Zion Market Research has published a new report titled “Power Tools Market by Mode (Electric, Pneumatic, and Others), by Tool Type (Drilling & Fastening, Sawing, Demolition, and Material Removal), and by Application (Construction, Automotive, Aerospace, DIY, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global power tools market was valued at approximately USD 27 billion in 2018 and is expected to generate around USD 36 billion by 2025, at a CAGR of around 4.14% between 2019 and 2025.
The power tools market is likely to grow rapidly over the estimated timeframe, owing to the flourishing construction industry sector, mainly in emerging nations. The rapid urbanization and industrialization are anticipated to further fuel this market’s in the future. The ongoing trend of constructing smart buildings and infrastructures in cities of the emerging nations, such as India, China, and Brazil, is also projected to propel the power tools market growth and development in the years ahead. The increasing automation requirements among various industry verticals have led to a rapid shift from hand tools to power tools, as power tools offer durability, better performance, precision, time efficiency, etc.
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This, in turn, is also likely to foster the power tools market in the upcoming years. Additionally, owing to technological advancements, the development of cost-effective and energy-efficient tools is expected to positively influence the market in the future. However, the unstable economic condition may hinder the market’s growth and development in the upcoming years.
Based on mode, the power tools market is segmented into electric (cord and cordless), pneumatic, and others. The electric segment is expected to dominate the global market in the upcoming years, owing to their extensive use by professionals and DIY users along with being easy to operate, flexible, efficient, and handy.
By tool type, the market is categorized into drilling and fastening, sawing, demolition, and material removal. The drilling and fastening segment is expected to dominate the global market in the future, owing to their extensive use in various industry verticals, such as aerospace, electronics, automotive, energy, consumer appliances, and shipbuilding.
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By application, the market is segmented into construction, automotive, aerospace, DIY, and others. The construction segment is likely to lead the global market in the years ahead, owing to the rapid urbanization and industrialization, particularly in developing nations.
By region, Europe held an extensive revenue share of the global power tools market in 2018 and is expected to dominate the global market in the upcoming years. This can be attributed to the growing DIY activities in the residential sector for renovation purposes, which has led to the increasing demand for power tools, and the rising demand for cordless electric power tools. The North American region is expected to provide significant opportunities in the global power tools market over the estimated timeframe, owing to the growing infrastructural developments and its activities in the non-residential and commercial sector and the technological advancements and innovations related to power tools.
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Some key players of the global power tools market are Robert Bosch, Stanley Black & Decker, Techtronic Industries, Makita, Hilti, Atlas Copco, Apex Tool Group, Ingersoll-Rand, hGears, and C. & E. Fein, among others.
This report segments the global power tools market into:
Global Power Tools Market: Mode Analysis
Global Power Tools Market: Tool Type Analysis
- Drilling and Fastening
- Material Removal
Global Power Tools Market: Application Analysis
Global Power Tools Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific