The report 'Power Tools ' Market by Product (Drills, Saws, Wrenches, Grinders, Sanders, and Others), By Mode of Operation (Automotive, Electronics & Electrical, Metals & Machining, Food & Beverages, and Others), By Application (Industrial and Residential)- Global Forecast to 2030. The Market global Power Tools is predicted to reach a market value of USD 56billion by 2030 from USD 33.9billion in 2020, at a CAGR of 5.13 percent during the forecasted period. The power tools are extremely utilized in manufacturing and in the repair and maintenance processes in the entire automotive industry. Furthermore, with the rise in technological innovations, the rising growth in the adoption of cordless tools that have the ability to use no external power source with easy mobility is further fuelling the overall growth of the market.
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In terms of product, the Drills market segment possesses the largest share of the market in 2020. It accounted for an overall revenue share of 30.2 percent and is prevised to carry on its existence throughout the forecasted timeframe. The Drills are easier to use the handle and are comparatively less expensive than other power tools. These are vastly utilized in industrial as well as household applications. The product segment is segregated into sanders, saws, wrenches, drills, grinders, and others. Also, the wrenches segment is anticipated to grow at a steady CAGR from the time period of 2020 to 2027. Wrenches are highly utilized in the production plants to improvise the efficacy as well as the productivity of the work.
In terms of mode of operation, the electric market segment holds the largest market share of the global power tools market in 2020 and is prevised to hold a steady CAGR during the estimated period. Furthermore, the ‘electric’ market segment in terms of mode of operations accounted for more than 60.0 percent of the global power tools market share revenue in 2020. Electric power tools are extremely utilized in a vast range of industries, including shipbuilding, energy, aerospace, construction, and automotive.
In terms of application, the industrial market segment held more than 60.0 percent of the global market revenue in 2020. Also, in several Industrial applications, there contains the utilization of the tools in domains like aerospace, construction, automotive, and logistics. Moreover, the increased technological advancements and adoption of advanced innovations among these industries is the most vital factor for the dominance of industrial applications over the residential segment. Furthermore, among the other market segments, the residential market segment is prevised to hold the fastest CAGR throughout the time period.
On a regional scale, the Asia- Pacific region is anticipated to hold the maximum share of the global market share and is prevised to possess a healthy CAGR throughout the forecasted timeframe. It accounted for an overall market share of about 33.2 percent in 2020. Moreover, aspects like the growing manufacturing industry, rising urbanization, and the increase in sales in the automotive industry are some of the vital factors that are fueling the overall advancement of the power tools market in the APAC region.
The leading players that operate in the market are Hilti Corporation, Makita Corporation, Stanley Black & Decker, Emerson Electric, Co, Ingersoll-Rand PLC, Robert Bosch, Techtronic Industries, and Koki Holdings Co., Ltd.
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