Global Power Tools Market Report 2022: Increasing Popularity of DIY Projects to Accelerate Sector Growth

DUBLIN, Sept. 30, 2022 /PRNewswire/ -- The "Global Power Tools Market, By Product, By Mode of Operation, By Application & By Region - Forecast and Analysis 2022-2028" report has been added to  ResearchAndMarkets.com's offering.

Global power tools market was valued at USD 30.78 billion in 2021, and is expected to attain market size of USD 44.18 billion by 2028, at a CAGR of 5.30% over the forecast period 2022-2028.

Power tool use in the automotive and construction industries is predicted to drive demand over the next seven years. These technologies aid in minimizing time spent on redundant chores and improving overall efficiency. Similarly, vehicle manufacturers and automotive repair and maintenance service providers are increasingly utilizing power tools. Drills, sanders, wrenches, and other equipment are in great demand in the worldwide power tools market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Power Tools market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research.

This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global Power Tools market is segmented by product, by mode of operation and by application. Based on product, the market is categorized into Drills, Saws, Wrenches, Grinders, Sanders, Others. Based on mode of operation, the market is categorized into Electric, Pneumatic, Others. Based on application, the market is categorized into Residential, Industrial. By region, the global Power Tools market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Driver

Automation technologies are being used by major electric power tool manufacturers to handle electric power tools throughout operations. Companies can now track, connect, and adjust their tools on numerous job sites, resulting in increased production with the same electric power tool. Such automation technologies are projected to contribute in the development of the global electric power tools market over the forecast period.

Restraint

Power tools are made from a variety of metals, including steel, zinc, copper, brass, aluminum, and nickel. In addition, batteries, motors, and electronic components are used in their manufacture. As a result, power tool manufacturers rely substantially on a steady supply of raw materials to ensure seamless operation. Furthermore, fluctuating raw material, component, or finished goods prices have a variety of effects on production operations, frequently resulting in delays, inefficiencies, or the inability to meet the needs of the power tools market.

Market Trends

Do-It-Yourself (DIY) projects are becoming increasingly popular in the power tool market. Today, many companies are developing products with additional safety measures to fulfill the needs of customers who are not skilled specialists. Bosh Power Tools, for example, includes Bosch Prevention features like rotary hammer drill rotation control clutches and angle grinder restart protection. These features help to reduce product-related dangers and increase the acceptance of power tools in residential applications.

Key Topics Covered:

Executive Summary

Market overview

Parent Market Analysis

Market overview

Market size

Key Market Insights

Covid Impact

Market Dynamics & Outlook

Global Power Tools Market by Product

Global Power Tools Market by Mode Of Operation

Global Power Tools Market by Application

Market Size by Region

Key Company Profiles

Companies Mentioned

• Apex Tool Group (US)
• Atlas Copco AB (Sweden)
• Emerson Electric, Co. (US)
• Hilti Corporation (Liechtenstein)
• Ingersoll-Rand PLC (Ireland)
• Koki Holdings Co., Limited (Japan)
• Makita Corporation (Japan)
• Robert Bosch (Germany)
• Stanley Black & Decker (US)
• Techtronic Industries (China)

For more information about this report visit https://www.researchandmarkets.com/r/n9kqq1

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SOURCE Research and Markets