Power Tools Market Rises at 5.1% CAGR Through 2031; Market Going Through Downturn as Industrial Applications Fall amid Coronavirus Pandemic
PUNE, INDIA--(Korea Newswire) January 20, 2022 -- The global power tools market is expanding at a significant rate on the back of consumer inclination towards cordless power tools. This is anticipated to remain the key defining factor in the power tool market. As per Future Market Insights (FMI) analysis, the global power tools market is expected to reach US$ 33.36 Bn in 2021. The demand is expected to soar as construction activities surge around the world.
According to FMI, construction applications will account for maximum sales in the market through the forecast period. Besides, the rising trend of do-it-yourself activities will fuel sales opportunities for the market.
The COVID-19 pandemic has severely affected the global economy. This has led to manufacturing plants shutdowns, coupled with supply chain disruptions owing to nationwide lockdowns across the globe, subsequently resulting in the plunge in the power tools market growth. However, the market is expected to recover sharply as the economic activities resume post the containment of the pandemic.
Manufacturers are focusing on scaling up their production capabilities with improved production rates creating positive prospects for the power tools market growth.
Key Takeaways of Global Power tool Market Study
1. Power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4.3%
2. Overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031
3. The U.S. is expected to spearhead growth in North America, accounting for over 62% of the overall share in the region in 2021
4. The U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
5. Outlook for Italy and France is expected to remain positive over the forecast period
Global Power tool Market Competitive Landscape
The global power tools market is a highly competitive market owing to the presence large number of global and regional players operating in the market. Manufacturers are focusing on research and development for innovative improvements in their product portfolio, expansion in untapped markets coupled with developing their business via e-commerce platforms to gain a competitive edge.
Some of the leading manufacturers of the power tool market are Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Company Limited, Koki Holding, Co., Ingersoll Rand Inc., Apex Tools, Hilti Corporation, Snap-on Incorporated, among others.
Increasing adoption of cordless power tools and integration of advanced technology will spur the demand for power tools across the globe
The rapid expansion of the construction industry is expected to have a positive domino effect on the sales of power tools
Burgeoning demand for electric fastening tools in the industrial sector will accelerate the growth in the market
Growing preference for lightweight and ergonomic power tools is expected to hamper the growth in the market
Stringent regulatory rules that power tool manufacturers must comply with to ascertain safety standards might create obstacles.
Valuable Insights into Global Power Tools Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global power tools market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the power tools market based on backing product type (drilling tools, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench, circular saw), technology (electric and pneumatic), application (manufacturing, MRO services, DRO, construction), and sales channel (offline and online) across six regions (North America, Latin America, Europe, East Asia, South Asia, and the Middle East and Africa).
Power Tools Market Report: https://www.futuremarketinsights.com/reports/power
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