Power Tools Market Rises at 6% CAGR Through 2030; Market Going Through Downturn as Industrial Applications Fall amid Coronavirus Pandemic

Power Tools Market Rises at 6% CAGR Through 2030; Market Going Through Downturn as Industrial Applications Fall amid Coronavirus Pandemic

Power Tools Market Set to Grow at 6% CAGR as Cutting the Cord Trend Drives Investments in Cordless and Electric

The power tools market is anticipated to expand at a promising 6% CAGR from 2020 to 2030. According to a recent FMI report, the power tools market is expected to face significant challenges for the duration of the coronavirus pandemic. The sharp slump in industrial and manufacturing activity is hurting the demand for power tools in the short term. On the other hand, online sales channels will be essential to sustain revenue flow during the crisis period.

“The growing popularity of DIY trends has resulted in increasing power tool applications in household settings. Consequently, manufacturers are focusing on the development of superior safety features. This aids in reducing risk of injury and bolsters adoption of power tools in numerous non-technical applications,” says the FMI analyst.

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Power Tools Market – Important Takeaways

  • Electric power tools are fast gaining ground to surpass pneumatic alternatives, owing to improvements to performance of rechargeable battery technologies, and lower energy consumption.
  • Fastening and drilling applications account for significant market share owing to improvements in durability and resistance to temperature and shock.
  • Asia Pacific will reflect a rapid growth rate owing to extensive industrialization and urbanization in countries such as China and India.

Power Tools Market – Driving Factors

  • Continued, rapid growth of construction activities on a global scale, remains the primary driver behind the power tools market.
  • Innovations in performance and automation of power tools in industrial applications, is contributing to adoption rates.

Power Tools Market – Leading Constraints

  • High costs of purchasing electric power tools is a key obstacle to sales and adoption.
  • Volatility in the prices of raw materials required to manufacture power tools holds back market growth.

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Table Of Content

1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Technology Roadmap

    1.5. Analysis and Recommendations

2. Market Overview

    2.1. Market Coverage

    2.2. Market Definition

3. Market Dynamics

    3.1. Key Trends Impacting the Market

    3.2. Development Trends

4. Key Success Factors

5. Global Power Tools Market Demand Analysis 2015-2019 and Forecast, 2020-2030

    5.1. Historical Market Volume (Units) Analysis, 2015-2019

    5.2. Current and Future Market Volume (Units) Projections, 2020-2030

        5.2.1. Y-o-Y Growth Trend Analysis

6. Global Power Tools Market – Pricing Analysis

    6.1. Regional Pricing Analysis By Product Type

    6.2. Pricing Break-upMore on the Report

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About FMI

FMI is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.

Press Release Source: https://www.futuremarketinsights.com/press-release/power-tools-market

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