NEWARK, N.J., Aug. 17, 2022 /PRNewswire/ — The Brainy Insights launched a study titled Power Tools Market Size by Mode of Operation (Electric, Pneumatic), Tool Type (Drills, Saws, Wrenches, Material Removal Tool), Application, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2021 to 2028
The global power tools market seems to reach USD 54.75 billion by 2028, at a CAGR of 8.80% from 2021 to 2028. The global power tools market is witnessing considerable growth due to the rise in the construction and automotive industries.
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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. The electric segment accounted for the highest market share of 56.22% in 2020. This share is due to the ease in the availability of electric power tools and their portability. The energy-efficient and electric power tools are the main reason for the rise in the power tools market. The surging demand for cordless power tools is 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, and material removal tools. The material removal tools segment accounted for USD 9.99 Billion of market value in 2020. Material removal tools are widely used in construction, automotive, shipbuilding, etc. The rising demand for applications in both the residential and commercial sectors is why this segment has 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 the market share in 2020. This is due to the growing construction industry, especially in developing nations. Also, the massive demand for power tools in the automotive sector has boosted the market. The requirement for automation in manufacturing firms is another crucial reason for the rise in this market.
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Regional Segmentation Analysis:
The regions analyzed for the power tools market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region had the highest market share of 35.75% in 2020. This share is due to the rising construction industry in the region. The rise in disposable income, rapid industrialization & urbanization, and the rising automotive sector in the region’s emerging economies like India and China are some of the crucial reasons for the rapid growth in the market. Moreover, the rise in labor cost has also increased the demand for power tools, thus, propelling the market in this region. North America had the second-largest market share of 23.61 % in 2020. This region has a better infrastructure. All the major manufacturing firms are present in the region. Also, the rising use of automation in industries is driving the region’s power tools market. Notably, there is a great demand, and frequent application of cordless power tools in this region’s residential sectors, especially in the U.S. These 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
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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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