The Portable Power Tools Market to grow at a CAGR of 5.02% from 2022 to 2027
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31 Jul, 2023, 05:00 ET
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NEW YORK, July 31, 2023 /PRNewswire/ -- The portable power tools market is forecast to increase by USD 7,608.62 million from 2022 to 2027, at a CAGR of 5.02%, according to the recent market study by Technavio. The growth of the market will be driven by the Demand for DIY building products, Increasing demand for power tools, and the Use of Li-ion batteries. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report
Portable Power Tools Market – Vendor Scope
Technavio has extensively analyzed 15 major vendors, including 3M Co., ANDREAS STIHL AG and Co. KG, Atlas Copco AB, C. and E. Fein GmbH, Draper Tools Ltd., Emerson Electric Co., Festool GmbH, Hilti AG, Husqvarna AB, Ingersoll Rand Inc., J C Bamford Excavators Ltd., Koki Holdings Co. Ltd., Makita Corp., Panasonic Holdings Corp., PATTA International Ltd. Taiwan, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and YAMABIKO CORP.
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Portable Power Tools Market - Segmentation Assessment
The market is segmented by product (cordless tools and corded tools), application (commercial and consumer), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
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Portable Power Tools Market – Market Dynamics
Key Drivers
The use of Li-ion batteries is the key factor driving the market growth. Portable power tools find applications for both personal and commercial purposes due to their lightweight nature, providing users with freedom of movement. Li-ion batteries have largely replaced Ni-MH or NiCd batteries in cordless power tools. This is because Li-ion batteries offer higher power density and can store more energy within a given size compared to NiCd batteries. Additionally, Li-ion batteries have the advantage of lower self-discharge rates and utilize fewer toxic materials. As a result, power tools powered by Li-ion batteries can accomplish more work on a single charge. Hence, these factors are expected to drive market growth during the forecast period.
Major Trends
Increasing use of brushless DC motors in portable power tools is a major trend in the market. The primary requirements for portable power tools are reliability, low maintenance, long life, and compactness. BLDC motors meet these requirements effectively due to their brushless design, eliminating wear and friction loss caused by brushes in conventional motors with mechanical commutation. Furthermore, the reduced friction and wear in BLDC motors result in minimal heat generation, making them more energy-efficient compared to brushed DC motors. This improved efficiency extends the lifespan of portable power tools and improves their performance on a single charge. Hence, these factors are expected to drive market growth during the forecast period.
Significant Challenges
The limitation of performance is a significant challenge restricting market growth. Portable power tools offer numerous advantages, such as their lightweight, portability, and cordless operation in the case of cordless tools. However, their widespread adoption is hindered by their high cost, preventing them from fully replacing traditional power tools like stationary or handheld tools. In addition, battery limitations and the lack of high power are other factors influencing their usage. Unlike traditional power tools, portable power tools do not feature large or extremely powerful motors, as they strike a balance between power and size. Thus, these factors are expected to restrict market growth during the forecast period.
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Portable Power Tools Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 5.02%
Market growth 2023-2027
USD 7,608.62 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
4.45
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
North America at 33%
Key countries
US, China, Japan, Germany, and UK
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
3M Co., ANDREAS STIHL AG and Co. KG, Atlas Copco AB, C. and E. Fein GmbH, Draper Tools Ltd., Emerson Electric Co., Festool GmbH, Hilti AG, Husqvarna AB, Ingersoll Rand Inc., J C Bamford Excavators Ltd., Koki Holdings Co. Ltd., Makita Corp., Panasonic Holdings Corp., PATTA International Ltd. Taiwan, Robert Bosch GmbH, Snap On Inc., Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., and YAMABIKO CORP.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About UsTechnavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com
SOURCE Technavio
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