Northbrook, IL -- (SBWIRE) -- 01/05/2022 -- According to a 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", published by MarketsandMarkets™, the global Power Tools Market size is expected to grow from USD 34.3 billion in 2021 to USD 45.2 billion by 2026, at a CAGR of 5.7%. The growth of this market is driven mainly by growing construction industry in the emerging economies, high demand for power tools in automotive industry, rising adoption of battery-powered power tools globally, and surging demand for electric fastening tools in industrial environment.
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Drilling and Fastening tool type to hold the largest share of the power tools market in 2020
The adoption of drilling and fastening tools is increasing at a substantial rate attributed to the rising adoption of these tools in the automotive assembly and wind turbine installation operations. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants. Drills or impact drills are used for drilling and screw driving applications.
Electric tool is dominating the power tools market in 2020
The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding. The growth of this segment is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Currently, manufacturers are focusing towards the production of cordless electric power tools powered by lithium-ion batteries. As a result, the demand for cordless power tools with lithium-ion batteries is expected to increase during the forecast period.
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.
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The power tools market in APAC is expected to grow at the highest CAGR from 2021 to 2026
APAC is expected to hold the largest growth rate of the global power tools market during the forecast period. Rising urbanization, growing manufacturing industry, and increasing automotive sales in this region are the key factors fueling the growth of the power tools market in APAC. Besides, the increasing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC is expected to fuel the growth of the market during the forecast period. India and China remain lucrative growth markets for manufacturers of power tools.
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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