According to the research report titled ‘Global Power Tools Market Size study with, by Type (Engine-Driven Power Tool, Electric Power Tool, Pneumatic Power Tool, Hydraulic and Other Power Tool), by Application (Residential Applications, Construction Field, Industry Field, Gardening Field, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global power tools market reached a valuation of USD 31.8 billion in the year 2019 and is expected to grow with a CAGR of 5.5% between 2020 and 2027.
 

Power tools offer benefits such as low cost and high precision as well as address issues associated with worker scarcity, which in turn is a major factor driving the market growth.
 

It is to be noted that power tools are energy-based tools that help in reducing human interventions. These tools also help in improving the precision of the outcomes acquired during their use. Power tools are available in various types such as pneumatic tools, internal combustion engine, hydraulics presses, and electric motors which are adopted for numerous applications including construction, gardening, household etc.
 

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These tools are widely used across verticals such as construction, aerospace, automobile etc. for basic operations that help in reducing labor costs. Growing furniture vertical owing to rapid expansion of commercial and construction sectors is also aiding the market expansion.
 

Advancements in technology have allowed for development of portable and handy power tools equipped with batteries. In fact, according to EPTA (European Power Tool Association), cordless power tools held 50% share in Europe power tool market.
 

Lithium-ion batteries help in making cordless power tools lightweight as well as enable them in providing better efficiency, thereby stimulating the industry outlook. However, fluctuating prices of raw materials and high costs of maintaining power tools may act as a restraining factor to the overall market growth.
 

As per regional analysis, Asia-Pacific power tools industry is slated to showcase unprecedented growth in the subsequent years, primarily due to rapid urbanization and industrialization. Increasing export activities in Indonesia, Malaysia, Japan, India, and China are also creating lucrative growth opportunities for industry participants.
 

Speaking of which, the major companies operating in worldwide power tools market are Techtronic Industries Co. Ltd., Snap-on Inc., Robert Bosch GmbH, Stanley Black & Decker Inc., Makita Corp., Koki Holdings Co. Ltd., Trane Technologies plc, Hilti Cop., Emerson Electric Co., and Atlas Copco AB.