Power Tools Market growth with latest developments
Global Power Tools Market: Industry Analysis and Forecast, 2021-2030:
The globe Power Tools Market Size was estimated at US$70.2 billion in 2021 and is expected to reach US$124.4 billion by 2031, at a CAGR of 5.7% from 2022 to 2031. A power tool is a tool that is powered by an additional power source and mechanism other than that which is strictly manual labor with hand tools. The most common types of power tools use electric motors. Internal combustion engines and compressed air are also commonly used.
Download free sample: https://www.alliedmarketresearch.com/request-sample/6255
The study provides a detailed analysis of the drivers, restraints and opportunities of the global Power Tools market. These insights provide the necessary guidance to determine drivers and implement strategies to achieve sustainable growth and seize opportunities to explore the potential of the market.
Effects of Covid-19:
- Production activities of power tools have been suspended due to the implementation of the global lockdown.
- Additionally, supply chain disruptions, labor shortages, and unavailability of raw materials created challenges in running full-capacity manufacturing.
- Several construction activities have been postponed to maintain social distancing norms.
- Demand from the end-user industry dropped significantly due to the disruption to day-to-day operations in 2020. However, demand would rise steadily during the post-lockdown period as day-to-day operations resume.
- The ban on import-export activities caused a disruption in the supply chain and a gap between supply and demand. When restrictions are lifted, the supply chain will be restored.
Analyst Rating of the Market:
|Tool||Drills Cordless power consumption Cordless impact wrenches Cordless power consumption Hammers Cordless power consumption Saws Cordless power consumption Lawnmowers Cordless power consumption Vacuum cleaners Wireless power consumption Other Cordless power consumption|