The Global Power Tools Market to grow from USD 31,638.93 Million in 2019 to USD 41,380.70 Million by 2025, at a Compound Annual Growth Rate (CAGR) of 4.57%.
Market Segmentation & Coverage:
The research report categorizes the Power Tools Market to forecast the revenues and analyze the trends in each of the following segments:
"The Drilling & Fastening Tools is projected to witness the highest growth during the forecast period"
Based on Type, the Power Tools Market studied across Demolition Tools, Drilling & Fastening Tools, Material Removal Tools, Routing Tools, and Sawing and Cutting Tools. The Drilling & Fastening Tools further studied across Drills, Impact Drivers, Impact Wrenches, and Screwdrivers and Nutrunners. The Material Removal Tools further studied across Grinders and Sanders/Polishers/Buffers. The Sawing and Cutting Tools further studied across Band Saws, Circular Saws, Jigsaws, Reciprocating Saws, and Shears & Nibblers. The Drilling & Fastening Tools commanded the largest size in the Power Tools Market in 2019, followed by the Routing Tools. On the other hand, the Drilling & Fastening Tools expected to grow at the fastest CAGR during the forecast period, followed by the Material Removal Tools.
"The Electric is projected to witness the highest growth during the forecast period"
Based on Operation, the Power Tools Market studied across Electric and Pneumatic. The Electric commanded the largest size in the Power Tools Market in 2019, followed by the Pneumatic. On the other hand, the Electric expected to grow at the fastest CAGR during the forecast period, followed by the Pneumatic.
"The Residential/DIY is projected to witness the highest growth during the forecast period"
Based on Application, the Power Tools Market studied across Industrial/Professional and Residential/DIY. The Industrial/Professional further studied across Aerospace, Automotive, Construction, Energy, and Shipbuilding. The Industrial/Professional commanded the largest size in the Power Tools Market in 2019, followed by the Residential/DIY. On the other hand, the Residential/DIY expected to grow at the fastest CAGR during the forecast period, followed by the Industrial/Professional.
"The Asia-Pacific is projected to witness the highest growth during the forecast period"
Based on Geography, the Power Tools Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom. The Americas commanded the largest size in the Power Tools Market in 2019, followed by the Europe, Middle East & Africa. On the other hand, the Asia-Pacific expected to grow at the fastest CAGR during the forecast period, followed by the Americas.
The factors attributing to the growth of the market are rising demand for electric fastening tools in industrial environments, increasing adoption of cordless power tools, growing sales of commercial vehicles, and increasing growth opportunities for construction industry in emerging countries. However, some factors such as high maintenance cost and fluctuating raw material prices may hinder the market growth. The Power Tools Market expected to showcase the opportunities such as fastening tools in the wind energy industry, smart connectivity in power tools, and connected power tools for industry 4.0. Soon market may face the possible challenges in the growth due to regulatory compliance and power tool safety and designing of ergonomic and lightweight power tools. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the market.
Cumulative Impact of COVID-19:
COVID-19 is an incomparable global public health emergency that has affected almost every industry, so for and, the long-term effects projected to impact the industry growth during the forecast period. Our ongoing research amplifies our research framework to ensure the inclusion of underlaying COVID-19 issues and potential paths forward. The report is delivering insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecast, considering the COVID-19 impact on the market.
360iResearch Competitive Strategic Window:
The 360iResearch Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies. The Competitive Strategic Window helps the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. During a forecast period, it defines the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth.
360iResearch FPNV Positioning Matrix:
The 360iResearch FPNV Positioning Matrix evaluates and categorizes the vendors in the Power Tools Market on the basis of Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Company Usability Profiles:
The Power Tools Market is highly competitive and characterized by the presence of a large number of international and regional players in the market. The market has witnessed increased competition between vendors based on the pricing model, technology differentiation, brand name, quality of service, price differentiation, and technical expertise.
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global Power Tools Market, including Apex Tool Group, LLC, Atlas Copco AB, Emerson Electric Co., Fortive Corporation, Hilti Corporation, Illinois Tool Works Inc., Koki Holdings Co., Ltd., Makita Corporation, Panasonic Corporation, Positec Tool Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker, Inc., Techtronic Industries Company Limited, and Trane Technologies PLC.