Portland, OR, Jan. 18, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global electric power tools market was estimated at 24.06 billion in 2020 and is expected to hit $49.24 billion by 2030, registering a CAGR of 6.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in adoption of electric power tools in the construction industry, integration of brushless motors in electric power tools, and increase in popularity of cordless power tools drive the growth of the global electric power tools market. On the other hand, high costs of the tools impede the growth to some extent. However, high-end technological innovations are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Extended lockdown measures in the majority of countries and delay in production & manufacturing of a wide variety of electric power tools impacted the global electric power tools market negatively, especially during the initial phase.
- However, as the global situation gets better, the market is anticipated to recoup soon.
The global electric power tools market is analyzed across product type, end user industry, and region.
Based on product type, the cordless segment held the major share in 2020, garnering nearly three-fifths of the total market. The same segment would also cite the fastest CAGR of 7.4% during the forecast period.
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By end-use industry, the construction segment accounted for around one-third of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The same segment would also grow at the fastest CAGR of 7.9% from 2021 to 2030.
Based on region, the market across North America contributed to the major share in 2020, holding more than one-third of the global market. Asia-Pacific, however, would grow at the fastest CAGR of 8.4% from 2021 to 2030.
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Leading Players:
The key market players analyzed in the global electric power tools market report include Atlas Copco AB, Hilti Corporation, Ingersoll Rand Inc., Techtronic Industries Co., Ltd., Makita Corporation, Apex Tool Group, Koki Holding, Co., Ltd., Stanley Black & Decker, Robert Bosch GmbH, Inc., and Snap-on Incorporated. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.
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