Press release
Power Tools Market Expected to Exceed $54.75 Billion By 2030: Players Atlas Copco AB, Emerson Electric Co.
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Electric segment is accounted for the highest market share of 56.22% in 2020
The mode of operation segment is divided into electric, pneumatic and others. Electric segment is accounted for the highest market share of 56.22% in 2020. This is because of the ease in the availability of electric power tools and its portability. The energy-efficient power tools and electric power tools are the main reason the rise in the power tools market. Also, the surging demand for cordless power tools are also the reason for the highest market share of electric power tools.
The material removal tools segment accounted for USD 9.99 Billion of market value in 2020
The tool type segment includes drills, saws, wrenches, material removal tool and others. The material removal tools segment accounted for USD 9.99 Billion of market value in 2020. Material Removal tools are widely used in construction industries, automotive industries, in shipbuilding etc. The rising demand in application in both residential and commercial sector is the reason for this segment to have the highest market value.
The industrial segment accounts for 61.45% of market share in 2020
The application segment includes industrial and residential/DIY. The industrial segment accounts for 61.45% of market share in 2020. This is due to the growing construction industry, especially in the developing nations, and also there is a huge demand for power tools in the automotive industry as there are many applications that require power tool. Also, the requirement of the automation in the manufacturing firms are also boosting this market
Get detailed COVID-19 impact analysis on the Power tools Market: https://www.thebrainyinsights.com/report/power-tools-market-12598
Regional Segmentation Analysis:
The regions analyzed for the power tools market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region is having the highest market share of 35.75% in 2020. This is due to the rising construction industry in the region. Also in the emerging economies of the region like India and China, the rise in the disposable income has led to the rapid industrialization and urbanization in the region, the production in the automotive sector has increased, the rise in the labour cost have also increased the demand of power tools to increase the productivity, all of these reasons are propelling the power tools market in the region. North America had the second-largest market share of 23.61 % in 2020. This region has the better infrastructure. All the major manufacturing firms are present in the region. Also, the rising use of automation in the industries are driving the power tools market in the region. Also, there is a great demand, and also frequent application of Cordless power tool in the residential sectors of this region especially in the U.S. These all factors are driving the power tools market in the region.
Competitive Analysis:
The major players of market include Atlas Copco AB, Emerson Electric Co., Hilti Corporation, Ingersoll-Rand plc, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker Inc. and Techtronic Industries Co. Ltd, among others.
This study forecasts revenue at global, regional, and country levels from 2022 to 2030. The Brainy Insights has segmented the global power tools market based on the below-mentioned segments:
Global Power tools Market by Mode of Operation:
Electric
Corded Power tools
Cordless Power tools
Pneumatic
Others
Global Power tools Market by Tool Type:
Drills
Saws
Wrenches
Material Removal Tool
Others
Global Power tools Market by Application:
Industrial
Construction
Automotive
Aerospace
Others
Do-It-Yourself (DIY)
About the report:
The global Power tools market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
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Avinash D
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Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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