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According to a new report Global Power Tools Market, published by KBV research, The Global Power Tools Market size is expected to reach $42.8 billion by 2026, rising at a market growth of 5.8% CAGR during the forecast period.
The Drills segment led the market in 2019 and is predicted to remain dominant over the forecast period. Drills are simple to use, smaller than other power devices, and are widely used in manufacturing and household applications. The wrenches segment is anticipated to emerge at a healthy CAGR over the forecast period. Compared to traditional wrenches, the power wrench reduces a lot of time and manual effort in fastening relative to standard wrenches.
Electric mode of operations recorded a significant share of global revenue in 2019. The substantial share is due to the convenience of mobility and the reliability of the operation of electrical tools. Cordless electric mode retained a large share in 2019 and is expected to dominate the demand for power tools over the projected period. Most power tools suppliers are changing their product portfolio and increasing the range of cordless power tools available to their customers.
The industrial application segment held a significant share of revenue. Industrial uses include the use of devices in the manufacturing, construction, aerospace and logistics industries. Although the industrial segment is a major participant, the residential application segment is predicted to have the highest CAGR. Growth is primarily due to the rising trend of the DIY culture.
Asia Pacific recorded the largest market share in 2019. Due to the thriving automotive industry in countries such as India and China, the region is projected to be the highest CAGR in the forecast period. Growing disposable income, rising construction and infrastructure development activities are main factors that affect the growth of the regional market. Europe is expected to see a healthy growth in the future influenced by the growth of the market in Germany and the United Kingdom. The emergence of processing and production plants in several countries of the European Union is boosting market growth. North America is a key player in the market. Growing development of infrastructure and economic growth in the region is boosting the market growth.
Structural Insights: https://www.kbvresearch.com/power-tools-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Techtronic Industries Co., Ltd., Snap-On, Inc., Robert Bosch GmbH, Panasonic Corporation, Emerson Electric Co., Atlas Copco AB, Koki Holdings Co., Ltd., Makita Corporation, Stanley Black & Decker, Inc., and Apex Tool Group, LLC.
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