Power Tool Market: Growth, Trends, and Key Players
Market Overview
The global power tool market is experiencing substantial growth, driven by rising construction activities, technological advancements, and increasing demand for home improvement projects.
Research shows that the market is expected to register a compound annual growth rate (CAGR) of 5.6% from 2023 to 2030, reaching a valuation of USD 63.74 billion by the end of the forecast period.
Key Market Trends
Construction Industry Growth
The expansion of the global construction sector plays a crucial role in driving the demand for power tools. Rapid urbanization, infrastructure development, and an increase in renovation projects contribute to the growth of this sector.
Technological Advancements
Advancements in power tool technology enhance their performance and efficiency. Features such as cordless design, improved blade materials, and enhanced safety features are driving market growth.
Key Market Players
Major players in the power tool market include:
- Stanley Black & Decker
- Techtronic Industries
- TTI Group
- Bosch Power Tools
- Makita Corporation
Hand Tool Market: Overview and Challenges
Unlike the power tool market, the hand tool market faces challenges in maintaining growth due to competition from power tools and the decline in skilled labor.
However, the hand tool market is expected to witness growth in niche areas, such as precision tools and tools for specialized trades.
Key Market Players
Major players in the hand tool market include:
- Stanley Black & Decker
- Apex Tool Group
- Snap-on Tools
- Proto Industrial Tools
- Knipex Tools
Market Outlook
The power tool market is expected to continue its growth trajectory, while the hand tool market will face challenges but witness growth in niche areas. Market research indicates continued expansion in the construction industry, technological advancements, and increased demand for power tools as key growth drivers.
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