Westford, USA, July 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global power tools market will attain a value of USD 67.64 billion by 2031, with a CAGR of 5.8% during the forecast period (2024-2031). The power tools market is led by different factors and had double-digit growth figures in developed and developing countries' markets. As a discrete part of the driving force, the surge can be attributed to an evident upsurge in the demand for public infrastructure schemes, in countries that are referred to as emerging economies. These growing countries with large populations, growing at a rapid rate, are putting a lot of money into infrastructure development. As a result, the demand for construction or any related tools powering these activities are also increasing.
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Power tools Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 43.09 Billion |
| Estimated Value by 2031 | $ 67.64 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Tool Type, Mode of Operation, Material, Application and Distribution Channel |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Power Tool Industry Shifts Towards Green Energy and Multi-Use Cordless Solutions |
| Key Market Drivers | Technological Advancements |
Industrial/Professional Segment Held the Largest Market Share as Construction Activities Increases
There is an increase in the investments in the construction works and the infrastructure develop activities all over the world which results in the dominance of Industrial/Professional application segment in the global power tools market. The increasing need for dwellings, commercial and industrial construction work, and the inclination of projects executed to be done promptly and efficiently with the required tools, has grown the need for power tools in the construction and infrastructural universe.
Residential/DIY Segment is Rapidly Growing Due to Rise in Accessible DIY Guides
The residential/DIY segment is the fastest growing in the power tool market. The rise of the accessible do-it-yourself guides, blogs, and TV shows has made the process of home improvement more independent. Furthermore, the pandemic boosted home improvement and repairs since people spent more time indoors and searched for meaningful activities to occupy their time. Thus, this segment remains steadfast in its growth, proving the growing independence and inventive aspiration of people in house refurbishment.
Asia-Pacific Dominates the Global Market Thanks to the Presence of Emerging Economics
Asia-Pacific region leads the power tools industry due to the presence of countries like China with its strong manufacturing industry and power tools being their leading product. Many of the world's well-known multinationals have factories in China to benefit from the country's abundant labour force and supply of raw materials along with low production costs. In the global power tools market, the pivotal position of China is demonstrated not only by its status as a leading exporter to major countries like the US and Europe but also by the fact that it itself is a big significant importer from the UK, US and other European nations.
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Power Tools Market Insights:
Drivers
Restraints
Prominent Players in Power Tools Market
The following are the Top Power Tools Companies
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Key Questions Answered in Power Tools Market Report
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