With the emergence and long-term Impact of COVID-19, Global Power Tools Market to reach USD 55.46 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Power Tools Market points towards a potential rise to USD 55.46 billion by 2030. Power tools are specialized mechanical devices designed to perform a variety of tasks with increased efficiency and precision, often powered by electricity, batteries, or compressed air. These tools are instrumental in construction, woodworking, metalworking, and other industrial applications, offering significant advantages over traditional manual tools. The Power Tools Market is expanding because of factors such as rising industrialization and construction activities, the rising trend of do-it-yourself (DIY) activities and rising expansion in the automotive industry.
Geographically, the global Power Tools market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022. The robust expansion of the automotive sector in countries such as India and China are anticipated to result in the highest Compound Annual Growth Rate (CAGR) in the region throughout the forecast period. The upswing in disposable income and the escalating scale of construction and infrastructure development projects play pivotal roles in propelling this growth.
North America is expected to grow significantly over the forecast period. The surge in infrastructure and industrial development within the region is fueling market demand. Furthermore, the substantial presence of key players such as Stanley Black and Decker, Emerson Electric Co., and Apex Tool Group is bolstering the region’s revenue share. Additionally, the scarcity of affordable labor is promoting the uptake of do-it-yourself (DIY) tasks, thereby fostering regional growth.
The global Power Tools market is highly competitive owing to the presence of several key players such as Emerson Electric, Co. Hilti Group Ingersoll-Rand Koki Holdings Co., Ltd. Makita Corporation Robert Bosch GmbH Stanley Black & Decker Inc Techtronic Industries Company Limited Hitachi Koki Co., Ltd. Enerpac Tool Group and others.
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Key findings of the study suggest:
- Global Power Tools Market is anticipated to grow with a healthy growth rate of more than 7.20% over the forecast period 2023-2030.
- In the Application segment, Residential emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to expansion of the automotive sector in the region.
- North America is expected to grow at higher rate owing to surge in infrastructure and industrial development in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Product:
- Drills
- Saws
- Wrenches
- Grinders
- Sanders
- Others
By Mode of Operation:
- Electric
- Pneumatic
- Others
By Application:
- Industrial
- Residential
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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