Pune, India, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to MarketStudyReport, that power tools market is expected to generate lucrative revenues by the year 2027, primarily due to growing demand for electric fastening tools, increasing popularity of battery-powered tools, collective inclination towards using power tools in the automotive sector, and rising infrastructural developments across the globe.
Moreover, the report emphasizes on the regional scope of this industry landscape, more specifically North America and Europe markets. A deep-dive analysis of the competitive arena is also encompassed in the study.
An outline of the regional landscape:
North America
North America power tools market is projected to reach USD 17 billion by 2027. The increasing demand for advanced equipment to make complex structure construction easier and the rapidly expanding construction sector are some of the major factors driving the expansion of the regional market size.
As per mode type, the electric-corded segment is anticipated to register a 6.8% CAGR during 2021-2027, primarily attributable to tools being widely utilized in a variety of industries, including aerospace, construction, energy, automotive, and shipbuilding.
Based on tool type, the drilling and fastening segment is estimated to be worth USD 5 billion in the ensuing years, owing to advanced technologies being integrated into these tools to carry out heavy-duty industrial operations.
Considering the application spectrum, construction segment accounted for a 30% share in North America power tools market in 2020, primarily attributed to rising infrastructure development and renovation projects.
The DIY application segment, on the other hand, accounted for USD 2.3 billion in 2020, ascribed to increasing demand among the younger generation who utilize these tools for interior decoration, renovation, plumbing, and gardening, among other activities.
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Europe
Power tools market size in Europe is projected to surpass USD 20.5 billion by 2027. The increasing investments toward new and existing infrastructure development projects are one of the main factors stimulating the overall market growth.
In terms of mode type, the electric corded power tools segment accounted for USD 4.5 billion in 2020 and is estimated to capture a revenue share of more than USD 8 billion by 2027, on account of higher reliability, smoother working experience, and power delivery as compared with other cordless power tools.
Based on tool type, the sawing and cutting tools segment generated USD 2.7 billion in 2020, owing to manufacturers offering innovative and technologically advanced products to enhance customer satisfaction.
Elaborating on the application landscape, Europe power tools market from the construction segment is projected expand significantly in the ensuing years, owing to growing government investments in smart city construction projects.
As per the country-level analysis, UK power tools industry size is expected to reach USD 2.8 billion by 2027 during the forecast period, ascribed to rising demand driven by an increase in housing permits and a growing construction sector as more urban residents move out to the countryside.
Access sample pages of the report, “Europe power tools Market Forecasts 2027” in detail along with the table of contents (ToC) @
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Global Power Tools Market by Tool Type (Revenue, USD Billion, 2017-2027)
- Wrenches
- Material Removal
- Demolition
- Sawing & Cutting
- Drilling & Fastening
- Others
Global Power Tools Market by Mode (Revenue, USD Billion, 2017-2027)
- Pneumatic
- Electric Cordless
- Electric Corded
Global Power Tools Market Application Spectrum (Revenue, USD Billion, 2017-2027)
- DIY
- Electronics
- Energy
- Aerospace
- Automotive
- Construction
- Others
Global Power Tools Market by Geographical Scope (Revenue, USD Billion, 2017-2027)
North America
- Canada
- United States
Europe
- Italy
- France
- Germany
- United Kingdom
Asia-Pacific
- India
- Japan
- China
Global Power Tools Market Competitive Scenario (Revenue, USD Billion, 2017-2027)
- Apex Tool Group
- Andreas Stihl AG & Co. KG
- Snap-on Incorporated
- Enerpac Tool Group
- Hitachi Koki Ltd.
- Emerson Electric Co.
- Atlas Copco
- Makita Corporation
- Hilti Corporation
- Stanley Black & Decker Inc.
- Techtronic Industries Co. Ltd.
- Robert Bosch GmbH
- C. & E. Fein GmbH
- Delta Power Equipment Corporation
- 3M Co.
- Panasonic Corporation of Europe
- Husqvarna AB
- Ingersoll Rand Inc.
- Kyocera Corporation
- Festool Group GmbH & Company KG
Related Report:
South Korea Power Tools and Accessories Market Size and Regional Forecasts 2021-2027
South Korea Power Tools and Accessories Market to reach USD 1881.5 billion by 2027.South Korea Power Tools and Accessories Market is valued approximately USD 1336.6 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.5 % over the forecast period 2021-2027. Power Tools and Accessories are used for the fitting purpose in the electric, engine-driven power, and pneumatic power devices. These tools include drills, screwdrivers, and router bits, abrasives wheels, saw blades, and chippers. The growing Automotive industry in South Korea has led the adoption of Power Tools and Accessories across the forecast period.
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