Dec 21, 2022
Power Tools Market Shows Strong Growth Through 2027
The global power tools market size is estimated to be US$42.8 billion in 2022 and is projected to reach $65.5 billion by 2027 at a compound annual growth rate (CAGR) of 8.9 per cent, says a report by MarketsandMarkets. The growth of the market can be attributed to the growing construction industry in most markets, the rising adoption of battery-powered power tools globally, and the demand for lighter and easy-to-use power tools. Electric power tools will likely grow at the highest CAGR in the forecast period. The most widely used electric power tools are power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers. The residential application will grow at the highest growth rate through 2027. Rising adoption of cordless power tools from homeowners is partially driving market growth. Electric power tools are mostly used by do-it-yourself (DIY) consumers for residential refurbishment and improvement projects. DIY users preferring convenience and simplicity has led to a significant increase in demand for smaller and lighter power tools.