Yahoo Finance Power Tools Global Market Report 2023
Major players in the power tools market are Stanley Black & Decker Inc., Robert Bosch GmbH, Techtronic Industries Co. Ltd., Makita Corporation, Hilti Corporation, Atlas Copco, Ingersoll Rand, Snap-on Incorporated, Apex Tool Group, Hitachi Koki Ltd.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power Tools Global Market Report 2023" - https://www.reportlinker.com/p06290052/?utm_source=GNW
, Emerson Electric Co, Enerpac Tool Group, Carborundum Universal Limited, Electrex Power Tools, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, and Ridgid Tools.
The global power tools market grew from $35.96 billion in 2022 to $39.35 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The power tools market is expected to grow to $53.58 billion in 2027 at a CAGR of 8.0%.
The power tools market consists of sales of demolition hammers, chopsaws, angle grinders, miter Saw.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The power tools is used to speed up the completion of tasks that would take much longer with traditional tools.The power tools contain various energy-efficient tools that run on electricity, internal combustion, and compressed air.
Equipment that is driven by a mechanism or source other than the human body is termed a power tool. The most typical source of power for these tools is an electric motor base, and a few are fuelled by gasoline.
Asia-Pacific was the largest region in the power tools market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the power tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of power tools are drilling and fastening, demolition, routing, sawing, cutting, material removal, and other tool types.The drilling and fastening tools are used to form a hole of different sizes on a job.
Drilling is a metal removing technique that may be done with a drilling machine.Drilling, reaming, and boring are all operations that can be done with a drilling tool.
The various operations modes include electric, pneumatic, and others and can be distributed through online, and offline channels. The numerous applications include construction, automotive, aerospace, energy, electronics, and others.
The rapid expansion of the construction industry is expected to propel the growth of the power tools market going forward.The construction industry is a manufacturing and trade division focusing on building, maintaining, and repairing structures.
Power tools are employed in construction as they give greater efficiency, accuracy, and worker safety. For instance, according to Invest India, an India-based investment and promotion agency, the Indian construction equipment sector revenue stood at $6.5 billion in 2020 and is expected to the growth by an average of 7.1% by 2025. Therefore, the rapid expansion of the construction industry drives the power tools market.
New product innovations have emerged as the key trend gaining popularity in the power tools market.Major companies operating in the power tools market are inventing new product innovations to sustain their position in the market.
For instance, in December 2021, Dewalt, a US-based company that manufactures power tools, launched its new Dewalt PowerStack 20V Max Compact Battery, which gives 50% more power.It contains broad application capabilities and fast performance with cordless tools.
This battery is 25% more compact and 15% lighter.
In January 2021, GWS Tool Group, a US-based manufacturer of highly engineered custom, standard, and modified standard cutting tools, acquired Taurus Tool & Engineering for an undisclosed amount.This acquisition of Taurus tools expands GWS’s product line and capabilities in custom HSS tooling and custom thread-on modular tooling while providing capacity for sophisticated carbide hole-making and milling tools.
Taurus Tool & Engineering is a US-based precision custom cutting and power tools manufacturer.
The countries covered in the power tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The power tools market research report is one of a series of new reports that provides power tools market statistics, including power tools industry global market size, regional shares, competitors with a power tools market share, detailed power tools market segments, market trends and opportunities, and any further data you may need to thrive in the power tools industry. This power tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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