Dublin, Nov. 09, 2022 (GLOBE NEWSWIRE) -- The "Global Power Tools Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Mode of Operation, End-User, and Region" report has been added to ResearchAndMarkets.com's offering.
According to publisher estimates, the Global Power Tools Market -grew from approximately US$ 30 Billion in 2017 to approximately US$ 35 billion in 2022 - is forecasted to grow further into approximately US$ 50 Billion opportunities by 2028, owing to the growing automotive industry, and rising adoption of power tools in households as an increasing trend towards do-it-yourself (DIY).
In car production over 55 different types of power tools are used including torque wrenches, impact drivers, air wrenches, power drills, polishing machines, air compressors, spray guns, and others. According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce mentioned that India's passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027. The increasing production of vehicles is likely to boost the demand for the power tools market.
Steel, aluminum, zinc, and others are the key material used in manufacturing power tools. Apart from this, batteries, motors, and other electronic components are used in the production of power tools. During the COVID-19, the prices of materials have declined significantly but as the demand surged and supply reduced, the prices of these materials have soared to an all-time high, due to which the prices of power tools are also fluctuating and act as a restraint for the growth of the market.
COVID-19 has decelerated the growth of the power tools market. This is because of the temporary shutdown of assembly lines, disruption of the supply chain, restriction on manufacturing and construction activities, and decline in the sale of automobiles. But as the market is recovering and restrictions are easing down, it is estimated that the power tools market will recover within the forecasted period.
Scope of the Report:
The Power Tools market is segmented by Product, Mode of Operation, and End-User. In addition, the report also covers market size and forecasts for the four regions in the power tools market. The revenue used to size and forecast the market for each segment is US$ billion.
By Product
- Drills
- Saws
- Wrenches
- Grinders
- Sanders
- Others
By Mode of Operation
- Electric
- Pneumatic
By End-User
- Industrial
- Residential
By Geography
- North America
- USA
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- AustraliaRest of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Robert Bosch GmbH
- Makita Corporation
- Hilti Corporation
- Techtronic Industries Co. Ltd.
- 3M
- Ingersoll Rand
- Stanley Black & Decker, Inc
- Snap-On Incorporated
- Atlas Copco
- KYOCERA Industrial Tools Corporation
Notable Emerging Companies Mentioned in the Report
- Bulk MRO Industrial Supply Pvt. Ltd
- Dartek Power Tools Co
- ToolSense
- Green Air Link Corporation
- Phoenix Handels- und Development GmbH
Key Topics Covered:
1. Executive Summary
2. Market Overview and Key Trends Impacting Growth
3. Total Global- Market Segmentation by Product, Historic Growth, Outlook & Forecasts
4. Total Global- Market Segmentation by Mode of Operation, Historic Growth, Outlook & Forecasts
5. Total Global- Market Segmentation by End-Users, Historic Growth, Outlook & Forecasts
6. Industry/Competition Analysis - Competitive Landscape
7. Key Competitor Profiles (Company Overview, Type Offerings, and Strengths & Weaknesses of Key Competitors)
8. Geographic Analysis & Major Countries Market Historic Growth, Outlook, and Forecasts
9. Industry Expert's Opinions/Perspectives
10. Analyst Recommendation
11. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/x0akxz
