According to the research report titled ‘Power Tools Market Size By Mode (Electric Corded, Electric Cordless, Pneumatic), By Tool Type (Drilling & Fastening, Sawing & Cutting Tools, Demolition, Material Removal, Wrenches, Others), Application (Construction, Automotive, Aerospace, Energy, Electronics, DIY, Others), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global power tools market is anticipated to bolster at a noteworthy CAGR over the forecast period 2021-2027.
 

Fast paced industrialization, and extensive product use in industrial & residential applications are the primary factors impelling global power tools market growth.
 

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For the unversed, power tools are mainly used for repair and construction tasks in automotive & transportation, and construction & building sectors. This equipment enhances precision and reduces operation time.
 

Growing technological advancements in the designing and manufacturing of power tools is also expected to foster industry expansion over the analysis timeframe. However, high cost of maintaining the power tools will act as a major challenge in the industry space.
 

Based on mode, the pneumatic sub-segment is slated to register a CAGR of 5.3% over 2021-2027. Considering the tool type fragmentation of worldwide power tools industry, material removal sub-segment was worth USD 8.5 billion in 2020 and is slated to expand at a remarkable rate over the assessment timeframe.
 

Moving on to application scope, the automotive sector held 12.5% market share in 2020 and is poised to record robust growth over the analysis period. Meanwhile, the aerospace segment is estimated to grow at 6% CAGR over 2021-2027.
 

From a regional frame of reference, the research literature entails insights about industry trends across North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Among these, Middle East & Africa market is poised to showcase 4.6% CAGR over the analysis period.
 

Prominent players influencing global power tools market are Robert Bosch GmbH, Ingersoll-Rand Inc., Apex Tool Group LLC, Snap-on Inc., Chervon (China) Trading Co. Ltd., Enerpac Tool Group, Koki Holdings Co. Ltd., Emerson Electric Co., Atlas Copco, Makita Corp., Andreas Stihl AG & Co. KG, Hilti Corp., Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd.