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Pune, India, June 08, 2022 (GLOBE NEWSWIRE) --
The global power tools market size is expected to see massive growth during the forecast period, owing to the increased construction expenditures across developing economies. Remarkable growth of the automotive ecosystem across Japan, China, and India has been paving the way toward considerable rise of infrastructural development activities. Noted below are some key trends observed across three major regional markets:
Cordless power tools to garner momentum in APAC: Between 2021 and 2027, Asia Pacific electric cordless power tools market size is estimated to register a 7% CAGR. These devices are being adopted across residential sectors as well as commercial facilities due to their multiple advantages. Thanks to the rising disposable incomes of the regional population, more users have been shifting from corded tools to cordless alternatives, which are comparatively expensive but more powerful.
Access sample pages of the report, “Asia Pacific Power Tools Market Forecasts 2027” in detail along with the table of contents (ToC) @
Power wrenches market in China and India: APAC wrenches market share is anticipated to account for about 10% of the total revenue by 2027. These units are widely use across manufacturing facilities for enhancing work efficiency and productivity. The advent of Industry 4.0 in India and China has been empowering more enterprises to make informed decisions about automated power tools. Regional governments have been actively funding the industrial sector, which has been contributing increasingly toward the GDPs over the last few years.
Fresh construction investments: By 2027, the construction sector in APAC is expected to generate over $13 billion in terms of revenue, thanks to the rising number of refurbishment and new construction activities. From smart city projects to underwater railway tunnels, the regional construction sector has been witnessing a boom. China has been lately resorting to state-led funds for stabilizing its economy after COVID-19, in the hope that infrastructure projects will help create more employment opportunities for boosting the national economic scenario.
Sawing and cutting tools market in Europe: Europe market share from the sawing and cutting tools segment was valued at about $2.7 billion during 2020. Manufacturers have been catering to the spike in demand for more powerful electric chainsaws, marble cutters, sabre saws, jigsaws, concrete cutters, and benchtop saws. They have been adding innovative products to their product lines. Handier, more compact, and highly reliable products are entering the market since the number of home permits has been increasing since the pandemic.
Access sample pages of the report, “Europe Power Tools Market Forecasts 2027” in detail along with the table of contents (ToC) @
Germany power tools market size : Germany represented over 26% of the total revenue in Europe during 2020. With the mechanical engineering industry making significant advancement, the reliance on high torque, cost-effective products has been growing. Construction companies in the region have been upgrading their toolboxes, further pushing the product penetration. The regional market will record a steady CAGR of about 6.3% through the assessment timeframe. Regional maintenance services are focusing on improving service delivery, thereby fostering product use.
Power drills to see increased sales in North America: By 2027, the drilling and fastening power tools in North America market is estimated to clock more than $5 billion. Growing penetration of advanced technologies across heavy industrial applications has been responsible for the upcoming growth of this market. Both professionals as well as DIY customers have been preferring the use of these tools over other alternatives. Manufacturing plants of aerospace and automotive companies have been depending on pneumatic drilling and fasting tools for accelerating their production rates.
Access sample pages of the report, “North America Power Tools Market Forecasts 2027” in detail along with the table of contents (ToC) @
DIY segment to clock more profit in U.S.: Since the beginning of the COVID-19 pandemic, the U.S. and Canada have witnessed growing DIY residential refurbishment activities. Thanks to the popularity of smart kitchens, regional consumers have been undertaking big and small do-it-yourself projects such as painting, plumbing, installation of new countertops, and flooring. Numerous customers have been adding cordless drills, power saws, cordless jigsaws, and screw guns to their personal toolboxes, adding to U.S. market share.
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