A comprehensive overview of the global power tools market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the power tool market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The Power Tools Market is expected to grow at a CAGR of around 5% during the forecasted period (2021-2027).

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Market Overview

The Power tool market is expected to register significantly throughout 2021-2027. This is mainly due to advancements in electric power tools that have revolutionized the way of working, by providing ease and saving time of operation. Thus, the diverse functionality of these tools makes them suitable for use in various applications including professional, residential, and commercial establishments. Moreover, power tools are widely used in various applications such as production and assembly lines, maintenance and repair, packaging, and DIY works. Factors driving the demand for power tools are fastening capability, operational simplicity and efficiency, reduced time and labor requirements, and portability. The expanding number of structures and construction activities, particularly in developing economies, rising the need for an energy-efficient tool to provide comfort and elevate results are escalating the market growth of the power tool market.

COVID-19 Impact

Due to the lockdowns that have been enforced in the majority of countries throughout the world, the power tool market has suffered recently. Since the pandemic's breakout in December 2019, these lockdowns have resulted in a temporary halt in power tool manufacturing. The mandated lockdowns have also affected domestic duties, construction, gardening, and repair services, all of which rely heavily on power tools, impacting demand for power tools. However, upliftment of lockdown restrictions helped in restoring economic circumstances and demand for a variety of activities, such as construction and gardening, which again positively rises the demand for power tools.

The global power tool market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By mode of operation, the market is primarily bifurcated into:

·        Electric

·        Pneumatic

·        Others

Based on the mode of operation, the market is classified into electric, pneumatic, and other (hydraulic). Amongst these, the electric segment held a prominent share of the market in 2020. Furthermore, innovations in battery technology and the increased acceptance of cordless tools among industrial and residential users are driving this segment's growth. Additionally, it reduces time and saves the efforts required for conducting various operations.

By Application, the market is primarily bifurcated into:

·        DIY

·        Industrial

Based on the application, the market is classified into DIY and industrial. The DIY is set to have higher growth prospects and significant market growth across the globe. In order to cater to the requirements of users that are not trained professionals, companies are offering products with enhanced safety features. Such features help in reducing injury risks associated with products and help in the adoption of power tools in household applications.

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Global Power Tool Market Geographical Segmentation Includes:

·        North America

Ø United States

Ø Canada

Ø Rest of the world

·        Europe

Ø Germany

Ø UK

Ø France

Ø Italy

Ø Spain

Ø Rest of Europe

·        Asia-Pacific

Ø China

Ø Japan

Ø India

Ø Australia

Ø Rest of Asia-Pacific

·        Rest of World

For a better understanding of the market adoption of the Global power tool Market, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, and the rest of North America); Europe (Germany, UK, France Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. APAC is expected to hold the largest growth rate in the global market during the forecast period. One of the major factors driving the growth of the market in the region is the rising road construction and infrastructure activities, especially in emerging economies such as India, Singapore, China, and Japan. Besides, the increasing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC are expected to fuel the growth of the market during the forecast period.

The major players targeting the market include:

·        Robert Bosch GmbH

·        Stanley Black & Decker Inc.

·        Makita Corporation

·        Hilti Corporation

·        Atlas Copco AB

·        Milwaukee Electric Tool Corporation

·        Hitachi Ltd.

·        RYOBI Limited

·        STIHL

·        Techtronic Industries Company Limited

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global power tool market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

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Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the global power tool market?

·        Which factors are influencing the global power tool market over the forecast period?

·        What are the global challenges, threats, and risks in the global power tool market?

·        Which factors are propelling and restraining the global power tool market?

·        What are the demanding global regions of the global power tool market?

·        What will be the market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by the companies?

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