SAN FRANCISCO, July 7, 2020 /PRNewswire/ -- The global power tools market size is anticipated to reach USD 40.9 billion by 2027, expanding at a CAGR of 4.2%, according to a study conducted by Grand View Research, Inc. Demand for compact, flexible, and mobile tools is increasing in the industrial as well as residential applications. Power instruments play a crucial role in reducing manual efforts, especially in heavy duty applications; this is projected to have a positive impact on the market.
Key suggestions from the report:
- Based on product type, wrenches are expected to exhibit a significant growth owing to several household and professional applications and affordable prices
- The electric mode of operation segment dominated the market with the share of 64.3% in 2019. The high revenue share is attributed to the increasing adoption of cordless instruments as they are ergonomic, mobile, and portable
- Based on application, industrial segment dominated the market in 2019 and is expected to continue its dominance throughout the forecast period. Rising number of construction activities across the globe is anticipated to drive the segment growth
- Asia Pacific held the largest market share in 2019 owing to the growth in infrastructure and construction activities in the region
Read 112 page research report with ToC on "Power Tools Market Size, Share & Trends Analysis Report By Product (Drill, Saws, Wrenches, Grinders, Sanders), By Mode Of Operation (Electric, Pneumatic), By Application, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/power-tools-market
Increasing use of the instruments in residential applications is projected to escalate the market towards growth trajectories. The surge in popularity of the Do-it-Yourself (DIY) technique is observed as a trend globally. Moreover, the unavailability of household workers has forced people to take up DIY jobs for household repair and maintenance. House repair, gardening, etc. is easier with the help of user-friendly and ergonomic tools which has led to increased demand for these products. Rising disposable income of the people is also a major factor influencing market growth.
Increased use of fastening instruments in the automotive and construction industry has led to significant adoption of the instruments in the industrial application. Increasing sales of commercial vehicles and growing urbanization drive the demand for the instruments in the automotive and construction sectors. Power instruments offer enhanced efficiency making them the preferred choice of workers in the industrial sectors.
The outbreak of the pandemic COVID-19 has impeded market growth in the first quarter of 2020, especially in North America and Europe. The pandemic has led to the slowdown of the manufacturing industries across the globe. However, the revival of industries and the adoption of tools in non-industrial sector are projected to upkeep market growth over the forecast period.
Grand View Research has segmented the global power tools market based on product, mode of operation, application, and region:
- Power Tools Product Outlook (Revenue, USD Million, 2016 - 2027)
- Power Tools Mode of Operation Outlook (Revenue, USD Million, 2016 - 2027)
- Power Tools Application Outlook (Revenue, USD Million, 2016 - 2027)
- Power Tools Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- List of Key Players of Power Tools Market
- Emerson Electric, Co.;
- Hilti Corporation;
- Ingersoll-Rand PLC;
- Koki Holdings Co., Ltd.;
- Makita Corporation;
- Robert Bosch;
- Stanley Black & Decker;
- Techtronic Industries.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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