CHICAGO, UNITED STATES, October 19, 2022 /EINPresswire.com/ — That global power tool market The size was US$31,994.7 million in 2021, which is expected to grow to US$43,278.3 million by 2027 by registering a compound annual growth rate (CAGR) of 5.2% during the study period, i.e. 2022-2027 becomes.
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The main purpose of using power tools is to cut, screw and polish materials. Ever increasing applications of power tools in construction industry and increasing use of cordless power tools will boost the growth of power tools market over the analysis period. Moreover, the ever-increasing rate of new developments coupled with the growing trend toward advanced tools and devices during the study period presents potential prospects for the growth of the market. The use of drills, grinders, wrenches and other tools is increasing, reflecting the increasing number of construction projects.
Cordless power tools are gaining traction worldwide due to their ease of implementation in both residential and commercial settings. Cordless power tools include a wide range of cordless tools such as rotary hammers, impact wrenches, circular saws, nailers and staplers, suitable for applications such as grinding, welding, metalworking, cutting, etc.
On the contrary, the high maintenance costs associated with the fluctuating cost of raw materials can complicate the growth of the power tools market.
Measured by tool type, the drilling and fastening segment leads with the highest market shares
On the basis of tool type, the Drilling & Fastening Tools category leads with the highest market share and is expected to remain dominant during the study period. The growth of the drilling and fastening segment of the global power tools market will be attributed to the increasing demand for drilling and fastening tools from automotive and aerospace plants.
Based on the mode of operation, the electrical mode of operation leads with the highest market share
On the basis of how it works, the categories of the global market are electric, pneumatic and hydraulic, with the electric segment leading with the highest share in 2021. The growth of electrical functioning is associated with the increasing demand for cordless tools in industrial and residential spaces. In addition, the high performance of power tools is driving the growth of the segment. In addition, the Pneumatics segment will grow with the highest growth rate.
The industrial segment leads by application with the highest share of the power tool market
On the basis of application, the industry segment is leading with the highest share of the global power tools market. The growth of the industrial applications segment is associated with the growing demand for technological innovations in the industrial sectors. In addition, the increasing adoption of advanced technologies to speed up processes in the construction, aerospace, automotive and energy industries offers an attractive prospect for the power tool market. Meanwhile, the residential segment is expected to show the highest growth rate during the study period.
North America leads in the global Power Tools Market based on region
The North American power tool market leads with the highest market share. The growth of this regional market is attributed to the presence of a wide range of industries and a steady shift to urban areas. Additionally, the emerging construction industry in North America is expected to transact opportunities for the North American power tools market during the study period.
The Asia-Pacific power tools market is expected to show the highest growth rate due to the growing disposable income combined with the increasing number of construction and infrastructure development activities.
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Apex Tool Group Ltd. is a renowned company in the power tool industry. This America-based company has been on the market since 2010. Headquartered in Maryland, USA, the company offers soldering, venting bits, torque measurement, metal cutting, cutting, motion control and drilling solutions.
Atlas Copco AB is the leading provider of sustainable productivity solutions. This Sweden-based company offers an innovative range of construction machinery, power tools and assembly systems and has been in the industry since 1873.
Andreas Stihl Pvt. Ltd., the subsidiary of Andreas Stihl AG & Co. KG, develops, sells and manufactures power tools specifically for forestry and agriculture. The company offers a wide range of products including industrial chainsaws, cultivators, construction tools, string trimmers, cut-off saws, edgers, leaf blowers, pole saws, augers/augers and protective clothing etc. The company has manufacturing facilities in around 7 countries and has a global network from nearly 53,000 service dealers operating in approximately 160 countries.
Ferm International BV has been in the power tool market since 1965. The company is known for its high quality power tools and accessories, which have earned an important place in the international power tool market. The product portfolio of Ferm International includes an exclusive range of cordless drills, angle grinders, workshop tools, milling tools, circular saws, cordless drills, grinding tools, etc.
KOKI Holding Co. Ltd., a Japanese manufacturer of power tools, has been in the industry for more than 70 years. In addition, the company deals with the end-to-end process of power tools, starting from manufacture to sale. The brand’s product portfolio includes a wide range of electrical equipment, including power tools, accessories and fasteners specially designed for industrial applications.
The global power tools market is segmented on the basis of tool type, operation mode, application, and region. These segments are further broken down to provide a holistic picture of the market.
The following are the various segments of the global Power Tools market:
By tool type:
drilling and fastening tools
Screwdriver and socket wrench
sawing and cutting tools
Scissors and nibblers
Material removal tools
Tool and straight grinder
Air powered tools
By operating mode:
Metal & Manufacturing
The United Kingdom
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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