Key Power Tools Market Manufacturers, Trends, Demand, Analysis and Forecast to 2030
increased adoption of power tools in the construction industry, integration of brushless motors in power tools
PORTLAND, OR, USA, March 17, 2022 /EINPresswire.com/ — Power Tools Market provides a comprehensive study of the market including its dynamics, structure, characteristics, key players, growth drivers and request, etc. a comprehensive analysis report, it covers all the details of the analysis and outlook according to AMR
The global power tools market is expected to generate revenue worth $24.1 billion in 2020 and is projected to reach $49.2 billion by 2030, registering a CAGR of 6.8% during the period forecast. In 2020, North America dominated the global market in terms of revenue, accounting for around 35.0% share, followed by Europe. Key factors driving the growth of the global power tools market include increased adoption of power tools in the construction industry, integration of brushless motors in power tools, and growth in popularity of brushless power tools. wire. However, the high upfront costs of power tools compared to pneumatic power tools are expected to hamper the market growth to some extent.
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The construction industry is one of the major consumers of power tools, therefore, the introduction of power tools has benefited the construction industry, by providing features such as portability, ease of use in remote locations and high productivities. Thus, the adoption of power tools has increased significantly; thus driving the growth of the power tools market. Moreover, the integration of brushless motors in power tools has improved the productivities of power tools to a great extent. Brushless motors eliminate friction generation; thus providing more power in the same input voltage. This ultimately improves the performance of the power tool. As a result, the introduction of brushless motors in power tools is propelling the use of power tools for heavy-duty professional operations; thereby driving the growth of the power tools market globally. In addition, battery efficiency is significantly improved, in terms of battery life as well as power, thanks to constant technological advancements.
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This is a major advantage for using cordless power tools in remote areas where a constant power supply may not be available. Additionally, cordless power tools offer built-in batteries that eliminate the need to carry additional baggage of compressed air or fuel tanks compared to air and fuel tools. Hence, the growth in popularity of cordless power tools is driving the growth of the market.
On the contrary, the high initial prices of power tools are likely to restrain the growth of the market. Brushless motors and high capacity batteries increase manufacturing costs for all power tools; which hinders the growth of the market.
Main results of the study
By product type, the wireless segment was the largest revenue generator in 2020.
By end-user industry, the construction segment generated the highest revenues in 2020.
Regionally, North America is expected to dominate the global power tools market share throughout the study period.
The report provides an in-depth analysis of global power tools market trends and emerging market opportunities.
Forecast analysis of the global power tools market from 2021 to 2030 is included in the report.
Apex Tool Group, Atlas Copco AB, Hilti Corporation, Ingersoll Rand Inc., Koki Holding, Co., Ltd., Makita Corporation, Robert Bosch GmbH, Stanley Black & Decker, Inc., Snap-on Incorporated and Techtronic Industries Co., ltd.
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