According to Qualiket Research, Global Power Tools Market was valued at USD30.25 billion in 2019 which is expected to reach USD 45.12 billion by 2030 at a CAGR 4.88%.
The power tool is equipment which actuated by additional power source like electric motor, compressed air, and IC engines. These tools are used for various applications in shipbuilding, construction, automotive industry, and energy. Also, power tools have commercial as well as industrial application like cutting, shaping, sanding, drilling, routing, painting, polishing, and heating etc. Power tools are available in various forms such as Demolition Tools, Routing Tools, Material Removal Tools, Sawing and Cutting Tools, and Drilling and Fastening/Driving Tools.
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Market Drivers:
· Increasing Focus On Manufacturing Smart Power Tools with Wireless Connectivity
· Information technology is revolutionizing products. Once it composed solely of mechanical and electrical parts, products have become complex systems that combine hardware, sensors, data storage, microprocessors, software, and connectivity in myriad ways. These smart and connected products made possible by vast improvements in processing power and device miniaturization and by the network benefits of ubiquitous wireless connectivity.
Market Segmentations:
- Global Power Tools Market is segmented into tool such as Demolition Tools, Routing Tools, Material Removal Tools, Sawing and Cutting Tools, Drilling and Fastening/Driving Tools, and Others, by mode of operation such as Electric, Pneumatic, and Others. Further, Global Power Tools Market is segmented into application such as Residential, and Industrial/Professional.
- Also, Global Power Tools Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Key players:
· KOKI Holdings, Snap-On, Ingersoll-Rand, Atlas Copco, Hilti, Makita, Techtronic Industries (TTI), Bosch, and Stanley Black & Decker.
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