PUNE, India, May 12, 2020
Key Companies Profiled are Robert Bosch GmbH, Stanley, Black & Decker, Inc., Hilti Corporation, Atlas Copco Ltd., Makita Corporation, Emerson Electric Co., Hitachi Koki Ltd., Danaher Corporation, DeWALT Industrial Tools, Actuant Corporation, SKF, AMES Companies, among others.
PUNE, India, May 12, 2020 /PRNewswire/ -- The global power tools market size is projected to reach USD 33.46 by the end of 2026. The increasing demand for the product across diverse industry verticals will aid the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled "Power Tools Market Size, Share & Industry Analysis, By Mode of Operation (Electric, Pneumatic, Others), By Tool Type (Frilling & Fastening Tools, Material Removal Tools, Sawing and Cutting Tools, Demolition Tools, Others), By Application (DIY, Industrial), and Regional Forecast, 2019-2026," the market was worth USD 24.55 billion in 2018 and will exhibit a CAGR of 4.0% during the forecast period, 2019-2026.
Power tools are used across numerous construction activities for purposes such as sawing, cutting, polishing, and similar activities. The product is widely used across diverse industry verticals. The increasing investment in the research and development of the product by major companies across the world will open up a huge potential for market growth. Technological advancements have played a huge role in the development of the products and huge investments in technological interventions have yielded a few exceptional products in recent years. The advent of devices powered by batteries, coupled with the increasing adoption of cordless equipment will contribute to the growing adoption of the product across the world. The presence of several large scale companies will constitute an increase in the power tools market size in the foreseeable future. The development of multi-purpose products, coupled with the flexibility offered by modern power tolls will aid the growth of the market in the forthcoming years.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Increasing Number of product Launches Will Aid Market Growth
The report includes several factors that have contributed to the growth of the market in recent years. It highlighted major products and key companies that have had a massive impact on the growth of the market in recent years. It further highlights the strategies adopted by major companies in a bid to establishing a stronghold in the market and gauges their impact on the growth of the market in recent years. Due to the high demand for the product across the world, several companies are looking to develop products that will help them attract a wider audience. In July 2019, Bosch India announced the launch of a new driller that will be equipped with sensor-based technologies. The company introduced GSB18V-535C 18V EC Brushless Compact, a product that will be integrated with advanced features such as Smart Bluetooth. Bosch's latest product will not just benefit the company will also have a positive influence on the growth of the overall market in the forthcoming years.
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Asia Pacific Dominates the Market; Growing Industrialization Will Aid Growth
The report analyzes the ongoing power tools market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific currently holds the largest power tools market share. The increasing industrialization will create several growth opportunities for the companies operating in the market. The demand for improved infrastructure in countries such as India, Japan, and China will emerge in favor of the growth of the regional market. As of 2018, the market in Asia Pacific was worth USD 8.44 billion and this value is projected to rise at a considerable growth in the coming years. The market in the Middle East and Africa will witness moderate growth due to the rising oil and gas sector across the region. The market in Europe and North America will rise at a steady growth in the coming years.
List of Key Companies Operating in the Power Tools Market are:
July 2019: Bosch India announced the launch of a new driller that will be equipped with sensor-based technologies. The device will be integrated with Smart Bluetooth.
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Detailed Table of Content
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