Power tools have emerged as an ideal alternative to traditional hand tools, owing to their efficiency, convenience, cost-effectiveness, and flexibility. An increase in housing investment, the steady growth of the automotive industry, and growth in demand from the manufacturing and logistics industries are expected to fuel the market growth.
Power Tools Market report, published by Allied Market Research, forecasts that the global market is expected to garner $39,639 million by 2022, registering a CAGR of 5.4% during the forecast period 2016 to 2022.
North America accounted for more than one-third share of the global power tools market in 2015. The presence of key market players in the U.S. and upsurge in construction activities especially in the residential sector have fueled the market growth.
Power tools are widely used in construction and manufacturing industries, globally, as they consume less time and labor. Moreover, rapid industrialization and growing automotive production in emerging countries such as India, and the usage of power tools in house renovations and other tasks are expected to boost the demand for power tools. Leading power tool manufacturers have focused on expanding in emerging markets due to the growing demand for power tools in construction and manufacturing industries.