New York, United States , May 16, 2023 (GLOBE NEWSWIRE) -- The Global Power Tools Market Size is to grow from USD 37.3 billion in 2022 to USD 65.79 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.51% during the projected period. The widespread utilization of power tools in several industrial applications such as construction, aerospace, automotive, shipbuilding, energy, and others is expected to boost the demand for the power tools market during the forecast period.
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A power tool is a device that uses an energy source and mechanics different than the tedious methods used by hand-held tools. The majority of power tools uses electric motors. Power tools have been used in industry, construction, gardening, domestic responsibilities such as cleaning and cooking, and outside the home for driving such as fastening, drilling, shaping, cutting, polishing, grinding, routing, polishing, painting, heating, and other tasks. The power tools market is being pushed by rising construction activity in developing countries, growing demand for power tools in vehicle manufacturing, and global acceptance of electric-powered power tools. Considerations such as growing demographics in both developed and emerging countries, rapid urbanization, and an increase in the number of construction activities in both residential and commercial projects are driving the demand for improved infrastructure development.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Power Tools Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Drills, Saws, Wrenches, Grinders, Sanders, Routers, Others), By Modes of Operation (Electric, Pneumatic, Others), By Application (Industrial and Residential), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The industrial segment accounted the largest revenue share of more than 71.8% over the forecast period.
On the basis of application, the global power tools market is segmented into industrial and residential. Among these, the industrial segment is dominating the market with the largest revenue share of 71.8% over the forecast period. Tools used in industries such as automotive, construction, aerospace, and logistics are examples of industrial applications. The key element moving the industrial power tools market ahead of the residential sector is rising technological breakthroughs and the deployment of contemporary technology in a number of applications across multiple industries.
The saws segment is witnessing significant CAGR growth over the forecast period.
On the basis of product type, the global power tools market is segmented into drills, saws, wrenches, grinders, sanders, routers, and others. Among these, saws are witnessing significant CAGR growth over the forecast period. The building and construction industry is a large user of saws, and the growth of the business has increased saw demand. Saws are used in the construction sector to cut and shape materials such as wood, metal, and stone.
The electric segment is dominating the market with the largest revenue share over the forecast period.
On the basis of modes of operation, the global power tools market is segmented into the electric, pneumatic, and others. Among these, the electric segment is dominating the market with the largest revenue share of 64.9% over the forecast period. The most common electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 34.7% market share over the forecast period. The region's rising infrastructure and industrial development are driving market demand. The US power tools market topped the region, accounting for the biggest market share. Over the last few years, the power tool market in the United States has been steadily developing, spurred by trends such as the rise of the construction industry, the acceptance of DIY projects, and the growing popularity of power tools in the industrial and manufacturing industries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Power Tools Market include Dynabrade Power Tools, Ingersoll-Rand, Andreas Stihl AG & CO. KG, YAMABIKO Corporation, Stanley Black & Decker, KEN Holding Co., Ltd., Panasonic Electric Works Europe AG, Robert Bosch GmbH, Apex Tool Group, Makita Corporation, Techtronic Industries Co., Hilti Corporation, Atlas Copco, Koki Holdings Co., Ltd., Emerson Electric, Co., and among others.
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Recent Developments
In March 2023, Bosch's Professional 18V System now includes the first cordless concrete nailer. The GNB 18V-38 Professional easily and quickly fastens drywall tracks in concrete or steel. This saves experts time and dust exposure because they would otherwise have to pre-drill the holes and then affix the tracks using anchors and screws. Unlike most tools on the market, the GNB 18V-38 Professional does not require a gas cartridge, which reduces operating expenses, setup time, and maintenance costs dramatically.
In July 2022, Makita Corporation announced that cumulative production at Makita's China plant had reached 300 million units. A cordless glass trimmer was used to mark the 300 million units sold (UR193D).
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