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A recent study by Future Market Insights on the power tools market offers a detailed 10-year forecast. The study analyzes the crucial trends that are currently determining the growth of the power tools market. This report focuses on salient features, such as drivers, restraints, and opportunities for leading players along with key stakeholders
DUBAI , UAE, Oct. 22, 2021 /PRNewswire/ -- The demand outlook for global power tools market is forecast to remain positive between 2021 and 2031, opines Future Market Insights (FMI) in its latest study. Surging adoption of cordless power tools within construction industry will drive the sales in the market.
As per Future Market Insights, sales of power tools are expected to reach US$ 33.36 Bn in 2021. Rising preference for sustainable electric power tools have amplified the demand in the market. The report stresses on impressive commercial potential of power tools.
Their application in diverse applications and integration of cutting-edge features such as electric motors will aid the overall expansion of the market in the coming years.
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The unprecedented outbreak of COVID-19 dampened the sales owing to the disruption in manufacturing activities and supply-chain across the globe. However, with expedited vaccination drives and growing demand from several end-use industries such as aerospace, automotive, and furniture, sales of power tools are expected to increase over the forthcoming decade.
Historically, the market grew by 3.7% between 2016 and 2020. As inclination towards online sales channel grew during the FQ-20, manufacturers' reliance on e-commerce platforms to sustain their revenue during the pandemic surged.
As per FMI, online sales channel will report highest growth with increasing focus on diversification among market players. Hence, demand for power tools is expected to surge in response to the increasing penetration of e-commerce platforms.
In order to meet the surging demand for high efficiency and advanced power tools, leading manufacturers are adopting advanced technologies such as cordless power tools with lithium-ion batteries to improve the shelf life.
For instance, in 2019, Stanley Black & Decker announced the launch of DEWALT FLEXVOLT 60V MAX* 2-Inch Brushless SDS MAX Combination and cordless Hammer (DCH773), comprising features such as e-clutch system and with active vibration control 9.0Ah battery technology with maximum control for bind-up situations.
Such developments are expected to aid the growth in global power tools market. As per FMI, the overall sales of power tools market are likely to surge at over 5.1% CAGR between 2021 and 2031.
"Power tools manufacturers are adopting advanced technologies to offer energy-efficient electric power tools. In order to cater the surging demand, leading players also are collaborating with regional distributors. This will not only allow them to expand their portfolio but help them gain competitive edge s over the coming years," says the FMI analyst.
Key Takeaways from Power Tools Market Survey
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Introduction of cost-competitive products by leading players has resulted in increased competition in the market. Emerging players are focusing on adopting advanced technology to target baby boomers and millennials for revenue generation.
Some of the leading players are also adopting robust expansion strategies such as mergers and acquisitions to expand their product portfolio and customers base. New product launches are also one of the major strategy adopted by key players to sustain their position in the industry.
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Some of the leading players operating in the power tools market profiled by FMI include:
More Insights on the Global Power Tools Market
Future Market Insights, in its new offering, presents an in-depth analysis on the global power tools market. The study divulges essential insights on the power tools market for the historic period (2016-2020) and for the forecast year (2021-2031) as well. In order to gain compelling insights on the current growth drivers, trends, and opportunities, the market is segmented on the basis of:
We Offer tailor-made Solutions to fit Your Requirements, Request [email protected] https://www.futuremarketinsights.com/customization-available/rep-gb-760
Key Questions Covered in the Power Tools Market
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S. and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Future Market Insights, 1602-6 Jumeirah Bay X2 Tower, Plot No: JLT-PH2-X2A, Jumeirah Lakes Towers, Dubai , United Arab Emirates For Sales Enquiries: [email protected] For Media Enquiries: [email protected] Website: https://www.futuremarketinsights.com/ Report: https://www.futuremarketinsights.com/reports/power-tools-market Press Release Source: https://www.futuremarketinsights.com/press-release/power-tools-market
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