The global Power Tools market seems to reach USD 54.75 billion by 2028, at a CAGR of 8.80% from 2021 to 2028. The growing demand for power tools from the construction, automotive and electronics industries has been a major driver of the market. This is due to the increased use of power tools in these industries for various operations, such as drilling, sawing, grinding, and sanding. The rising number of DIY (Do-It-Yourself) projects across the globe are also expected to drive the growth of the power tools market.
The report further highlights that cordless power tools are becoming increasingly popular due to their convenience, portability, and ease of use. The growing popularity of cordless tools will boost the demand for these tools over the forecast period. Additionally, the increasing demand for professional-grade power tools is expected to drive market growth.
Other factors, such as the growing trend of automation, the expansion of the e-commerce sector, and the rising awareness about the safety of power tools are also expected to have a positive impact on the market.
Restraints of the Power Tools Market
- High Cost of Equipment: Power tools are expensive to purchase, and the cost of replacement parts, maintenance, and repair can be significant. This may put them out of reach for many individuals, depending on their budget.
- Safety Concerns: Power tools can be dangerous to use, and the wrong type or improper use of the tool can lead to serious injury. It is important to use the tool correctly and to wear the proper safety gear.
- Lack of Training: Without proper training, people may not know how to use a power tool correctly, or may not be able to identify potential hazards.
- Limited Availability: Power tools may not be available in all areas, making it difficult to acquire the right tool for the job.
- Limited Technical Support: If a power tool breaks down, it may be difficult to find someone qualified to repair it.
Brainy Insights has segmented the global Power Tools market based on the below-mentioned segments:
Global Power Tools Market by Mode of Operation:
- Electric
- Corded Power Tools
- Cordless Power Tools
- Pneumatic
- Others
Global Power Tools Market by Tool Type:
- Drills
- Saws
- Wrenches
- Material Removal Tool
- Others
Global Power Tools Market by Application:
- Industrial
- Construction
- Automotive
- Aerospace
- Others
- Do-It-Yourself (DIY)
The report identifies the leading players in the global power tools market, including DeWalt, Bosch, Black & Decker, Makita, and Hitachi. It also profiles the key strategies adopted by these companies to strengthen their foothold in the market.
