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NEW DELHI , March 14, 2022 /PRNewswire/ -- Global Power Tools market is projected to witness a rise in its revenue from US$ 31,994.7 Mn in 2021 to US$ 43,278.3 Mn by 2027. The market is registering a CAGR of 5.2% over the forecast period 2022-2027. A power tool is a tool that is actuated by an additional power source and mechanism other than the solely manual labor used with hand tools.

Power tools are primarily used to cut, wrench, saw drill and polish materials. The growing impetus of the global power tools market is attributed to factors such as growing application of power tools in construction industry and rising adoption of cordless power tools globally. With constant developments in the construction industry, the demand for construction machinery and advanced tools & equipment has increased throughout the world. The growing use of drills, sanders, wrenches, and other tools in the construction sector is augmenting the demand for these tools. Furthermore, the growing demand for construction activities coupled with increasing usage of innovative and energy-efficient tools and growing purchasing power has resulted in the introduction of more efficient power tools.

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Cordless power tools are gaining extensive acceptance and implementation in both home and workplace. Cordless power tools include a wide range of battery-powered tools, such as hammer drills, impact wrenches, and circular saws, as well as nailers and staplers. These sorts of cordless tools are ideal for sanding, welding, metalworking, cutting, and other applications. This is propelling the market growth. However, the high maintenance cost along with regular price fluctuations in raw materials of power tools are limiting the growth of the power tools market globally.

Drilling and fastening tool type has the highest share in the power tools market in 2021

In terms of tool type, the power tools market is segmented into drilling and fastening tools., demolition tools, sawing and cutting tools, material removal tools, routing tools, air-powered tools and others. The drilling and fastening tools segment are estimated to have the highest market share in 2021 and is projected to continue its dominance over the forecast period. The rising demand for drilling and fastening tools from various end use industries such as automotive and aerospace manufacturing plants are driving the market share of power tools in the global market.

Electric mode of operation segment holds the highest market share in 2021

Based on mode of operation, the power tools market is segmented into electric, pneumatic, and hydraulic. Among these, the electric segment holds the highest share in the power tools market in 2021. This is due to the rise in demand of power tools from wide range of industries including construction, automotive, aerospace, energy, and shipbuilding coupled with growing adoption of cordless tools among industrial and residential users. Furthermore, the advent of powerful battery packs has resulted in the increased power of electric tools. The pneumatic segment has the highest CAGR in the power tools market during the forecast period.

Industrial application has the highest share in the power tools market in 2021

Based on application, the power tools market is bifurcated into industrial and residential. Industrial application segment has the highest share of the power tools market in 2021. An increased technological innovation and adoption of advanced technologies in industries, such as construction, aerospace, automotive, and energy among others, is expected to drive the industrial applications in the power tools market. However, the residential segment has the highest CAGR in the market over the forecast period.

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North America dominates the Global Power Tools Market in 2021

North America is the highest shareholder in the Global Power Tools Market in 2021 owing to the rising demand for power tools in wide range of industries coupled with the continuous migration to urban areas. Moreover, rising construction industry in the region is further augmenting the growth of the market. However, Asia Pacific is estimated to dominate the market by the end of 2027. Increasing disposable income, growing construction & infrastructure development activities are major factors influencing the growth of the APAC market.

Global Power Tools Market is segmented based on tool type, mode of operation, application, and region. These segments are further sub-divided to get a holist picture of the market.  

The following are the different segments of the Global Power Tools Market:

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