Wednesday, February 1, 2023

Email id: support@kenresearch.com, Contact Us : +91-9871552944

Home Manufacturing And Construction Machinery And Parts Global Power Tools Market is expected to growth a CAGR of ~6%...

Global Power Tools Market is expected to growth a CAGR of ~6% by 2028: Ken Research

Global Power Tools Market By Mode Of Operations

The Global Power Tools Market is segmented by Mode of Operations into Electric and Pneumatic. The electric segment accounted for the largest market share in 2022, owing to the rising demand from the automotive and construction industry. Corded electric power tool runs on electricity and is less expensive to buy. The cordless power tool is an electric or electronic device that operates through a battery or battery pack and usually costs higher than corded tools.

As per the European Power Tool Association (EPTA), which represents power tool manufacturers, stated that cordless power tools (CPT) account for approximately 50% of the power tool market. CPT is lightweight, low voltage, and requires no electric cables while in production.

Global Power Tools Market By End-User

The Global Power Tools market is segmented by End-user into Industrial and Residential. The industrial segment held the largest market share in 2022, owing to the rising demand from construction, manufacturing, automobile production, and assembly lines. Multiple power tools are used in the manufacturing industry such as impact wrenches, electric screwdrivers, handheld portable grinders, sockets, pliers, and others.

According to IBEF, In December 2021, Hyundai announced plans to invest USD ~530 million in R&D in India, with the goal of launching six electric vehicles by 2028. Surging investment in the automobile industry, is likely to fuel the power tool market.

Global Power Tools Market By Geography

The Global Power Tools market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific accounted for the largest market share within the global power tools market in 2022, owing to the emerging automotive industry, and houses most of the power tools companies. According to the International Trade Association (ITA), a USA agency that promotes trade and investment.  China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach ~35 million vehicles by 2025.

The International Organization of Motor Vehicle Manufacturers (OICA), stated that Asia region vehicle production increased by ~ in 2021 from ~ in 2020. Owing to the rising vehicle numbers, it is likely to boost the growth of the power tools market.

Request For Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NTk2MDMw

Market Taxonomy

By Product

  • Drills
  • Saws
  • Wrenches
  • Grinders
  • Sanders
  • Others

By Mode of Operation

  • Electric
  • Pneumatic

By End-User

  • Industrial
  • Residential

Ask For Customization @ https://www.kenresearch.com/ask-customization.php?Frmdetails=NTk2MDMw

By Geography

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

For more information on the research report, refer to below link:-

Global Power Tools Market

RELATED ARTICLES

The Government aims for wide adoption of 3D printing technology in the UAE by 2030: Ken Research

Buy Now 1. Due to the rise of the COVID-19 pandemic in the UAE this technology was used for the purpose of manufacturing commercially. 3D printing...

High Consumer Adoption Rate, Boost in Technology Industry, Alternative Payment Methods and Sustainable approaches are propelling the Outdoor Payment Terminal Market in Canada: Ken...

Buy Now 1. The Canada Outdoor Payment Terminal Market is expected to increase by ~ 100,000 units on the basis of total installed base with...

Tech Innovation introduced by JLL KSA is transforming the Real Estate Services Market in the Kingdom: Ken Research

Buy Now Technology is being embraced by JLL to meet the needs of their clients today and anticipate the opportunities of tomorrow. Their commitment to...

Most Popular

Global Hand Dryers market expected to record a CAGR of ~8% during the forecast period (2017-2028): Ken Research

Buy Now What Is The Size Of Global Hand Dryers Industry? Global Hand Dryers market is growing at a CAGR of ~% in 2017-2022 and is...

Global Wax Market is expected to reach a market size of US$ 14 billion by 2028 growing with a CAGR of 5%: Ken Research

Buy Now What Is the Size of Global Wax Industry? Global Wax market is growing at a CAGR of ~% in 2017-2022 and is expected to...

Global Silicone Sealants market revenue to reach US$ 7 Bn by 2028: Ken Research

Buy Now Global Silicone Sealants Market By Geography The Global Silicone Sealants market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific...

South Korea Used Car Market is currently in its Growing Stage Owing to low unemployment rate & increasing need for personal vehicle: Ken Research

Buy Now 1. The Used Car Industry in South Korea is growing at CAGR of 1% Basis Volume, with Brands Competing Intensely on Value Added...