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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).

power tools market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. 'Stanley Black & Decker Inc.', 'Robert Bosch GmbH', 'Techtronic Industries Co. Ltd.', 'Makita Corporation', 'Hilti Corporation', 'Atlas Copco AB', 'Snap-on Incorporated', 'Hitachi Koki Co. Ltd.', 'Emerson Electric Co.', 'Metabo AG', 'Chervon (China) Trading Co. Ltd.', 'Koki Holdings Co. Ltd.', 'Apex Tool Group LLC', 'Danaher Corporation', 'Ingersoll-Rand plc', 'FEIN Power Tools Inc.', 'Panasonic Corporation', 'Flex Ltd.', 'KYOCERA Corporation', 'Stanley Engineered Fastening Inc.'

To manage electric power tools during operations, the major electric power tool manufacturers are using automation technologies. The automation has enabled the companies to track, connect, and configure their tools on multiple job sites, achieving higher productivity with the same electric power tool. During the forecast period, such automation technologies are likely to aid in the development of the electric power tools market.

Power tools market is witnessing increased trend of Do-It-Yourself (DIY) projects. Today, large number of companies are creating products with enhanced safety features to meet the customer needs who are not qualified, professionals. For instance, Bosh Power Tools includes Bosch Prevention features such as rotary hammer drill rotation control clutches and angle grinder restart protection. These features contribute to the reduction of product-related hazards and the acceptance of power tools in domestic applications.

North America is holding a significant share of the power tools market, accounting for more than 25% of revenue share in 2021 because of heavy spending on infrastructural and industrial development. In 2021, Asia Pacific dominated the power tools market by contributing over 32% to the market revenue. This is attributed due to the thriving automotive and construction sectors in countries such as India and China. As a result, the Asia Pacific region is expected to enjoy the fastest growth in the years to come. This is further supported by growing disposable income.

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Global Power Tools Market

Product ID: SQMIG20D2077