Power and Hand Tools Global Market Report 2024
Market Size, Trends, and Forecast
The global power and hand tools market is expected to reach USD 52.4 billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 4.3% during the forecast period.
The increasing demand for power and hand tools from various end-use industries, such as construction, automotive, and manufacturing, is driving the growth of the market.
The growing adoption of cordless power tools is also expected to contribute to the growth of the market.
Key Trends in the Power and Hand Tools Market
- The increasing adoption of cordless power tools
- The growing demand for power and hand tools from various end-use industries
- The increasing popularity of online retailing
- The growing adoption of automation in manufacturing
- The increasing demand for power and hand tools from developing countries
Market Segmentation
The global power and hand tools market is segmented on the basis of product type, application, and region.
By Product Type
- Power tools
- Hand tools
By Application
- Construction
- Automotive
- Manufacturing
- Other
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Competitive Landscape
The global power and hand tools market is highly competitive, with a number of major players operating in the market.
Some of the key players in the market include:
- Stanley Black & Decker
- Techtronic Industries
- Bosch
- Makita
- TTI Group
Conclusion
The global power and hand tools market is expected to witness a steady growth rate during the forecast period. The increasing demand for power and hand tools from various end-use industries, the growing adoption of cordless power tools, and the increasing popularity of online retailing are some of the key factors driving the growth of the market.
The market is also expected to witness a shift towards cordless power tools and the adoption of automation in manufacturing.
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