Market Values:
The Global Power Tools Market was valued at US$ 32.27 Bn in 2022, and it is projected to grow at a rate of 4.6% from 2023 to 2029, reaching a total revenue of almost US$ 44.22 Bn by 2029.
Report Scope:
The report provides a comprehensive analysis of the Global Power Tools Market, covering market trends from 2018 to forecast the market through 2029, with 2022 as the base year. Special attention is given to the impact of the COVID-19 lockdown on the demand and supply, as well as the market's trajectory over the next two years. Additionally, the report includes a strategic analysis of companies that performed well during the lockdown period.
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Research Methodology:
The market analysis is based on triangulation of data points from various sources, including paid and unpaid sources, and insights from key opinion leaders (KOLs) through primary interviews. KOLs from both the demand and supply side were consulted to ensure an unbiased understanding of the market.
Drivers and Restraints:
The Global Power Tools Market is being driven by the increased use of power tools in various industries, such as automotive, construction, aerospace, and logistics. The market is experiencing a shift towards cordless power tools, especially those equipped with lithium-ion batteries, which offer enhanced mobility and versatility. However, manufacturers face challenges in terms of product safety and regulatory compliance, along with the need to address concerns about quality and environmental sustainability.
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Regional Insights:
In 2022, Asia Pacific held the largest market share of 33.2%, driven by the growing automotive industry in countries like India and China. The region is expected to have the highest CAGR during the forecast period due to increased disposable income and infrastructure development activities. Europe, led by Germany and the United Kingdom, is also expected to experience significant growth, driven by manufacturing and production operations. North America, accounting for 26.2% of the market in 2022, is benefiting from the region's infrastructural and industrial growth.
Key Players
1. Robert Bosch GmbH
2. Actuant Corporation
3. Danaher Corporation
4. Techtronic ABB
5. Stanley Black & Decker
6. Makita
7. INTERSKOL
8. FERM
9. Positec Group
10. Emerson Electric
11. Chevron Group
12. Snap-on
13. Atlas Copco
14. Chevron Group
15. Deprag Schulz
16. Hilti
17. Koki Holdings Co., Ltd.
18. Festool GmbH
19. KYOCERA Corporation
20. Ingersoll Rand
21. Husqvarna AB
22. Panasonic Corporation of North America
23. Techtronic Industries Co. Ltd.
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