Power tools are hand-held power-driven machines or tools that are used to mechanically assist and increase mechanical work output. Power tools find extensive usage across various industries such as construction, woodworking, metalworking, and automotive repair. These tools help construction workers perform tasks faster and more efficiently during construction projects. Power saws, nail guns, drills, sanders, and other power tools are commonly used on construction sites for tasks ranging from cutting wood and cement to driving nails. The global power tools market is valued at US$ 30,554.27 million in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2025-2032, as highlighted in a new report published by Coherent Market Insights.
The global power tools market is estimated to be valued at US$ 34,554.27 million in 2031 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Market Dynamics:
Market Dynamic (this is heading keep it unchanged): The increased usage of power tools in the construction industry is one of the primary drivers propelling the power tools market growth. Rapid urbanization and infrastructure development projects across both developed and developing nations have significantly increased the demand for power tools from the construction sector. Furthermore, power tools help complete various construction tasks more efficiently and quickly, thereby enhancing productivity. The emergence of advanced power tools with Li-ion batteries that offer longer runtimes compared to traditional NiCad and NiMH batteries is another key factor fueling the adoption of power tools.
Segment Analysis
The power tools market is segmented into corded tools and cordless tools. Cordless tools dominates the market with more than 60% share due to ease of mobility and less hassle of power cords. Within cordless tools, drills and screwdrivers are highly popular categories as these are most commonly used tools by both professionals and DIY consumers for various construction and household activities.
PEST Analysis
Political: Government investments towards infrastructural development projects in developing nations increase the demand for power tools from construction industry. Economic: Rise in disposable income levels globally fuel the purchase of power tools. Social: Growing trend of DIY activities among individuals drive the demand from retail buyers. Technological: Development of advanced lithium-ion battery technology increases the runtime and efficiency of cordless power tools.
Key Takeaways
The Global Power Tools Market Share is expected to witness high growth aided by increasing investments in residential & commercial construction projects across major economies.
Regionally, Asia Pacific dominates owing to large population and growth of manufacturing industry in China and India. Key players operating in the power tools market are Stanley Black & Decker, Techtronic Industries, Robert Bosch, Makita Corporation and Hilti Corporation.
Key players operating in the power tools market are Stanley Black & Decker, Techtronic Industries, Robert Bosch, Makita Corporation and Hilti Corporation. Stanley Black & Decker offers wide range of power tools including drills, hammers, saws catering to professional construction industry as well as DIY consumers. Techtronic Industries is a leading player in cordless power tools backed by advanced lithium-ion battery technology.
For more details on the report, Read- https://www.ukwebwire.com/power-tools-market-growth-demand-and-overview/
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