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Increasing Adoption Of Cordless Power Tools Are Fueling The Growth Of The Global Power Tools Market

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Increasing Adoption Of Cordless Power Tools Are Fueling The Growth Of The Global Power Tools Market

The global Power Tools Market is estimated to be valued at US$ 29995.02 Mn in 2023 and is expected to exhibit a CAGR of 8.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Power tools help complete both small and large tasks with ease and efficiency. They are used for drilling, sawing, cutting, sanding, planing, routing, hammering and other operations. Power tools help save time and effort for both household and commercial applications.

Market key trends:

One of the key trends in the power tools market is increasing adoption of cordless power tools. Earlier corded power tools were commonly used as they provided continuous power supply. However, advancement in battery technology has enabled manufacture of cordless power tools with longer runtime and high power levels. Cordless drills especially have gained popularity among both professional and home users due to their lightweight, compact size and ease of portability without the hassle of power cords. Transition from corded to cordless tools is expected to continue in coming years, driving the overall power tools market growth.

Segment Analysis

The power tools market is segmented into corded electric power tools and cordless electric power tools. The cordless electric power tools segment dominated the market and accounted for around 55% share of the total market in 2023. This is because cordless electric power tools offer more flexibility and mobility as they are not tied to power cords. They can be used both indoors and outdoors without the hassle of finding power outlets. Also, advancements in battery technologies have increased the performance and life of cordless power tools over the years.

Key Takeaways

Global Power Tools Market Size is expected to witness high growth, exhibiting a CAGR of 8.3% over the forecast period, due to increasing construction activities worldwide. The rapid growth of the infrastructure sector in developing regions is driving the demand for power tools.

Regionally, Asia Pacific dominated the market with a share of around 35% in 2023. The region is expected to continue its dominance during the forecast period as well. Growth in the region is driven by robust industrial and construction activities in emerging economies like China and India. Countries in Southeast Asia are also witnessing significant infrastructure developments which require power tools.

Key players operating in the power tools market are Apex Tool Group LLC, Atlas Copco AB, Emerson Electric, Co Techtronic Industries, Hilti Corporation, Stanley Black & Decker, Ingersoll-Rand plc, Robert Bosch, Koki Holdings Co., Ltd., and Makita Corporation. The market is highly competitive with major players focusing on product innovations and expanding their global distribution networks.


Read More- https://www.marketwebjournal.com/power-tools-market-outlook-analysis-and-insights/

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