DUBLIN--(BUSINESS WIRE)--The "Electric Power Tools Market by Product Type, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2019-2026" report has been added to ResearchAndMarkets.com's offering.
The global electric power tools market size is expected to reach $37,144.5 million in 2026, from $22,292.5 million in 2018, growing at a CAGR of 6.7% from 2019 to 2026.
Electric power tools have a diversified portfolio that finds application in every construction, manufacturing, or material modification activity. The advancements in electric power tools have revolutionized the way of working, by providing ease and saving time of operation. Thus, the diverse functionality of these tools make them suitable for use in various applications including professional, residential, and commercial establishments. Electric power tools are available in corded and cordless platforms with varied power capacities. Initially, electric power tools were intended for small jobs, however, the improved mechanisms and batteries have improved the functionality and penetration of use for large scale jobs.
The growth in construction activities and requirement of efficient power tools for various operation has led to the increased penetration of electric power tools in the construction industry. The basic operations such as cutting, chopping, drilling, hammering, and grinding can be easily completed using cordless power tools with more efficiency and ease. Thus, surge in adoption of electric power tools in the construction industry is expected to drive the growth of the electric power tools market.
Moreover, the recent product developments in terms of batteries, motors, and other technologies has led to improved product efficiencies, and surged the adoption of electric power tools. For instance, the integration of brushless DC motors (BLDC) in both cordless and corded tools has upgraded the capabilities of electric power tools. This has propelled the confidence of electric power tool users, thereby, bolstered the consumption of electric power tools. Moreover, growing popularity of cordless electric power tools, owing to its application in various remote locations, effortlessness of use, and portability are some of the factors that fuel the adoption of cordless tools. This increased adoption is driving the overall electric power tools market globally.
However, the penetration of automation technologies has assisted in managing the electric power tools more efficiently. The automation technologies has made it possible to track the tool productivities from remote platforms such as mobile application platforms, computer software, and others. Such initiatives create opportunities for the growth of electric power tools market during the forecast period.
Key Benefits
- The report provides an extensive analysis of the current and emerging global electric power tools market trends and dynamics.
- In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2018 and 2026. In addition, it also includes the market size estimations for 2015 to 2017.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global electric power tools market forecast analysis from 2019 to 2026 is included in the report.
- The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry.
- The report also provides market share analysis for the key players in the electric power tools market industry, from 2015 to 2018.
Key Findings
- By product type, the cordless segment dominated the global electric power tools market share in 2018, in terms of revenue.
- By end-user industry, the construction segment is expected to be the largest consumer of electric power tools globally.
- By region, North America is projected to be one of the most dominant regions and is expected to witness a high growth rate during the forecast period.
Market Dynamics
Drivers
- Increase in adoption of electric power tools in the construction industry
- Integration of brushless motors in electric power tools
- Growth in popularity of cordless power tools
Restraint
- High initial costs of the electric power tools
Opportunity
- Technological innovations
Companies Mentioned
- Apex Tool Group
- Atlas Copco AB
- Hilti Corporation
- Ingersoll Rand Inc.
- Koki Holding
- Co. Ltd.
- Makita Corporation
- Robert Bosch GmbH
- Stanley Black & Decker Inc.
- Snap-on Incorporated
- Techtronic Industries Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/7pvgbc
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June 03, 2020 at 10:23PM
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Global Electric Power Tools Market (2019 to 2026) - Opportunity Analysis and Industry Forecast - ResearchAndMarkets.com - Business Wire
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