The global power tools market size is expected to reach USD 38.78 Billion in 2028 and register a revenue CAGR of 4.2% over the forecast period, according to the latest report by Reports and Data. Increasing implementation of power tools in the automotive industry and rising demand for fastening tools from the energy industry are key factors expected to drive market revenue growth over the forecast period. In addition, increasing demand for power tools with smart connectivity is also expected to drive revenue growth over the forecast period.
Electric fastening tools are required for wind turbine installations. These tools are used in fastening, gearing, rotors bearings tools, and wind turbine bases. Tower maintenance, repair, and inspection activities use similar fastening tools. The tightness factor is determined to ensure accuracy and only then, torque is correctly transferred to joints. As wind turbine installations need precise torque, electric fastening tools are considered to be the most important power tools for the energy sector. Fastening activities often arise in the automotive assembly and production lines. By reducing the amount of time spent on such ineffective operations, power tools can assist in saving time and increasing productivity. As a result, automotive manufacturers, including maintenance and repair organizations are nowadays rapidly using power tools. However, high cost of power tool maintenance, concerns regarding power tool safety, and compliance with stringent regulations are expected to limit adoption and restrain market growth to a certain extent over the forecast period.
Some Key Highlights From the Report:
- Demolition tools segment is expected to register robust revenue CAGR in the global market during the forecast period. The construction industry is rapidly adopting demolition tools such as rotary hammers, hammer drills, and demolition hammers, which, in turn, is expected to increase revenue growth of the segment.
- Pneumatic segment is expected to register considerably high revenue growth rate over the forecast period. Pneumatic tools are simpler to operate and handle than electric power tools. These also have better power-to-weight ratios and allow a smaller & lighter tool to do the same job. Compared to electric equipment, pneumatic tools are simpler and easier to manage.
- Residential segment is expected to register substantial growth in terms of revenue CAGR over the forecast period, owing to the growing trend of Do It Yourself (DIY) activities. Another significant factor driving growth of the segment is rising accessibility of user-friendly and simple-to-use power tools.
- Asia Pacific is expected to register robust revenue CAGR over the forecast period due to expansion of automotive industry in China, India, and Japan. Besides, increasing building & infrastructure development activities and rising disposable incomes are other factor driving revenue growth of the market in the region.
- Some companies in the market include Techtronic Industries Company Limited, Robert Bosch GmbH, Stanley Black & Decker, Inc., Makita Corporation, Atlas Copco, Apex Tool Group, Hitachi Koki Co., Ltd., Snap-on Incorporated, Ingersoll-Rand PLC, and Emerson Electric Co.
For the purpose of this report, Reports and Data has segmented the global power tools market on the basis of type, operation mode, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Demolition Tools
- Rotary Hammers
- Hammer Drills
- Demolition Hammers
- Drilling & Fastening Tools
- Impact Drivers
- Impact Wrenches
- Screwdrivers & Nutrunners
- Sawing & Cutting Tools
- Reciprocating Saws
- Circular Saws
- Sheers & Nibblers
- Band Saws
- Routing Tools
- Material Removal Tools
- Die & Straight Grinder
- Angle Grinders
Operation Mode Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Read Latest Press Release on Power Tools @ https://www.reportsanddata.com/press-release/global-power-tools-market