Power Tools Market Growth Rate Reaches 10% With The Swiftly Expanding Construction Industry
The Business Research Company's Power Tools research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 22, 2022 /PRNewswire/ -- 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 that focuses on the building, maintenance, and repair of structures. Power tools are employed in the construction industry 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.
The global power tools market size is expected to grow from $32.26 billion in 2021 to $35.40 billion in 2022 at a compound annual growth rate (CAGR) of 9.7%. The global power tool market size is expected to grow to $45.77 billion in 2026 at a CAGR of 6.6%.
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What is the Power Tools Market?
The power tools market consists of sales of power tools by entities (organizations, sole traders, and partnerships), that is used to speed up the completion of tasks that would take much longer with traditional tools. The power tools contain a different range of 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, there are a few that are fueled by gasoline.
Key Players And Their Strategies In The Power Tools Industry
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, Emerson Electric Co, Enerpac Tool Group, Carborundum Universal Limited, Electrex Power Tools, Husqvarna AB, Panasonic Corporation, Kyocera Corporation, and Ridgid Tools.
Mergers and acquisitions are an important strategy in the market. In April 2019, Snap-on Incorporated, a US-based manufacturer of power tools, diagnostics, equipment, and systems acquired Power Hawk Technologies Inc. for a deal amount of $8 million. With this acquisition, Snap-on Incorporated projected its business to improve and develop snap-capabilities, as well as provide solutions to make work easier for serious professionals who apply their expertise in high-risk areas. Power Hawk Technologies Inc is a US-based manufacturer, designer, and distributor of power tools.
Power Tools Market Regional Analysis
Asia-Pacific was the largest region in the power tools market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global power tools market during the forecast period. The regions covered in the global power tool market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the power tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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