited, Makita Corporation, and Atlas Copco AB. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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