Rising need for automation, availability of cost-effective & energy-efficient power tools and increasing construction activities worldwide fuel the growth of the global power tools market
According to the report published by Allied Market Research, the global power tools market was estimated at $28.84 billion in 2016 and is expected to hit $39.63 billion by 2022, registering a CAGR of 5.4% from 2016 to 2022. The report provides a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
The increasing need for automation, availability of affordable & energy-efficient power tools and rising construction activities worldwide propel the growth of the global power tools market. On the other hand, human safety concerns and declining automotive sales hamper the growth to a certain extent. However, an increase in application areas and growth in emerging economies are expected to create multiple opportunities for the key players in the industry.