India – March 21, 2022 —
According to Market Research Future (MRFR), the global power tools market is poised to grow over USD 36,060 million at an estimated CAGR of 4.82% (forecast period). The report gives a comprehensive summary of the effect of COVID-19 on the global Power Tools Market. The thorough examination offers information on the effect of the outbreak on the supply and demand conditions, trends, and forecasts of the global power tools industry.
Power tools are a variety of tools and mechanical devices that operate when an additional power source and mechanism is initiated and not manually. Typically, these may include electric motors and compressed or internal combustion engines. Power tools include a broad range of devices, from hand-held machine drills to hydraulic presses and pneumatic tools. Power tools can be used for a range of applications, such as household activities, construction, gardening, etc.
Market Dynamics
The increasing demand from the manufacturing sector, growing demand from the professional segment, and rising usage of power tools for DIY & household activities are primary drivers of the power tools market. Growth in the industrial sector is predicted to boost the power tools demand. The use of power tools across industries in both developed and developing countries is likely to increase due to the lack of availability of skilled labor and high labor costs. The professional field is driven mainly by carpenters, electricians, plumbers, artisans, etc. With increasing demand from the furniture industry, the future of power tools is likely to be valuable. Growth in construction and renovation activities is a crucial factor responsible for the growth of the furniture industry. Power tools are widely used in different applications for household purposes. They are used in applications such as drilling, cutting, and fitting. Therefore, the market for power tools is projected to grow during the forecast period due to the widespread use of power tools in household applications.
Nevertheless, the fluctuation in the price of raw materials is a significant constraint for global power tools market. The raw material used mainly in power tools is steel and aluminum. Steel is costly compared to any other metal. The cost of the raw material depends on the terms and duration with the steel manufacturers, typically for one year or a multi-year period. The availability of raw materials depends on global and local demand and government regulations. The price of steel is quite oscillating since the cost of the material can increase or decrease. When the price of steel is high, the cost of the material would also increase.
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Competitive Landscape
The power tools market is supported by high demand and widespread use. The population growth around the world and increasing demand of power tools market based services and products also support the market growth. However, the power tools market growth can be affected due to volatility in the price of raw materials. The report covers all such details which will help companies in the power tools market to strengthen their business plan and improve their product portfolio. The power tools market research report also provides company profiles of major companies. The company profiles of many organizations operating in the power tools market report highlights crucial details like company size, revenue growth, and details of mergers and acquisitions taking place in the power tools market. New companies and established businesses can plan their strategies based on this data provided in the power tools market research report.
Industry News
When a variety of businesses continue to take creative directions in this technology-infused era, digital user interface has enhanced their role as a game-changer in an evolving industry. From infrastructure and farming to manufacturing and mining, consumers aspire to be part of a global network that links them to dealers and goods everywhere in the world. Building on its notion of fascinating consumers by inexpensive ideas for a better life, Bosch Power Tools aims to improve consumer usability and experience by releasing its latest BeConnected, a QR code-based web app.
Market Segmentation
The global power tools market has been segmented based on application and type. On the basis of type, the market for power tools is segmented based on electric power tools, hydraulic power tools, pneumatic power tools, engine-driven power tools, and others. Additionally, the market on the basis of application, is segmented into industrial, professional and household.
Factors like use of power tools in the household and growing demand for tools across different industry verticals including the commercial sector support the power tools market growth. The performance of the power tools market has also been studied for the past and current years. Additionally, the power tools market report provides analysis of these segments. The power tools market segmental analysis provided in the report offers major details about the power tools market based on the data and forecasts till 2025.
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Regional Overview
Companies in the power tools market are spread across the world. The power tools market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American power tools market has many companies across the United States, Canada, and Mexico. The power tools market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the power tools market can be found in the market research report. Europe has companies in the power tools market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the power tools market across India, China, and Japan in the Asia-Pacific region is also presented in the report.
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