New York, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The global power tools market size is predicted to expand at ~8.7% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 101.39 billion by the end of 2035, up from a revenue of ~USD 37.26 billion in the year 2022. Due to the increasing number of construction projects being undertaken, such as residential buildings, commercial buildings, and infrastructure projects.
Request Free Sample Copy of this Report @
https://www.researchnester.com/sample-request- 4906
Additionally, the increasing urbanization and industrialization, combined with the advancement of technology, are driving the demand for power tools, as they provide faster and more efficient results than manual tools. It has been estimated that 4.4 billion people live in cities today, representing 56% of the world's population. Urbanization is expected to continue, with urban populations expected to more than double by 2050, when nearly seven of ten people will live in cities. As cities become more populated, the need for infrastructure and construction increases. This in turn increases the demand for power tools, as they are essential for a variety of construction projects.
Power Tools Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The material removal segment to garner the highest growth
- Market in North America to grow at a highest rate
Increased Emphasis On DIY Projects and A Great Deal Of Demand For Power Tools In Modern Homes To Boost Market Growth
As people become more interested in do-it-yourself projects, they are looking for tools that will make the job easier and faster. Power tools such as electric drilling and fastening tools are able to do a job much faster and more efficiently than manual tools, so they are in high demand. This also allows people to save money on labor costs, as they can purchase the tools and do the job themselves instead of hiring a professional. Also, with the increasing popularity of home improvement shows, people are more aware of what they can accomplish with the help of power tools.
Recent research indicates that 55% of Americans own at least five power tools, with 23% owning ten or more. As well as this, the survey also revealed that nearly 46% of people have increased their power tool collections over the course of the last decade, in comparison to the previous decade. This suggests that power tools are becoming more widely accessible, with their affordability and wide range of uses being major factors. Additionally, as people have gained more knowledge on how to use them, they have been able to increase their power tool collections.
Power Tools Market: Regional Overview
The power tools market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Production of Automobiles and Auto Products to Drive the Growth in the Asia Pacific Region
The power tools market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. In countries such as India and China, which have the world's largest populations, there is a greater demand for cars and other automotive products. In addition, the Indian government has implemented numerous initiatives to promote the automotive industry, such as tax cuts for automakers, which has helped to create a conducive environment for growth. In 2022, China has approximately 24 million automobiles registered, which represents both a rise in demand and an increase in supply.
By 2022, India ranked fourth globally in terms of automotive industry valuation, making it the third-largest automobile market worldwide, surpassing Japan and Germany. The use of power tools in the automotive industry helps to increase the accuracy of tasks, while also increasing the speed of production. This helps to reduce the costs associated with production, while also ensuring that the job is done correctly. In addition, these tools are easy to use and require minimal training, making them ideal for a wide range of vehicle repair and maintenance services.
A Growing Demand for Residential Properties and Commercial Buildings to Drive the Growth in The North America Region
The power tools market in North America region is estimated to garner the largest revenue by the end of 2035. This is reflective of the increasing population of the United States, as more people require housing, commercial and industrial buildings. The increasing number of housing units and commercial buildings in the United States is likely to drive the demand for power tools in the North American region, as more people will require them to construct and maintain their buildings.
In 2018, there were 5.9 million commercial buildings in the U.S. that contained a total of 97 billion square feet. The United States has experienced an increase in the number of housing units year after year, and there are expected to be approximately 142 million units in 2021. Power tools such as circular saws, drills, jigsaws and grinders provide faster and more efficient ways to cut materials, drill holes in walls and floors, and smooth out surfaces. This reduces the amount of time it takes to complete a project, making it more cost-effective and allowing for quicker turnaround times.
Make an Inquiry Before Buying this Report @
https://www.researchnester.com/inquiries-before-buying-4906
Power Tools, Segmentation by Mode of Operation
- Electric
- Liquid Fuel
- Hydraulic
- Pneumatic
- Powder-Actuated
The electric segment in power tools market is expected to hold the largest revenue by the end of 2035 due to the increasing demand for electric power tools that are more efficient, reliable, and cost-effective than traditional tools. A variety of electric power tools are available, such as power saws, power grinders, electric planes, electric milling cutters, electric mortising machines, electric wrenches, electric drills, and portable parquet finishers.
In addition, the recent advances in battery technology and the introduction of cordless power tools have further increased the demand for electric power tools. The introduction of cordless power tools resulted in a 5% increase in power tool sales for major power tool manufacturers. There were over 60 new cordless tools launched by Bosch Power Tools for professional users in the last two years, more than 25 of which were launched in 2021. A total of around 100 cordless tools are expected to be available by 2023.
Request for Customization of this Report @
https://www.researchnester.com/customized-reports-4906
Global Power Tools Market, Segmentation by Type
- Sawing and Cutting
- Drilling and Fastening
- Demolition
- Routing
- Portable Nibblers
- Air-Powered
- Material Removal
- Electric Cords
- Plugs
- Accessories
- Others
The material removal segment in power tools market is expected to hold the largest revenue by the end of 2035 due to the growing demand for efficient, reliable, and cost-effective solutions for material removal operations such as deburring using, deflating, edge-breaking, and surface finishing.
Advancement in technology has enabled the development of more efficient and cost-effective power tools that are capable of performing a variety of material removal operations. Thus, material removal tools for various industries have been in high demand, such as bevelling tools, chipping hammers, circular cutters, drilling solutions, grinders, pneumatic saws, and riveting hammers. For instance, a compact beveling tool capable of creating 45-degree chamfers and radiuses ranging from 2 to 3 millimeters at visible edges. These tools can be used for deburring sheet metal with lots of contours and breaking and rounding of drilled and punched edges, as well as chamfering pipes.
Power Tools, Segmentation by Application
- Concrete and Construction
- Woodworking
- Metalworking
- Welding
- Others
Power Tools, Segmentation by Material
- Concrete,
- Wood/Metal
- Brick/Block
- Glass
- Others
Power Tools, Segmentation by End User
- Industrial/Professional
- Residential
Power Tools, Segmentation by Sales Channel
- Indirect Sales
- Direct Sales
Few of the well-known market leaders in the global power tools market that are profiled by Research Nester are Robert Bosch GmbH, Emerson Electric, Co., Hilti Corporation, Ingersoll-Rand PLC, Koki Holdings Co., Ltd., Makita Corporation, Stanley Black & Decker, Techtronic Industries, Snap-on Incorporated, 3M Company, Honeywell International Inc., and other key market players.
Recent Development in the Market
- As a global leader in innovative tools, technology, software, and services for the commercial construction industry, Hilti Group has partnered with Trimble to integrate Hilti ON!Track asset management software with Trimble Viewpoint Vista, a Trimble Construction One ERP solution.
- In order to advance sustainability in the power tools industry, Stanley Black & Decker has partnered with speciality materials provider Eastman. A new power tool line from BLACK+DECKER, a Stanley Black & Decker brand, will be utilizing Eastman's Tritan Renew copolyester as a sustainable material, Reviva.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
