Latest News- Power Tools Market: Industrial is expected to lead the End-user segment during 2024-2028

The Power Tools Market is being driven by Rise in global construction and infrastructure development activities

The Power Tools Market is expected to grow at a CAGR of 7.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 16.84 billion. The Power Tools Market in the US is witnessing a significant shift towards web and digital connectivity. Leading power tools brands, such as DEWALT, a subsidiary of Stanley Black and Decker Inc., are integrating smart technologies into their product offerings. For example, DEWALT's Bluetooth-enabled batteries allow users to connect their power tools to their smartphones via a dedicated application. This innovative feature enables tool owners to monitor the status of their tools, receive alerts if they go out of Bluetooth range, and disable batteries to prevent unauthorized usage, thereby enhancing tool security and efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Industrial
  • Residential
• Technology
  • Electric
  • Pneumatic
  • Others
• Product
  • Drills
  • Saws
  • Wrenches
  • Grinders
  • Sanders
  • Others
  • Drills
  • Saws
  • Wrenches
  • Grinders
  • Sanders
  • Others
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • France
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in global construction and infrastructure development activities
• Technological innovation accelerating replacement demand
• Growing demand for home improvement products

However, the market also witnesses some limitations, which are as follows:

• Volatility in prices of raw materials used in production of power tools
• High cost of power tools
• High availability of substitutes

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Market Scope in Power Tools Market Research Report

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Research Analysis Overview

In the Power Tools market, Combo Kits and Power Tool Sets with Tool-Free Systems are popular choices. Brushless Motor Technology ensures High-Torque Output and Variable Speed Control. Electronic Clutch, Impact Resistance, Dust Extraction, and Safety Features enhance functionality. Overload Protection, Battery Life, and Charge Time are crucial considerations. Compact Design, Modular Design, Energy Efficiency, and Green Technology promote convenience. Smart Tools, powered by AI, offer Data Analytics, Remote Monitoring, AR, VR, and 3D Printing for advanced usage.

Market Research Overview

The Power Tools Market, which includes Cordless Tools, Power Drills, Impact Drivers, Circular Saws, and Reciprocating Saws, is a significant segment of the global Electrical Components and Equipment Market. This market, according to Technavio, is a crucial part of the larger Electrical Equipment Market. The Electrical Components and Equipment Market encompasses companies involved in the manufacturing of various electrical products, such as water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components. The market size is determined by the combined revenue generated by these manufacturers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/