The ongoing trend of constructing smart building and rapid infrastructure growth are factors expected to bolster the growth of the market, says Fortune Business Insights in a report, titled “Power Tools Market Size, Share & Industry Analysis, By Type (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others (Laser Tools, Layout Tools)), By Mode of Operation (Electric, Pneumatic, Others (Hydraulic)), By Application (Industrial, Residential) and Regional Forecast, 2019-2026” the increasing adoption of cordless power tools is expected to accelerate the growth of the power tools market.
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According to the report, power tools are several types of tools and mechanical devices used for various kinds of applications such as household tasks such as drilling, cleaning, grinding, cutting, as well as used in construction, gardening, and many other applications. These could generally comprise electric motors and compressed or internal combustion engines. In addition, the development of wireless battery charging technology is expected to aid the growth of the market. Moreover, the rising inclination from Ni-Cd to Li-ion batteries will create lucrative business opportunities for the market.
The report focuses on all the aspects and characteristics of the power tools market. It offers superior insights and provides accurate data about all the prevailing trends of the market. It is put together after deep analysis and highly indulging research to aid key players, financers, stakeholders, potential investors, and backers. It provides a brief overview of the competitors and companies operating the market. The study involves market drivers, market restraints, recent trends, new developments, product launches, and acquisitions & mergers.
Some of the Major Companies in the Global Power Tools Market include:
- Techtronic Industries
- Robert Bosch
- Stanley Black & Decker
- Makita Corporation
- Hilti Corporation
- Apex Tool Group
- Atlas Copco
- & E. Fein
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Increasing Use of Power Tools in Household to Aid in Robust Expansion
The increasing demand for power tools among industrial and residential sectors owing to its numerous applications such as drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, others is expected to augur healthy for the market. Furthermore, the lack of skilled workforce and the high cost of labor is expected to further fuel demand for power tools in the forthcoming years. In addition, the increasing use of power tools in household applications is predicted to spur the growth of the market during the forecast period. Furthermore, the launch of 9.0Ah battery packs by Milwaukee is expected to create lucrative sales opportunities for the market. For instance, Milwaukee launched 9.0Ah battery packs, which feature a type of lithium-ion battery. This battery has a 5 times greater run-time than standard lithium batteries. It maintains about 35% more power while in use in heavy application
Key Market Driver –
- Growing industrialization and industrial automation in developing countries
- Growing adoption of cordless power tools.
Key Market Restraint –
- The high maintenance cost of power tools and fluctuations in raw material prices
Presence of Construction Companies to Stimulate Growth in North America
North America is expected to dominate the global power tools market. The wide use of power tools for both industrial and residential applications will foster the growth in the region. The high number of manufacturing and construction companies based in the US are expected to fuel the demand for power tools during the forecast period in North America. In Europe, the demand for cordless electric power tools with lithium-ion batteries is expected to increase owing to the majority of manufacturers focusing more on launching cordless tools powered by lithium-ion batteries after the ban of nickel-cadmium (Ni-Cd) for power tool batteries due to the toxic properties of cadmium by the European Union.
Major Segments Includes:
- By Type
- By Industry
- By Function
- By Geography
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Major Table of Content For Power Tools Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Power Tools Market Analysis, Insights and Forecast, 2026
- North America Power Tools Market Analysis, Insights and Forecast, 2026
- Europe Power Tools Market Analysis, Insights and Forecast, 2026
- Asia Pacific Power Tools Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Power Tools Market Analysis, Insights and Forecast, 2026
- Latin America Power Tools Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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