Power Tools Market Trends 2021: COVID-19 Impact Review, Future Growth, Global Survey, In-depth Analysis, Share, Key Findings and Company Profiles
As per the analysis by Market Research Future Reports (MRFR), the Global Power Tools Market is expected to value more than USD 36,060 Million by 2025, with a CAGR of 4.82% during the review period.
The increase in demand from the industrial sector, the professional sector, and the increased usage of power tools for DIY & household activities influence the global power tools market 2020. The expansion in the industrial sector is estimated to influence the global power tools market. The adoption of power tools across several sectors in the advanced and developing countries is increasing due to the scarcity of proficiency and expensive labor. The professional field is majorly influenced by artisans, electricians, carpenters, plumbers, etc. It has been anticipated that the need for power tools will increase with the increasing demand from the furniture sector. The significant elements leading to the growth of the furniture market are the increasing construction and renovation initiatives. Power tools have usage across various applications for household purposes. They are utilized for purposes such as fitting, drilling, and cutting. Hence, the power market is anticipated to expand during the review period due to the significant usage of power tools in the household application.
However, the price fluctuation of raw material is an obstruction for the expansion of the global power tools market. This raw material is used majorly in power tools in aluminum and steel. The rise in material prices will obstruct the expansion of the power tool market.
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The global power tools market has been classified on the basis of application, type, and region.
On the basis of application, the global power tools market has been classified on the basis of household, industrial, and professional. Among all, industrial usage if power tools result in the increased accuracy, efficiency, and perfection by lessening mistakes humanly and increasing the safety of the workforce. The industrial vertical consists of sectors such as electronics, automotive, and construction. The rapid industrialization and increased demand for automation bring an impact on the usage of power tools.
On the basis of type, the global power tools market has been classified into hydraulic power tools, engine-driven power tools, pneumatic power tools, electric power tools, and others. Among all, the global market dominated the engine-driven power tools in 2018 and is estimated to expand considerably during the review period.
On the basis of region, the global Power Tools Market has been classified into North America, Asia-Pacific, Europe, and the Rest of the World (Row).
As per the analysis, North America will lead in the forthcoming period. The development of distribution channels has resulted in the expansion of the market in North America. The US fetches the maximum business and acquires a large size of the market share of approximately 81.44%
Europe has experienced a robust expansion in the end-use sector of power tools such as automotive and industry. The expanding automotive sector is one of the major factors boosting the power tools in the region. Germany leads the region with respect to volume and value.
The Rest of the World (Row) comprises South America and the MEA. The RoW is experiencing a broad usage of the construction and manufacturing sectors. It has been estimated that the construction and manufacturing sectors are estimated to expand in the regions, which will retain the need for power tools for the workers during the review period.
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The most important players of the global power tools market are Hitachi Koki Co., Ltd, Robert Bosch Tool Corporation, Stanley Black & Decker, Inc., Hilti Corporation, Makita Corporation, Husqvarna, Snap on, Techtronic Industries Co. Ltd, Otto Baier GmbH, and Festool (TTS).
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