Electric Power Tools Market: was valued at USD 27.08 Billion in 2021, and is expected to reach USD 56.43 Billion by 2029, exhibiting a CAGR of 8.5% during the forecast period (2022-2029)

Electric Power Tools Market Overview:

The Electric Power Tools Market study gives a comprehensive view of the competition, including the market share and company profiles of the major global competitors. The scope of the research includes a full examination of the Electric Power Tools Market, as well as the reasons for variations in the industry's growth between regions.

Electric Power Tools Market Dynamic:

The penetration of automation technologies has made it possible to track the tool productivities from remote platforms such as mobile application platforms, computer software, and others. The automation technologies include inventory management solutions to conserve time and monetary expenses caused by mismanagement of tools and tool operations. The major tool manufacturers have already adopted these technologies to improve the tool performances. For example, the company, Robert Bosch GmbH based in Germany, offers BOSCH ToolBox App for its Bosch Power Tools. The app offers features such as project documentation, conversion tools, tracking of Bosch tools, service locators, and others.

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Market Scope:

Following the completion of market engineering, which included market statistics computations, market size estimations, market forecasts, market breakdown, and data triangulation, extensive primary research was done to gather information and verify and validate important numbers. To undertake market estimating and forecasting for the overall market segments and sub-segments described in this research, top-down and bottom-up tactics, as well as different data triangulation procedures, were often employed throughout the market engineering process. Extensive qualitative and quantitative analysis is performed on all data obtained during the market engineering process in order to provide essential information throughout the report.

Electric Power Tools Market Segmentation:

Based on product type, the global electric power tools market is segmented into corded and cordless. The cordless segment is the largest in terms of revenue generated in 2021, and it is expected to register a CAGR of 8.9% during the forecast period. The power outputs of cordless power tools have also evolved that has increased their adoption for professional as well as non-professional applications, thanks to the constant developments in battery technologies. The major driver for increase in demand for cordless power tools includes rise in development in battery technologies. The lithium ion battery packs produced for these cordless power tools have revolutionized the power tool quality, operating life, productivity, and efficiency.

Electric Power Tools Market Key Players:

• Apex Tool Group
• Atlas Copco AB
• Hilti Corporation
• Bostitch
• Ingersoll Rand Inc.
• Koki Holding, Co., Ltd.
• Irwin
• Lenox
• Makita Corporation
• Robert Bosch GmbH
• DeWalt
• Craftsman
• Stanley Black & Decker, Inc.
• Snap-on Incorporated
• Vidmar
• Techtronic Industries Co., Ltd.
• Emerson Electric Co.
• Hitachi Koki Holdings Co., Ltd.
• Enerpac Tool Group
• Mac Tools

Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers' annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data.

Regional Analysis:

Individual market influencing components and changes in market laws impacting current and future market trends are also covered in the Electric Power Tools market analysis regional overview. Current and future trends are studied in order to evaluate the overall market potential and find profitable patterns in order to get a firmer footing. The geographical market evaluation is based on the current environment and anticipated trends.

COVID-19 Impact Analysis on Electric Power Tools Market:

Due to a break in operations, end-user sectors where Electric Power Tools are used suffered a drop in growth from January 2020 to May 2020 in a number of countries, including China, Italy, Germany, the United Kingdom, the United States, and Spain, France, and India. As a result, the revenues of enterprises in these industries fell significantly, as did the demand for Electric Power Tools manufacturers, impacting the growth of the Electric Power Tools market in 2020. Lockdowns and a surge in COVID-19 events globally have severely reduced end-user business demand for Electric Power Tools.

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Key Questions Answered in the Electric Power Tools Market Report are:

In 2021, which segment held the highest proportion of the Electric Power Tools market?
What is the Electric Power Tools market's competitive landscape?
What are the primary drivers assisting Electric Power Tools market growth?
Which region has the most market share in the Electric Power Tools market?
What will be the Electric Power Tools market's CAGR throughout the projected period (2022-2027)?
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