Power tools have emerged as an ideal alternative to traditional hand tools, owing to their efficiency, convenience, cost-effectiveness, and flexibility. Increase in housing investment, the steady growth of the automotive industry, and growth in demand from the manufacturing and logistics industries are expected to fuel the market growth.
Power Tools Market to garner $39,639 million by 2022, registering a CAGR of 5.4% from 2016 to 2022. In the year 2015, electric power tools segment dominated the global market with more than 69% share in terms of revenue.
The North American power tool market is the most lucrative as compared to other regions due to the presence of diverse industry verticals that use power tools.
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Furthermore, it is expected to generate the highest market revenue during the forecast period owing to the extensive use of this equipment in different industrial applications such as construction and automotive. Logistics and aerospace industries are the potential investment areas for the key market players in world power tools market.
Companies Mentioned in the report
Snap-On Incorporated
Apex Tool Group, LLC
C. & E. Fein GmbH
Metabowerke GmbH
United Pacific Industries Limited
Panasonic Electric Works Europe AG
Mafell AG
Altendorf
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