Power Tools Market to Surpass US$ 33.36 Bn in 2021 as Preference for Cordless and Sustainable Power Tools Grows across Diverse Industries

FMI

A recent study by Future Market Insights on the power tools market offers a detailed 10-year forecast. The study analyzes the crucial trends that are currently determining the growth of the power tools market. This report focuses on salient features, such as drivers, restraints, and opportunities for leading players along with key stakeholders

DUBAI, UAE, Oct. 22, 2021 /PRNewswire/ -- The demand outlook for global power tools market is forecast to remain positive between 2021 and 2031, opines Future Market Insights (FMI) in its latest study. Surging adoption of cordless power tools within construction industry will drive the sales in the market.

As per Future Market Insights, sales of power tools are expected to reach US$ 33.36 Bn in 2021. Rising preference for sustainable electric power tools have amplified the demand in the market. The report stresses on impressive commercial potential of power tools.

Their application in diverse applications and integration of cutting-edge features such as electric motors will aid the overall expansion of the market in the coming years.

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The unprecedented outbreak of COVID-19 dampened the sales owing to the disruption in manufacturing activities and supply-chain across the globe. However, with expedited vaccination drives and growing demand from several end-use industries such as aerospace, automotive, and furniture, sales of power tools are expected to increase over the forthcoming decade.

Historically, the market grew by 3.7% between 2016 and 2020. As inclination towards online sales channel grew during the FQ-20, manufacturers' reliance on e-commerce platforms to sustain their revenue during the pandemic surged.

As per FMI, online sales channel will report highest growth with increasing focus on diversification among market players. Hence, demand for power tools is expected to surge in response to the increasing penetration of e-commerce platforms.

In order to meet the surging demand for high efficiency and advanced power tools, leading manufacturers are adopting advanced technologies such as cordless power tools with lithium-ion batteries to improve the shelf life.

For instance, in 2019, Stanley Black & Decker announced the launch of DEWALT FLEXVOLT 60V MAX* 2-Inch Brushless SDS MAX Combination and cordless Hammer (DCH773), comprising features such as e-clutch system and with active vibration control 9.0Ah battery technology with maximum control for bind-up situations.