Pune, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The report published by Maximize Market research, on the Electric Power Tools Market, covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market research expects, the market to grow from USD 27.08 Bn in 2021 to USD 56.43 Bn in 2029 at a CAGR of 8.5%. As per the report, the North America region dominated the global market in 2021 and the region is expected to retain its dominance during the forecast period.
Electric Power Tools Market Report Scope and Research Methodology
The objective of the market research is to help the clients understand the structure of the Electric Power Tools market, overview, industry opportunities and trends and investment strategy with forceful and reliable data. The Electric Power Tools market trend analysis for all the regions is done by constructing estimations for key segments between 2021 to 2029 to identify the prevailing opportunities. The main aim of the Electric Power tools market report is to provide complex data in a simple language. The report presents the key drivers influencing the market growth, opportunities, major challenges and risks faced by key manufacturers and the market as a whole. The report also analyses the emerging trends and their impact on current and future development.
The bottom-up technique was used to estimate and validate the size of the global electric power tools market. PORTER’S five forces analysis used, highlights the potency of suppliers and buyers to help stakeholders to make profitable business decisions and strengthen their buyer-supplier network. The research methodology used to estimate the market size includes the following details: the key manufacturers in the market were identified through secondary research method and their region-wise market shares were determined through both primary and secondary research methods. The research includes the study of annual and financial reports of the market players and interviews for key insights from the industry leaders such as VPs, CEOs, marketing executives and directors. In the research study, all the parameters that affect the markets have been covered, viewed in detail, verified through primary research and analysed to get the final qualitative and quantitative data.
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Electric Power Tools Market Overview
Electric Power Tools are tools that run on an additional power source and mechanism other than manual labour used with hand tools. These tools are utilized for manufacturing, material modification and construction activities. They have revolutionized the automotive, construction and other industries by providing ease during work and also saving time of operation. These make the tools suitable for various applications such as residential, commercial and professional establishments.
Electric Power Tools Market Dynamics
Electric power tools utilization for numerous applications like hammering, drilling, grinding, cutting and chopping is rising adoption of such tools for construction applications. Thus, the growing adoption of electric power tools for construction activities is driving market growth. The electric power tools market share is increasing majorly due to the rising popularity of cordless power tools owing to their adaptability in different remote locations. To improve the performance of tools, manufacturers are adopting technology for electric power tools, which is leading to the development of these tools. One of the major restraining factors for the growth of the electric power tools market is the high initial cost of electric power tools.
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Electric Power Tools Market Regional Insights
In 2021, the global electric power tools market was dominated by the North America region in terms of revenue. The region is also expected to maintain its dominance during the forecast years. the market growth in the region is majorly due to the U.S, which is the major electric tools manufacturing hub for many major companies. The market growth in the region is also driven because of the high adoption rates which attract the major tools manufacturers. The North America region was followed by the Europe region which held the second position in the global electric power tools market by revenue. The Asia Pacific region is expected to emerge as a lucrative area by growing at the highest CAGR during the forecast years.
| Market Size in 2021 | USD 27.08 Bn. |
| Market Size in 2029 | USD 56.43 Bn. |
| CAGR | 8.5% (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 209 |
| No. of Tables | 101 |
| No. of Charts and Figures | 104 |
| Segment Covered | Product Type and End-User Industry |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
Electric Power Tools Market Segmentation
By Product Type
- Corded
- Cordless
By End User Industry
- Construction
- Automotive
- Aerospace
- Others
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Electric Power Tools Market Key Competitors include:
- Apex Tool Group
- Atlas Copco AB
- Hilti Corporation
- Bostitch
- Ingersoll Rand Inc.
- Koki Holding, Co., Ltd.
- Irwin
- Lenox
- Makita Corporation
- Robert Bosch GmbH
- DeWalt
- Craftsman
- Stanley Black & Decker, Inc.
- Snap-on Incorporated
- Vidmar
- Techtronic Industries Co., Ltd.
- Emerson Electric Co.
- Hitachi Koki Holdings Co., Ltd.
- Enerpac Tool Group
- Mac Tools
Key questions answered in the Electric Power Tools Market are:
- What are Electric Power Tools? emarketresear
- What are the global trends in the Electric Power Tools Market?
- What are the upcoming industry applications and trends for the Electric Power Tools Market?
- What are the factors contributing to the final price of Electric Power Tools?
- What is the expected demand for different types of products in the Electric Power Tools Market during the forecast period?
- What are the recent industry trends that can be implemented to generate additional revenue streams for Electric Power Tools Market?
- How is the intervention from regulatory authority is shaping the Electric Power Tools Market?
- What growth strategies are the players considering to increase their presence in the Electric Power Tools Market globally?
- Who are the leading companies and what are their portfolios in Electric Power Tools Market?
- What are the major challenges that the Electric Power Tools Market could face in the future?
- Who held the largest market share in Electric Power Tools Market?
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Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product Type, End-User Industry and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Engineering Equipment research firm, has also published the following reports:
Cordless Power Tools Market - The market size is expected to reach USD 2.21 billion by 2029 at a CAGR of 6.97 percent during the forecast period. The market is expected to be driven by rising acceptance of cordless power tools, growing demand for fastening implements in the industrial sector and rising construction industry in developing economies.
Electric Hedge Trimmer Market - The market size is expected to reach USD 6827.97 million by 2029 at a CAGR of 2.80 percent during the forecast period. The market is expected to be driven by the increase in the manufacture of gardening equipment as well as technological developments in traditional equipment.
Drilling Machine Market - The market size is expected to reach USD 37.55 billion by 2029 at a CAGR of 6.9 percent during the forecast period. The market is expected to be driven by the rising adoption of robotic drilling machines in the oil and gas industry and the increasing use of drilling machines in the Automotive Industry.
Metal-Cutting Machine Market - The market size is expected to reach USD 10.29 billion by 2029 at a CAGR of 5.03 percent during the forecast period. The market is expected to be driven by digital transformation in the manufacturing industry and the rising demand for metal-cutting machines in various industries.
Gas Cutting Machine Market - The market size is expected to reach USD 883.47 million by 2029 at a CAGR of 2.8 percent during the forecast period. The market is expected to be driven by decentralized networks, proliferating demand for smart storage, increasing disposable incomes and intelligent automation.
Hand Tools & Woodworking Tools Market - The market size is expected to reach USD 11.40 billion by 2029 at a CAGR of 4.2 percent during the forecast period. The market is expected to be driven by the rising need for construction and infrastructure projects, infrastructure growth and urbanization.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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