Competition Scenario In Global Power Tools Market
The global power tools market is highly competitive with ~300 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in power tools manufacturing and dispensing to multiple end-user industries.
Country Niche players held the largest market share by type. While large global players control about 10% of the market share by type. Some of the major players in the market include Robert Bosch GmbH, Makita Corporation, Hilti Corporation, Techtronic Industries Co. Ltd., 3M, Ingersoll Rand, Stanley Black & Decker, Inc, Snap-On Incorporated, Atlas Copco, KYOCERA Industrial Tools Corporation, and others.
What is the Expected Future Outlook for the Overall Global Power Tools Market Across the globe?
The Global Power Tools market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
The Global Power Tools market is driven by factors such as growing automotive industry, and rising adoption of power tools in households as an increasing trend towards do-it-yourself (DIY). However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.
The Global Power Tools market is also widely impacted by the new innovations and development. For instance, In January 2022, Hilti launched Nuron a new cordless platform that radically simplifies work on construction sites, enhances tool park management, and drives performance to much higher levels. Nuron is based on a single battery system that covers all relevant applications from lightweight to heavy weight.
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In October 2021, Stanley Black and Decker partnered with specialty materials provider Eastman to advance sustainability in the power tools industry. Black+Decker, a Stanley Black & Decker Brand, will be releasing a new product line, reviva, offering the brand’s first sustainability-led power tools that utilize Eastman’s Tritan Renew copolyester.
The global power tools market witnessed significant growth during the period 2017-2022, the rising automotive industry, the construction industry, and increasing adoption of power tools in households as DIY. The growth rate is expected to remain significant during the forecast period. Though the market is highly competitive with ~300 participants, the majority of country niche players dominate the market share by type, and global players also hold a significant share.
By Mode of Operation
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- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Australia Rest of Asia Pacific
- Latin America
- Middle East
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