Latest News:- Portable Power Tools Market: Cordless tools is expected to lead the Product segment during 2024-2028

Portable Power Tools Market to grow at a CAGR of 4.9% during 2024-2028

The Portable Power Tools Market is expected to grow at a CAGR of 4.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 7.74 billion. In the evolving landscape of the portable power tools market, web and digital connectivity have emerged as a significant trend. This innovation facilitates efficient inventory management and enhanced tool performance. Notable industry players, including Stanley Black & Decker's DEWALT, Techtronic, and Bosch, have integrated smart technologies into their product offerings. For instance, DEWALT's Bluetooth-enabled portable power tools and smartphones enable custodians to monitor tool status and ensure security. DEWALT's Bluetooth-enabled batteries, connectable via a mobile application, alert owners if the tool goes out of range and allow for remote disabling to prevent unauthorized usage. 

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The Cordless tools subsegment is expected to dominate the Product segment during the forecast period 

Technavio analysts predict that the Cordless tools subsegment will lead the Product segment during 2024 and 2028 The portable power tools market represents a significant and growing sector within the global power tools industry. Key companies in this market offer a diverse range of products, including drills, saws, sanders, and grinders, among others. These tools are designed for maximum portability, enabling users to complete tasks efficiently and effectively in various locations. Market growth is driven by increasing construction activities, DIY trends, and advancements in battery technology.

Here are the various ways based on which the market is segmented: 

• Product
  • Cordless tools
  • Corded tools
• Application
  • Commercial
  • Consumer
• Geography
  • North America
  • Europe
  • APAC
  • South America
  • Middle East and Africa

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• Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
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There are several factors that are causing the market to flourish demand for diy building products

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The portable power tools market is witnessing a surge in demand, driven by the increasing use of fasteners in various industries and the shift towards battery-powered tools. Rubber, plastic, and steel are common raw materials used in the production of drill bits and power tool housings. Li-ion batteries, specifically lithium-ion batteries, have become popular due to their high energy density, long life, and low self-discharge. The wind energy industry and automotive sector are major consumers of battery-powered power tools due to their need for portable and efficient solutions. Emerging economies and the residential segment are also contributing to the market growth as people adopt DIY trends and look for cost-cutting measures. Noise pollution concerns and the availability of how-to content on video streaming sites and e-commerce platforms are driving the adoption of battery-powered tools. Doorstep delivery and the convenience of using these tools at home or on the go are additional factors fueling the market's growth. The market is expected to continue its upward trajectory as innovation in battery technology and the increasing popularity of hobbyist use further expand its reach.

Market Research Overview

The global industrial machinery, supplies, and component market encompasses businesses involved in the manufacturing of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size is determined by the consolidated revenue generated by the manufacturers of machinery and components utilized in industrial settings. Factors driving growth in this market include the increasing industrial output and subsequent capacity expansions in process and discrete industries. The global demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages continues to surge due to the robust economic expansion in developing countries.

The Portable Power Tools Market is experiencing significant growth, fueled by the demand for diy building products. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/