The Power Tools Global Market Report 2023 by The Business Research Company, provides power tools market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Power Tools Global Market Report 2023, the market size 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 market size of the power tools market is expected to grow to $53.58 billion in 2027 at a CAGR of 8.0%.
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.
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The power tools market is segmented:
1) By Tool Type: Drilling and Fastening Tools, Demolition Tools, Routing Tools, Sawing and Cutting Tools, Material Removal Tools, Other Tool Types
2) By Mode Of Operation: Electric, Pneumatic, Other Mode of Operations
3) By Distribution Channel: Online, Offline
4) By Application: Construction, Automotive, Aerospace, Energy, Electronics, Other Applications
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.
The power tools market report table of contents includes:
1. Executive Summary
2. Power Tools Market Characteristics
3. Power Tools Market Trends And Strategies
4. Power Tools Market – Macro Economic Scenario
5. Power Tools Market Size And Growth
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26. Africa Power Tools Market
27. Power Tools Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Power Tools Market
29. Power Tools Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Stanley Black & Decker Inc
- Robert Bosch GmbH
- Techtronic Industries Co. Ltd
- Makita Corporation
- Hilti Corporation
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