The global power tools market size was valued at US$ 33.36 Bn in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% CAGR between 2021 and 2031. Tools that are activated using a power source apart from manual labor are termed as power tools.
They are used in a variety of applications, including production and assembly lines, maintenance and repair, packaging, and do-it-yourself projects. Power tool demand is being driven by several factors, including ease and efficiency of operation, reduced time and labour requirements, and easy portability.
Demand is expected to skyrocket as manufacturing activity expands across the industry. According to fmi, production programmes will account for the majority of market income during the forecast period. Aside from that, the growing popularity of do-it-yourself sports will increase revenue opportunities for the market.
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Key Takeaways from Global Power tool Market Study
- The power tools market will exhibit growth of 0.2% in 2021 over 2020 to reach 4,3%
- The overall outlook remains positive as FMI forecasts the market to rise at ~5.1% between 2021 and 2031.
- The U.S. is expected to spearhead growth in North America, accounting for over 62% of the overall share in the region in 2021
- The U.K. is expected to exhibit 4.6% year-on-year growth between 2021 and 2031
- The outlook for Italy and France is expected to remain positive over the forecast period
“The power tools market is witnessing a strong growth trend, attributing to increasing demand from various end use industries. Key industry participants are focusing on developing partnerships with regional distributors in order to gain a competitive advantage in the evolving global market. To comply with the advent of online sales channel, adoption of e-commerce will create extensive opportunities for market participants during the forecast period.” says FMI analyst.
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