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2024 Power Tools Market Report: Size, Share, Growth, Trends, Demand, Insights And Forecast Up To 2033
Power Tools Market
The Business Research Company presents an extensive market research report on the Power Tools Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The power tools market size has grown strongly in recent years. It will grow from $39.21 billion in 2023 to $42.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growth in construction and diy industries, expansion of manufacturing and fabrication, demand for efficient and cordless tools, increase in home improvement projects, regulatory standards for tool safety..
The power tools market size is expected to see strong growth in the next few years. It will grow to $56.9 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to customized power tool solutions for specific trades, sustainable and eco-friendly power tool designs, growth in electric and cordless tool options, innovation in smart and connected power tools, increased use in precision and microtools.. Major trends in the forecast period include smart and iot-enabled power tools, regulatory compliance in power tool safety, ergonomic and user-friendly tool designs, personalized power tool kits for professionals, transparency in tool performance and maintenance..
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Key Market Players:
Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Corp., Ingersoll Rand Inc., Snap-on Incorporated, Apex Tool Group Corp., Hitachi Koki Ltd., Emerson Electric Co., Enerpac Tool Group Corp., Carborundum Universal Limited, Electrex India Limited, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, Ridgid Tools Company, Andreas Stihl AG & CO. KG, YAMABIKO Corporation, KEN Holding Co. Ltd., Dynabrade Power Tools Pvt. Ltd., Delta Machinery Corp., Chervon Corp., Diamond Products Ltd., Einhell Germany AG, Elliott Tool Technologies Ltd., Festool Group GmbH & Co. KG, Ideal Industries Inc., Illinois Tool Works Inc., Metabo Power Tools SA Ltd., OLFA Corp., Positec Technology Co. Ltd., Sandvik AB are prominent players in the industry.
Market Drivers:
The growth in the industrial sector has been a significant driver for the power tools market. The industrial sector encompasses a wide range of economic activities involving the production, manufacturing, and processing of goods and services on a large scale. he growth of various industrial sectors, including automotive, aerospace, and manufacturing, drives the need for power tools in production and maintenance. For instance, according to trading economics, a USA-based provider of data on economic indicators, the industrial output in India increased by 11.9% year-on-year in August 2021, higher than the 11.5% in the previous month, and compared to market forecasts of 12%. Also, in 2021, according to the Bureau of Economic Analysis (BEA), a US-based governmental organization that publishes official macroeconomic and sectoral statistics, in the USA, private goods-producing industries increased by 4.7% and private services-producing industries increased by 7.8%. Overall, 19 of 22 industry groups contributed to the second-quarter increase in real GDP. This growth in the industrial sector globally is expected to drive the power tools market.
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https://www.thebusinessresearchcompany.com/report/power-tools-global-market-report
Market Segments Include:
1) By Tool Type: Drilling and Fastening Tools, Demolition Tools, Routing Tools, Sawing and Cutting Tools, Material Removal Tools, Other Tool Types
2) By Mode Of Operation: Electric, Pneumatic, Other Mode of Operations
3) By Distribution Channel: Online, Offline
4) By Application: Construction, Automotive, Aerospace, Energy, Electronics, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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