Global Electric Power Tools Market: Industry Analysis and Forecast, 2021–2030:
The global electric power tools market size was valued at $70.2 billion in 2021, and is projected to reach $124.4 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031. An electric power tool is a tool that runs by an additional power source and mechanism other than the solely manual labor used with hand tools. The most common types of electric power tools use electric motors. Internal combustion engines and compressed air are also commonly used.
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The research provides a detailed analysis of drivers, restraints, and opportunities of the global Electric Power Tools market. These insights shower necessary guidance to determine driving factors and implement strategies to gain a sustainable growth and tap on opportunities to explore the potential of the market.
Covid-19 impact:
- Manufacturing activities of Electric Power Tools halted due to implementation of global lockdown.
- Moreover, supply chain disruptions, shortage of labor, and unavailability of raw materials created challenges in carrying out manufacturing in full capacity.
- Several construction activities were delayed in order to maintain the social distancing norms.
- The demand from end use industries reduced significantly due to halt in day-to-day operations in 2020. However, the demand would grow steadily during post-lockdown as daily operations get back on track.
- The ban on import-export activities led to supply chain disruption and supply-demand gap. As the restrictions are lifted off, the supply chain will be restored.
Analyst review of the market:
| Tools | Drills Power input Corded Cordless Impact wrenches Power input Corded Cordless Hammers Power input Corded Cordless Saws Power input Corded Cordless Lawn Mowers Power input Corded Cordless Vacuum cleaners Power input Corded Cordless Others Power input Corded Cordless |
Competitive Landscape:
The key market players analyzed in the report include The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Key Benefits for Stakeholders:
- This report offers a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Electric Power Tools# market analysis from 2021 to 2031 to identify the prevailing Electric Power Tools# market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Electric Power Tools# market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Electric Power Tools market trends, key players, market segments, application areas, and market growth strategies.