Power Tools Market Size, Status and Global Outlook 2027 | Expected to Reach USD 48.7 Bn Says AMR
Rise in investment in various end-user industries such as construction, energy, mining,and others.
PORTLAND, OR, UNITED STATES, May 11, 2023 /EINPresswire.com/ — Power tools have varied applications in non-residential and residential sectors. There has been a growth in theapplication of power tools,which is facilitated by work efficiency attained through the use of advanced sensors to analyze and execute tasks with minimum errors. There is an increase in thedevelopment of the global power tools market, due to boost in trend of automation empoweringgreater returns on investments (ROI) and cost optimization.
The consumption of power tools streamlines human work by reducing the load of repetitive tasks and by lessening the chances of human injury &errors. Advancement of smart technologies, high costs of labor, and introduction of energy-efficient &low-cost power tools lifts the development of the global power tools market.
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According to the report published by Allied Market Research, the global power tools market generated $32.66 billion in 2019, and is estimated to reach $48.67 billion by 2027, registering a CAGR of 4.8% from 2020 to 2027.
Surge in usage of power tools in the construction industry and growing demand for energy-efficient power tools drive the growth of the global power tools market. However, higher pricing of electric power tools and high purchase cost of hydraulic cylinders in comparison with pneumatic cylinders hinder the market growth. On the other hand, growing technological innovations in the development of power tools create new opportunities for the market player in the coming years.
Electric power tools are mostly utilized in different end-user industries such as construction, automotive,logistics, and security sectors. A rise in use of pneumatic power tools in commercial industries,which includes automotive and construction haveenhanced the share and demand for pneumatic power tools in the global market. The pneumatic power tools segment is projected to surge at a CAGR of 3.6% throughout the study period.
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The report offers detailed segmentation of the global power tools market based on mode of operation, tool type, application, and region.
Based on tool type, the drills segment contributed to the largest share in 2019, accounting for more than one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is also estimated to portray the highest CAGR of 5.7% during the forecast period.
Based on application, the industrial segment accounted for the largest share in 2019, holding more than three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, DIY (do-it-yourself) segment is expected to register the highest CAGR of 5.2% from 2020 to 2027.
Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 6.2% from 2020 to 2027.
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Top Players:
Leading market players analyzed in the research include Emerson Electric Co., Atlas Copco AB, Ingersoll-Rand plc, Hilti Corporation, Makita Corporation, Koki Holdings Co., Ltd., Snap-on Incorporated, Robert Bosch GmbH, Techtronic Industries Co. Ltd., and Stanley Black & Decker Inc.
David Correa
Allied Analytics LLP
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