FELTON, Calif., May 24, 2021 /PRNewswire/ -- The global Nail Guns Market size is expected to reach USD 3.96 billion by 2028, registering a CAGR of 3.6% over the forecast period, according to a new report by Million Insights.
What are Key Factors Driving the Nail Guns Market?
Increasing demand for nail guns as an effective drilling tool in the building & construction industry is expected to drive the global market. These tools optimize the construction work by speeding up the overall construction process. The increased spending on the residential as well as commercial construction sectors due to rapid urbanization, especially in developing economies like China and India, is expected to boost the market growth.
Companies in the market are coming up with innovative products to cater to the changing consumer requirements. For instance, in May 2020, EZ Siding Nailer, a company from Pennsylvania, developed and patented the tool called EZ siding nailer. This tool helps install vinyl siding up to four times faster, thereby saving time and improving efficiency.
The increasing demand for faster, mobile, and convenient power tools is driving the market growth. Moreover, these devices provide safety and accuracy, are equipped with maintenance-free drive motors, and can be customized according to the user requirements. These factors are projected to boost the market growth in the near future.
The economic slowdown during the global pandemic slightly affected the market growth. As most of the countries worldwide faced complete lockdown, and halt in many end-use sectors like construction and building industry. As things getting normal industries resuming their work this will encourage the market and expected to witness a healthy market growth rate in the upcoming years.
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Nail Guns Market Report Highlights:
- Asia Pacific is expected to register the fastest CAGR of4.1% from 2021 to 2028 owing to the increasing demand for advanced tools from the construction and woodworking sector in China and India.
- The framing product segment dominated the market with a revenue share of over 30% in 2020. Framing products are highly preferred for handling very heavy and dusky jobs.
- The commercial end-use segment held the largest revenue share in 2020 and will expand further at a steady CAGR from 2021 to 2028.
- This growth is credited to the extensive product usage in the commercial sector to optimize the work and speedup the process.
- The pneumatic power type segment accounted for the largest revenue share of the global market in 2020 and is expected to register the fastest CAGR from 2021 to 2028.
- North America dominated the market in 2020, in terms of revenue share due to the presence of well-established players and significant demand for power tools from the construction and woodworking industries in the region.
- Offline distribution channel held the largest revenue share of more than 65% in 2020 due to the easy availability of the product in supermarkets or specialty stores.
Browse 85 page research report with TOC on "Global Nail Guns Market" at: https://www.millioninsights.com/industry-reports/global-nail-guns-market
Million Insights has segmented the global nail guns market on the basis of product, power type, end user, distribution channel, and region:
- Nail Guns Product Outlook (Revenue, USD Million, 2017 - 2028)
- Nail Guns Power Type Outlook (Revenue, USD Million, 2017 - 2028)
- Nail Guns End-user Outlook (Revenue, USD Million, 2017 - 2028)
- Nail Guns Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Nail Guns Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of Nail Guns Market
- Emerson Electric Co.
- Hilti Corp.
- Illinois Tool Works, Inc.
- Koki Holdings Co., Ltd.
- Stanley Black & Decker, Inc.
- Robert Bosch Power Tools GmbH
- Techtronic Industries Co. Ltd.
- Makita U.S.A., Inc.
- Kyocera Senco Industrial Tools, Inc.
- Puma Industrial Co., Ltd.
- Max USA Corp.
- Ridge Tool Company
- Jitool USA Corp.
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