Power Tools Market to Reach $48.67 Bn, Globally, by 2027 at 4.8% CAGR: Allied Market Research
Integration of brushless motors in electric power tools, growing adoption of power tools in the construction industry, and rapid industrialization coupled with rise in infrastructure spending have boosted the growth of the global power tools market
PORTLAND, Oregon, May 11, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Power Tools Market by Mode of Operation (Electric, Pneumatic, and Others), Tool Type (Drills, Material Removal Tool, Saws, Wrenches, and Others), and Application (Industrial and Do-It-Yourself (DIY)): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global power tools market was pegged at $32.66 billion in 2019, and is projected to reach $48.67 billion by 2027, growing at a CAGR of 4.8% from 2020 to 2027.
Major driving factors of the market
Integration of brushless motors in electric power tools, growing adoption of power tools in the construction industry, and rapid industrialization coupled with rise in infrastructure spending have boosted the growth of the global power tools market. Moreover, rise in popularity of energy-efficient power tools supplemented the market growth. However, high purchase costs of electric power tools and hydraulic cylinders as compared to pneumatic cylinders hamper the growth. On the contrary, technological innovations and surge in demand for material handling equipment are expected to create lucrative opportunities in the near future.
The electric segment to witness high demand
Based on mode of operation, the electric segment held the largest share in 2019, accounting for nearly one-third of the market and is projected to register the highest CAGR of 5.1% during the forecast period. This is due to massive growth in the construction and manufacturing industries in the developing countries.
Based on tool type, the drills segment dominated the market in 2019, contributing to nearly one-third of the market, as power drills that are easy to handle and smooth to function and increased production and manufacturing activities. The same segment would manifest the fastest CAGR of 5.7% throughout the forecast period.
DIY segment to manifest highest CAGR through 2027
The DIY segment is expected to portray the highest CAGR of 5.2% during the forecast period, due to rise in DIY culture and increased trend of the e-retail platform in developing nations, which made it easy for the non-professional users to buy power tools. However, the industrial segment held the largest share in 2019, accounting for nearly two-thirds of the total revenue. This is due to increased government investment in construction and infrastructural development activities, which augments the demand for power tools.
The market across North America held the largest share in 2019, contributing to nearly one-third of the market, owing to high adoption rate of electric power tools in the region. However, the market across LAMEA is expected to manifest the highest CAGR of 6.2% during the study period, as major power tool manufacturers have established their subsidiaries to promote better sales and services in the developing regions.
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