Power Tools Industry Will Drive Growth By 5.1% CAGR End Of 2031: FMI
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 Billion 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.
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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
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.
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 2020-2030.
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).
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