The ongoing trend of constructing smart building and rapid infrastructure growth are factors expected to bolster the growth of the market, says Fortune Business Insights in a report, titled “Power Tools Market Size, Share & Industry Analysis, By Type (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others (Laser Tools, Layout Tools)), By Mode of Operation (Electric, Pneumatic, Others (Hydraulic)), By Application (Industrial, Residential) and Regional Forecast, 2019-2027” the increasing adoption of cordless power tools is expected to accelerate the growth of the power tools market.
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According to the report, power tools are several types of tools and mechanical devices used for various kinds of applications such as household tasks such as drilling, cleaning, grinding, cutting, as well as used in construction, gardening, and many other applications. These could generally comprise electric motors and compressed or internal combustion engines. In addition, the development of wireless battery charging technology is expected to aid the growth of the market. Moreover, the rising inclination from Ni-Cd to Li-ion batteries will create lucrative business opportunities for the market.
The report focuses on all the aspects and characteristics of the power tools market. It offers superior insights and provides accurate data about all the prevailing trends of the market. It is put together after deep analysis and highly indulging research to aid key players, financers, stakeholders, potential investors, and backers. It provides a brief overview of the competitors and companies operating the market. The study involves market drivers, market restraints, recent trends, new developments, product launches, and acquisitions & mergers.
Some of the Major Companies in the Global Power Tools Market include:
- Techtronic Industries
- Robert Bosch
- Stanley Black & Decker
- Makita Corporation
- Hilti Corporation
- Apex Tool Group
- Atlas Copco
- & E. Fein
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Major Segments Includes:
1. By Type
- Drilling and Fastening Tools
- Demolition Tools
- Sawing and Cutting Tools
- Material Removal Tools
- Routing Tools
- Others (Laser Tools, Layout Tools)
2. Mode of Operation
- Others (Hydraulic)
3. By Application
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico and Rest of Latin America)
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Increasing Use of Power Tools in Household to Aid in Robust Expansion
The increasing demand for power tools among industrial and residential sectors owing to its numerous applications such as drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, others is expected to augur healthy for the market. Furthermore, the lack of skilled workforce and the high cost of labor is expected to further fuel demand for power tools in the forthcoming years. In addition, the increasing use of power tools in household applications is predicted to spur the growth of the market during the forecast period. Furthermore, the launch of 9.0Ah battery packs by Milwaukee is expected to create lucrative sales opportunities for the market. For instance, Milwaukee launched 9.0Ah battery packs, which feature a type of lithium-ion battery. This battery has a 5 times greater run-time than standard lithium batteries. It maintains about 35% more power while in use in heavy application
Major Table of Content For Power Tools Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Power Tools Market Analysis, Insights and Forecast, 2027
- North America Power Tools Market Analysis, Insights and Forecast, 2027
- Europe Power Tools Market Analysis, Insights and Forecast, 2027
- Asia Pacific Power Tools Market Analysis, Insights and Forecast, 2027
- Middle East and Africa Power Tools Market Analysis, Insights and Forecast, 2027
- Latin America Power Tools Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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