April 20, 2022 09:49 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global Power Tools Market size stood at USD 25.87 Billion in 2021. The market is anticipated to rise from USD 26.61 billion in 2022 to USD 35.13 Billion by 2029 at a 4.0% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Power Tools Market, 2022-2029.”
According to the analysis, the construction and automotive industries will exhibit profound demand for power tools. Stakeholders will continue to inject funds into advanced tools to boost comfort amidst the soaring popularity of cordless equipment. Moreover, string trimmers, hedge trimmers and lawnmowers are likely to be sought over the next few years.
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Soaring Urbanization to Trigger Growth across Asia Pacific
Leading companies are slated to inject funds into China, India, Australia and Japan following the investments across infrastructure and industrialization sectors. Asia Pacific market forecast will be strong with robust government policies across China and India. Industry participants are likely to infuse funds into manufacturing R&D facilities, fueling the industry growth. For instance, India has invested in subsidies to encourage investments in advanced power tools. Prevailing trends suggest electric and pneumatic power tools will be sought-after across the region to tap markets.
The Middle East & Africa power tools market growth will observe an appreciable gain on the back of investments in industrialization. Prominently, oil & gas and power and energy sectors will be the major recipients of advanced equipment. End-users are likely to exhibit traction for material removal tools following their demand across metal processing workshops and car factories.
Leading companies expect North America to witness moderate growth, partly due to investments in the construction sector. The trend for do-it-yourself (DIY) tools will be noticeable across the U.S. and Canada, boding well for regional growth. Moreover, advancements in drilling technology will further provide impetus to drilling and fastening tools across the region.
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In terms of mode of operation, the market is segregated into pneumatic, electric, and others.
Based on tool type, the market is segmented into material removal tools, drilling & fastening tools, demolition tools, sawing & cutting tools, and others.
On the basis of application, the market is fragmented into industrial and DIY.
With respect to region, the market covers Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.
Major Players Profiled in the Report:
Dip in Car Sales to Bring Paradigm Shift in Industry Landscape
While the vaccination rollouts and bullish government policies have augured well, the plunge in car sales in 2020 sent shock waves in the industry. According to the China Passenger Car Association (CPCA), car sales in China dipped 92% in the first half of February 2020. End-use sectors, including shipbuilding, aerospace and automotive, witnessed a tectonic shift, with a reduction in trade volumes.
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/industry-reports/power-tools-market-101444
The report provides a deep-dive analysis on market share, size, volume, revenue and focuses on SWOT analysis. The report has been prepared through qualitative and quantitative analysis to boost a comprehensive market view. Prominently, several primary interviews have been conducted with leading stakeholders and suppliers. Primary data has been collected through telephonic conversations, questionnaires and emails. Besides, the report also includes secondary sources, such SEC filings, press releases and government websites. The inclusion of drivers, restraints, opportunities and trends further solidifies the holistic approach of the report.
Trend for Cordless Tools in Construction Sector to Foster Innovations
Industry players expect construction activities to spur the penetration of advanced power tools across emerging and advanced economies. Notably, the trend for cordless equipment and tools will underpin power tools market share during the assessment period. Small and mid-sized enterprises will continue to bank on state-of-the-art tools for increased flexibility. With the gradual growth in the construction sector, the penetration of electric tools will be pronounced globally.
However, volatile raw material prices could dent the industry growth in the ensuing period.
Companies Invest in Product Offerings to Foster Footprint
Major players are likely to emphasize product launches, technological advancements and mergers & acquisitions. Both well-established players and new entrants could also infuse funds into research and development activities to bolster penetration.
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