The global power tools market is anticipated to grow at a considerable CAGR of 5.9% during the forecast period. One of the core factors that is fueling the market is the rising demand from the construction industry owing to the development of advanced infrastructures which is propelling the sales of power tools. Power tools have been adopted in the construction industry owing to the increased efficiency and accuracy offered by these tools, along with the improved safety of the workforce. The growth of the construction industry resulted in the boosting demand for power tools, which leads to innovative advanced infrastructural developments. For instance, in June 2019, Bosch launched an innovative, cordless, power tool in the imaging, and measured categories. The construction industry is anticipating witnessing substantial growth across the globe.
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The COVID-19 pandemic impacted negatively the power tools market across the globe owing to the implementation of lockdown in most the nations which halted the production and supply chain of power tools. It also halted the construction projects, woodworking, and metalworking industry which directly declined the demand for power tools. The market players faced a decline in sales, however, they tried to take some innovative steps to maintain their footing in the market. As per the annual report of Honeywell International Inc., 2020, the company stated that “COVID-19 spread from nation to nation, key end markets faltered, and we had to quickly adjust our cost base to maintain our footing. I frequently say to my team that while easy economic conditions are far more fun than what we had to go through in 2020, it’s the toughest conditions that test us the most and enable us to grow stronger as leaders. In the face of the pandemic – one of the most disruptive events ever to affect our business – I could not be prouder of Honeywell’s team and how we responded to extremely difficult circumstances.” However, as the situation normalized, the demand grew significantly and anticipated considerable growth during the forecast period.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Power Tools Market Report Segment
By Type
- Material Removal
- Drilling and Fastening
- Demolition
- Sawing
By Power Source
- Electric
- Pneumatic
By End-User
- Automotive
- Construction
- Residential
- Others (Aerospace)
Global Power Tools Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global power tools market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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