Press release
Power Tools Market Size, Share, Growth Report and Forecast 2024-2032
Power tools are mechanised devices that operate with an additional power source and mechanism, distinct from manual labour used with hand tools. These tools are widely used in construction, automotive, and manufacturing industries, and include drills, saws, sanders, and grinders. They are known for their efficiency, precision, and ability to reduce workload and time consumption in complex tasks.
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The power tools market growth is driven by several factors. The rising construction activities worldwide, especially in developing countries, have increased the demand for fast and efficient tools, boosting the power tools market. Additionally, the growing automotive industry, with its need for high-precision tools for manufacturing and maintenance, also contributes significantly to the market expansion.
The continuous innovations in battery technology, such as lithium-ion batteries, have led to the development of more efficient and longer-lasting cordless power tools. These advancements have increased the portability and convenience of power tools, making them more appealing to both professional and amateur users.
According to the power tools market analysis, the DIY trend, fuelled by home improvement television shows and online tutorials, has led to a rise in home-based applications of power tools, broadening the consumer base beyond professional tradespeople.
Technological advancements are at the forefront of market growth in this sector. Modern power tools are increasingly incorporating smart technologies, such as Bluetooth connectivity and battery optimisation, enhancing user experience and efficiency. These innovations not only increase the tools' capabilities but also attract a tech-savvy consumer base.
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Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region, led by China and India, accounts for a significant portion of the power tools market share due to industrialisation and urbanisation. North America and Europe also hold significant market shares, attributed to well-established industries and high adoption rates of advanced technologies.
Power Tools Market Segmentation
The market can be divided based on operation, tool type, application, and region.
Market Breakup by Operation
Electric
Corded
Cordless
Pneumatic
Others
Market Breakup by Tool Type
Drilling and Fastening Tools
Material Removal Tools
Sawing and Cutting Tools
Demolition Tools
Others
Market Breakup by Application
Industrial
Residential
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global power tools market. Some of the major players explored in the report by Expert Market Research are as follows:
Robert Bosch Tool Corporation
Stanley Black & Decker, Inc.
Hilti Corporation
Atlas Copco AB
Techtronic Industries Co. Ltd.
BLACK+DECKER
Emerson Electric Co.
Others
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