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Are you a power tool distributor or wholesaler and want to stand out in the tool market? Open your laptop and don’t hesitate to check Power Tools Market share and size! Why? There are countless reasons…
This factor is a strong means by which you can firmly decide which supplier or manufacturer to choose to make the best out of it.
Power Tool Market Size refers to the total value or volume of the market, representing the entire market’s capacity in terms of sales, revenue, or units sold. While the market share refers to the portion of the total market size that a company captures.
But why are they so vital for success in the Power Tool Market?
Generally, they will provide more informed decisions for you. You may inspect trustworthy and popular brands, find the leading brands in terms of technology and product quality, get insights into pricing, find suppliers with the best warranties and customer support, and make strategic decisions simply by checking the two factors.
To bring you one step closer to achieving success, we are providing you with the latest statistics and insights related to the factors in the Power Tools Market. First, let’s start with the global statistics.
As Statista, one of the well-known market research and consulting firms declares, the global power tools market size has been $36.47 billion in 2020 and is predicted to reach billion $50.93 billion in 2027. According to this rate, this number is estimated at $42.12 billion in 2022 while the CAGR (Compound annual growth rate) will reach the percentage of 7.2% from 2023 to 2030.
Talking about the market share, Fortune Business Insight states that among all the power tools offered in 2020, the drilling and fastening tools have gained the highest market share, while the cutting tools have found less chance in the trade compared to the drilling and fastening tools.
Then when talking about Power Tools Market Share by Brand, some brands stand out globally. Stanley Black & Decker has been the forerunner in the trade, with an 18.6% market share. Following closely behind are brands like Craftsman and DeWalt, holding the second and third positions, respectively.
Power Tools Market Size by Year
To get a total view of the global power tools market size let’s see the statistics on a timeline:
Global Power Tools Market Size Chart (Graph)
Then let’s take a look at them more visually, here is the Power Tools Market Size Chart:
Europe Power Tools Market
Europe Power Tools Market Size Statistics according to Fortune Business Insights goes far as to state the value of 4.5 billion in 2020 and the prediction of reaching over USD 8 billion by 2027. The CAGR is also estimated to grow at 4.2% in the mentioned period as well. Meanwhile, the increasing demand for battery-powered tools has caused considerable growth in the Cordless Power Tools Market Size as well.
Asia Pacific Power Tools Market
For reaching authentic data about the Asia Pacific Power Tools Market Size, we go for Graphical Research which is an international market research and consulting firm that focuses on providing in-depth and comprehensive research reports in various industry sectors including power tools.
As the source says, the Power Tools Market Size in the Asia Pacific was over USD 21,590 million in 2020 and is likely to witness a 6.7% CAGR from 2021 to 2027.
Japan, China, and India are the countries that will play a leading role in the industry during the upcoming years, mainly because of the growing infrastructural improvements in the mentioned zone.
Middle East and Africa Power Tools Market
Data Bridge Market Research company has estimated the Middle East and African Power Tools Market Size of USD 3721.31 million in 2021 and is anticipated to reach USD 5307.17 million by 2029, with a CAGR of 6.10% during the period of 2022-2029.
This power tool market research has considered electric, liquid fuel tools, hydraulic, and pneumatic tools.
North American Power Tools Market
North America is experiencing great growth in electric power tools usage in different in
dustries such as production, manufacturing, and automation. That’s why when you take a look at the North American Power Tools Market Size Statistics you will find a growth at a predicted CAGR of 3.8% from 2023 to 2030. The global market for power tools is estimated to grow from 27.51 billion in 2023 to USD 36.82 billion by 2030.
South America Power Tools Market
Power Tools trade is increasingly growing throughout the world and South America is no exception. The demand for them is rapidly expanding around the continent as the construction, automotive, aerospace, and defense industries are developing. Speaking of statistics, as Market Data Forecast declares, the Latin America Power Tools Market is going to grow at a CAGR of about 5% over the period of 2022-2027, which shows a relatively good improvement in the trade.
FAQ
How big is the power tool market?
According to statistics, in 2023 the market size of power tools is USD 42.12 billion.
Amanda
21 December 2023
