(EMAILWIRE.COM, May 06, 2022 ) According to the new research report “Power Tools Market with COVID-19 Impact by Tool Type (Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others), Mode of Operation, Application and Region – Global Forecast to 2026″ The global power tools market size is estimated to be USD 34.3 billion in 2021 and projected to reach USD 45.2 billion by 2026, at a CAGR of 5.7%. The rising adoption of battery-powered power tools and increasing demand for power tools in automotive industry are driving the demand for the power tools market. Moreover, the development of construction industry in the emerging economies as well as increasing adoption of electric fastening tools in the industrial environment also plays a key role in driving the growth of the power tools market.
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Electric tool holds the largest market share in 2020
The electric power tools are further segregated into corded and cordless tools. Corded power tools are plug-n-play tools, whereas cordless tools are easy to operate, efficient, and handy. Improvements in cordless battery technology, such as the use of lithium-ion batteries for longer runtime than nickel-cadmium batteries, have increased the power and operating time of cordless tools. The rising demand for lightweight, portable, flexible, and compact tools, as well as the increasing DIY trend among homeowners, is boosting the adoption of electric power tools.
Material removal tools is expected to hold the largest CAGR during the forecast period
Material removal tools are end-effectors used for removing unwanted materials from workpieces in order to produce the desired shape. These tools are ergonomically designed for the comfort and safety of the users. These tools remove unwanted material from metals to achieve the desired product shape and size. The increasing demand for fabricated metal products is responsible for the growth of the material removal tools segment. Besides, cordless electric material removal tools are highly adopted for various industrial applications, which is responsible for segmental growth.
Residential/DIY application to grow at highest CAGR from 2021 to 2026
The residential/DIY application is estimated to hold the largest CAGR during the forecast period. DIY solutions have subsequently gained popularity and ensured a rising demand for power tools as consumers seek to perform minor repairs and development & renovation on their own instead of hiring professionals. Besides, the growing remodelling and renovation residential projects across the globe is also estimated to fuel the growth of the segment in the coming years. The use of power tools by DIY enthusiasts is rising in developed countries, such as the US, the UK, and Germany.
The power tools market in North America holds the largest share in 2020
North America is a dominant market for power tools in 2020 due to the healthy growth of the construction, manufacturing, and automotive industries. In North America, power tools are extensively used for both industrial and residential applications. The construction industry is expected to witness significant growth in the near future owing to the ongoing and upcoming construction projects, which will consequently fuel the demand for power tools. Besides, the growth of the regional market is also attributed to the growing demand for power tools from professional and Do-It- Yourself (DIY) users. The majority of the DIY users of power tools are located in this region.
Major companies operating in this power tools market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), and Hilti Corporation (Liechtenstein).
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