Power Tools Market Current Scenario and Industry Growth Forecast with Major Key Players data by 2032
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 be 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
this, 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. Resulting in 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 pandemic. Manufacturers are focusing on scaling up their
production capabilities with improved production rate creating positive
prospected for the power tools market growth.
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Key Takeaways of Global Power tool Market Study
- Power
tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- Overall
outlook remains positive as FMI forecasts the market to rise at ~5.1%
between 2021 and 2031.
- U.S.
is expected to spearhead growth in North America, accounting for over 62%
of overall share in the region in 2021
- U.K.
is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
- Outlook
for Italy and France is expected to remain positive over the forecast
period Ask Us Your
- Global
Power tool Market Competitive Landscape
The global power tools market is
highly competitive market owing to 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 competitive edge. Some of the leading manufacturers of 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.
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About Future Market Insights
(FMI)
Future Market Insights (FMI) is a
leading provider of market intelligence and consulting services, serving
clients in over 150 countries. FMI is headquartered in Dubai, and has delivery
centers in the UK, U.S. and India. FMI’s latest market research reports and
industry analysis help businesses navigate challenges and make critical decisions
with confidence and clarity amidst breakneck competition. Our customized and
syndicated market research reports deliver actionable insights that drive
sustainable growth. A team of expert-led analysts at FMI continuously tracks
emerging trends and events in a broad range of industries to ensure that our
clients prepare for the evolving needs of their consumers.
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