Northbrook, IL 60062 -- (SBWire) -- 12/21/2022 --The global power tools market size is expected to grow from USD 42.8 billion in 2022 to USD 65.5 billion by 2027, at a CAGR of 8.9%. The key factors driving the power tools market growth include the growing adoption of cordless power tools, rising demand for fastening tools in industrial environments, and the growing construction industry in emerging economies.
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Based on tool type, the power tools market is segregated into Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, and Others. The market for drilling and fastening tools is expected to grow at the highest CAGR during the forecast period. Drilling and fastening tools are widely adopted owing to their broad application spectrum in industrial areas. Drilling and fastening tools are widely adopted owing to their wide application spectrum in industrial areas. Many industrial professionals use these tools for repair and maintenance. Further, fastening tools such as impact tools, screwdrivers, impact wrenches, and nut runners are used in various fitting and fastening, in industrial and residential applications. These tools are widely adopted in the automotive industry, which is responsible for the growth of the market.

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Cordless Electric power tools are lightweight and highly flexible The desire for more mobile and compact tools is driving the shift to cordless tools. With growing popularity of cordless electric power tools, advanced batteries for longer runtime of power tools are one of the major qualities that compliment these tools. The major company which provide cordless electric power tools are Robert Bosch Gmbh, Makita Corporation and Hilti Corporation
Based on application, the industrial/professional application held the largest market share in 2021. Rapid industrialization in developing as well as developed countries is driving the demand for power tools. The segment is expected to continue its dominance over the forecast period. Power tools offer improved productivity and enable production at a faster rate. The demand for power tools is rising extensively in prominent industries such as automotive and construction. Additionally, the growing industrial expansion as well as rising repair and maintenance operations in the region are also responsible for the growth of the market.

The power tools market is segmented into four regions, North America, Europe, Asia Pacific, and Rest of the World (RoW). North America accounted for the largest share of the overall power tools market in 2021. The growth of the market is mainly driven by growing demand from professionals and DIY users in North America. The construction industry is the key market for power tools in North America. Besides, the growing installation of wind turbines in the region is also responsible for the demand for fastening power tools in the region. Some of the major players of the power tools market operating in the region include Stanley Black & Decker, Inc., Apex Tool Group, Snap-on Incorporated, and Ingersoll Rand. These companies adopted the strategies of product development and contracts & collaborations to expand their business operations, diversify their product offerings, and expand their global customer base.