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The global power tools market size is projected to reach USD 33.05 billion in 2028. The rising demand for cordless equipment because of the surging need for high operating hours in various industries is expected to affect growth positively. Therefore, multiple firms are trying to develop new products that would reduce maintenance and operational costs. Robert Bosch Tool Corporation, for instance, introduced an all-in-one tool called 18V FlexiClick® 5-In-1 Drill/Driver System. It is aptly named Chameleon and is available in North America. Fortune Business Insights™ presented this information in a new study, titled, “Power Tools Market Size, Share & COVID-19 Impact Analysis, By Mode of Operation (Electric, Pneumatic, Others), By Tool Type (Drilling & Fastening Tools, Material Removal Tools, Sawing and Cutting Tools, Demolition Tools, Others), By Application (DIY, Industrial), and Regional Forecast, 2021-2028.” The study further mentions that the market stood at USD 25.24 billion in 2020. It is expected to exhibit a CAGR of 3.8% in the forecast period between 2021-2028.
Makita U.S.A., Inc. Unveils New Cordless Solutions at World of Concrete
In February 2020, Makita® U.S.A., Inc. featured its cordless job site at the World of Concrete. It will enable concrete contractors to achieve new cordless solutions that would provide improved dust extraction, less vibration, and lower noise without hampering performance.
As per a company official, “Makita aims to help contractors meet various challenges to work more efficiently. Besides, our novel products will deliver high productivity on the job site. Our broad range of dust extraction systems contains cord and cordless power tool products.
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Presence of High Flexibility Among Manufacturers to Accelerate Growth
The construction industry is rapidly expanding because of the presence of renowned manufacturers in this market. These companies are constantly developing cordless and cord tools that would enable workers to utilize them whenever required. At the same time, these tools are equipped with high flexibility and are capable of providing productive solutions to clients. However, a sharp fall in export activities, especially in South Korea and Japan may hamper the power tools market growth in the upcoming years.
Key Companies Aim to Intensify Competition through Acquisitions & Product Launches
The global market for power tools houses several renowned companies, such as Hilti Corporation, Black & Decker, Inc., Stanley, Makita Corporation, and Robert Bosch GmbH. They are mainly focusing on developing a robust presence in Europe, North America, and Asia Pacific. To do so, they are acquiring small and medium enterprises (SMEs). Additionally, they are trying to enhance their pre-existing product portfolios.
Fortune Business Insights™ lists out the names of prominent power tool manufacturers operating in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
2017 – 2028
2021 – 2028
2017 – 2019
Value (USD billion)
By Mode of Operation
By Tool Type