Portland, OR, May 27, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global electric power tools market accounted for $22.29 billion in 2018, and is projected to reach $37.14 billion by 2026, registering at a CAGR of 6.7% from 2019 to 2026.
An increase in the adoption of electric power tools in the construction market, surge in popularity of cordless power tools, and integration of brushless motors in electric power tools drive the growth of the global electric power tools market. However, the high initial cost of the electric power tools hinders the market growth. On the other hand, technological innovations would open new opportunities in the coming market.
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The global electric power tools market is divided on the basis of product type, end-user industry, and geography. Based on product type, the market is segmented into corded and cordless. The cordless segment dominated the market in 2018, accounting for two-fifths of the market. In addition, the market is estimated to register the highest CAGR of 7.1% during the study period.
On the basis of the end-user industry, the market is categorized into construction, automotive, aerospace, and others. The construction is anticipated to portray the highest CAGR of 7.7% during the forecast period. Moreover, the segment held the largest CAGR of 2018, accounting for more than one-third of the market. This is due to the convenience and easy functioning of electric power tools.
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The global electric power tools market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is anticipated to manifest the fastest CAGR of 8.3% during the forecast period. This is due to the rise in popularity of DIY users. However, the market across North America dominated the market in 2018, contributing to more than one-third of the market.
The global electric power tools market report includes an in-depth analysis of the major market players such as Apex Tool Group, Hilti Corporation, Koki Holding, Co., Ltd., Atlas Copco AB, Robert Bosch GmbH, Ingersoll Rand Inc., Snap-on Incorporated, Makita Corporation, Techtronic Industries Co., Ltd., and Stanley Black & Decker, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.