Global Power Tools Market By Mode Of Operations
The Global Power Tools Market is segmented by Mode of Operations into Electric and Pneumatic. The electric segment accounted for the largest market share in 2022, owing to the rising demand from the automotive and construction industry. Corded electric power tool runs on electricity and is less expensive to buy. The cordless power tool is an electric or electronic device that operates through a battery or battery pack and usually costs higher than corded tools.
As per the European Power Tool Association (EPTA), which represents power tool manufacturers, stated that cordless power tools (CPT) account for approximately 50% of the power tool market. CPT is lightweight, low voltage, and requires no electric cables while in production.
Global Power Tools Market By End-User
The Global Power Tools market is segmented by End-user into Industrial and Residential. The industrial segment held the largest market share in 2022, owing to the rising demand from construction, manufacturing, automobile production, and assembly lines. Multiple power tools are used in the manufacturing industry such as impact wrenches, electric screwdrivers, handheld portable grinders, sockets, pliers, and others.
According to IBEF, In December 2021, Hyundai announced plans to invest USD ~530 million in R&D in India, with the goal of launching six electric vehicles by 2028. Surging investment in the automobile industry, is likely to fuel the power tool market.
Global Power Tools Market By Geography
The Global Power Tools market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Asia Pacific accounted for the largest market share within the global power tools market in 2022, owing to the emerging automotive industry, and houses most of the power tools companies. According to the International Trade Association (ITA), a USA agency that promotes trade and investment. China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach ~35 million vehicles by 2025.
The International Organization of Motor Vehicle Manufacturers (OICA), stated that Asia region vehicle production increased by ~ in 2021 from ~ in 2020. Owing to the rising vehicle numbers, it is likely to boost the growth of the power tools market.
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By Mode of Operation
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- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Australia Rest of Asia Pacific
- Latin America
- Middle East
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