The growth of the Global Power Tools Market has increased, owing to a rising trend of automation allowing enhanced returns on investments and cost-efficiency. According to the European Power Tool Association (EPTA), in 2018, the cordless power tools segment accounted for half of the power tools market and is the fastest-growing business segment in Europe. In that, lithium-ion batteries provide longer operational life and higher energy density to power tools.
A power tool is actuated by an additional power source and mechanism other than the solely manual labor used with hand tools. Using power tools simplifies human work reduces the burden of repetitive tasks and reduces the possibility of human errors and injury. It has advantages over other tools such as high speed, more effective and high efficiency.
- The increasing trend of automation enabling enhanced returns on investments and cost optimization.
- Technological development increased the productivity of production.
- The rise in middle-class income and the young population are resulting in the growth of the market.
- Aug 2019, Bosch launched cordless power tools with a lithium-ion battery for long time operation.
- Oct 2018, Milwaukee Electric Tool Corporation is a subsidiary of Techtronic Industries Co. Ltd. has announced the acquisition of the Imperial Blades business based in Sun Prairie, Wisconsin for use on oscillating multi-tools.
- Sep 2018, Craftsman brand re-launches with a full system of tools, accessories, and equipment.
Geographically, the power tools market is analyzed across various regions such as North America, Western Europe, Asia-Pacific, Middle East and the Rest of the world. In North America and Western Europe are expected to dominate the global market due to significant growth in motor vehicle production & repair, construction, and manufacturing industries.
The Asia Pacific is the key market for power tools. The market in this region is expected to grow at the fastest rate during the forecast year. Some of the major driving factors driving the market growth such as rising urbanization, growing manufacturing industry, and increasing automotive sales. Some of the major countries such as China, India are witnessing a significant contribution to GDP growth.
Companies Covered: Stanley Black & Decker, Robert Bosch, Techtronic Industries, Atlas Copco, Makita Corporation, Hilti Corporation, Concept Laser GmbH, 3D Systems Corporation, Envision TEC, Stratasys Ltd, Arcam AB, Cyfuse Biomedical K.K., Organovo Holdings Inc., EOS GmbH, FabRx Ltd., Materialise NV
By Mode of operation
Electric Power Tools by Power Source
- Corded electric power tools
- Cordless electric power tools
- By Country (US, Canada, Mexico)
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Region (South America, Africa)
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- Market size estimation of the power tools market on a regional and global basis
- Unique research Usage for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
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