Global Power Tools Market Analysis 2022
The Global Power Tools Market is expected to reach $59.88 billion by 2028 growing at a CAGR of 7.7% from 2021 to 2028. Power tools are primarily used to cut, wrench, saw drill, and polish materials. These tools provide comfort while operating that allows for achieving elevated results. Power tools have transformed different industries by saving the effort and time necessary for simple tasks, such as screw driving to complicated tasks including breaking and sawing.
Factors such as the rising adoption of battery-powered power tools globally and the increasing demand for power tools in the automotive and construction industry are driving the growth of the market. However, fluctuations in raw material prices and high repair and replacement parts cost restrain the growth of the market.
Based on tool type, the drilling and fastening tools segment is going to have a lucrative growth during the forecast period due to the increasing adoption of these tools in the automotive assembly and wind turbine installation operations. Drilling and fastening tools are utilized by professionals, while most pneumatic drilling and fastening tools are used in industrial environments.
The key vendors mentioned are Techtronic Industries Co. Ltd., Atlas Copco AB, Snap-on Incorporated, Robert Bosch GmbH, Makita Corporation, Koki Holding Co., Ltd., Ingersoll Rand, Hilti Corporation, Apex Tool Group and Stanley Black & Decker, Inc.
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