Product ID: SQMIG20D2077
Global Power Tools Market Size, Share, Growth Analysis, By Product(Drills, Saws), By By Mode of Operation(Electric, Pneumatic), By Application(Residential, Industrial) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2077 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
92 |
Figures:
76
Global Power Tools Market Insights
Power Tools Market size was valued at USD 25.87 billion in 2019 and is poised to grow from USD 26.61 billion in 2023 to USD 35.13 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
A power tool is a device or machine which is powered by an additional mechanism or source. The most common source of power for these tools is an electric motor base, but some are fueled by gasoline. They are used in a wide range of applications, including production and assembly lines, maintenance and repair, packaging, and do-it-yourself projects. Some of the major factors driving the growth of power tools market across various industries are ease of use, higher efficiency of operation, reduced time and labor, and easy portability.
Growth in the consumption of power tool in the automotive and construction industries is expected to drive their demand over the next seven years. These tools help in reducing the time consumed on redundant tasks as well as improve overall efficiency. Similarly, power tools are increasingly being used by vehicle manufacturers and automotive repair and maintenance service providers. Wherein, the global power tools market is witnessing high demand for drills, sanders, wrenches, and other tools.
US Power Tools Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Power Tools Market Report Snapshots
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