Power Tools Market

Power Tools Market worth $57.4 billion by 2026

The report "Power Tools Market by Tool Type (Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others), Mode of Operation, Distribution Channel, Application – Global Forecast to 2026" The global power tools market size is estimated to be USD 38.8 billion in 2021 and projected to reach USD 57.4 billion by 2026, at a CAGR of 8.2%. Advancements in technologies and the adoption of smart manufacturing practices lead to innovation of smart and connected tools, due to which manufacturers are focusing on the production of smart and connected power tools. Besides, the rising demand for electric fastening tools in industrial environment and increasing adoption of battery-powered tools globally are driving the demand for the power tools market.

Browse 214 market data Tables and 62 Figures spread through 243 Pages and in-depth TOC on "Power Tools Market by Tool Type (Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others), Mode of Operation, Distribution Channel, Application – Global Forecast to 2026"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/power-tools-market-50744034.html

Sawing and cutting tools holds the second-largest market share in 2021.

Saws are chiefly used for industrial operations, owing to the risk of injury, which is relatively higher than any other tool. Hence, these tools are highly adopted by the construction industry. The increasing need for cut-off operations in the production sequence is boosting the adoption of sawing and cutting tools. Sawing tools are used to cut off the unwanted section of parts or to separate parts into two or more pieces. They are used for tasks such as molding, trimming, or cutting with or across the woodgrain especially and these tools can be selected according to different needs.

Pneumatic is the second-largest segment to hold significant share in 2021.

The pneumatic tools segment is estimated to grow at a considerable CAGR during the forecast period due to the growing adoption of these tools for industrial applications. These tools are highly adopted in the automotive industry. The growth of the pneumatic power tools segment is mainly driven by increasing automotive sales worldwide. These power tools are often used in automotive assembly, manufacturing, and after-sales service plants. The sale of automobiles is rising in emerging countries which, in turn, is expected to continue to drive the demand for pneumatic power tools in the coming years.

Construction industry hold largest market share in 2021.

The construction industry is one of the prominent markets for electric power tools, and construction applications accounted for the largest share of the total electric power tools market in 2021. The construction industry is the largest end user power tools market. The construction industry uses power tools for various applications, including residential & commercial construction, telecom maintenance, carpentry, and other general maintenance. The growth of the construction segment is attributed to the rising commercial and residential construction projects as well as the increasing renovation or remodeling activities across the world. This, in turn, is boosting the adoption of power tools at construction sites.

The power tools market in North America is expected to hold the largest market share in 2021.

The North American power tools market held the largest market share of in 2021. It was a dominant market for power tools due to the healthy growth of the construction, manufacturing, and automotive industries. In North America, power tools are extensively used for both industrial and residential applications. The construction industry is expected to witness significant growth in the near future owing to the ongoing and upcoming construction projects, which will consequently fuel the demand for power tools. Besides, the DIY trend is already prevalent among consumers in this region and is likely to fuel the demand for cordless power tools. The major reasons for the growth in the adoption of power tools by homeowners in the region are high labor costs and easy availability of power tools at low cost.

Major companies operating in this power tools market include Stanley Black & Decker, Inc(US) Robert bosch GmbH (Germany), Makita Corporation (Japan), Techtronic Industries Co., Ltd (Hong Kong), and Hilti Corporation (Liechtenstein).

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Report Code
SE 5705
PR Published ON
12/16/2021
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