According to Fact.MR, the global market for portable tools is anticipated to reach US$ 80.4 billion by the end of 2022 and grow at a 4.2% CAGR from 2022 to 2032.
The primary driver of market expansion is the growing DIY (do-it-yourself) trend that has spread throughout the world thanks to the accessibility of portable tools through online sales channels. In addition, the use of social media is expanding, and popular video streaming websites that offer free "how-to" content are fueling this demand.
Because of this, it is anticipated that total sales of portable tools will generate an opportunity worth US$41.2 billion between 2022 and 2032. According to Fact.MR, the global industrial machinery and equipment tools market in 2021 included nearly 15% of the portable tools market.
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In addition, the lack of DIY in the industrial sector will drive up demand for powered portable tools like drill machines, circular saws, and compressed air guns, which will boost the market. In light of this, Fact.MR projects that by 2032, sales of power tools will total US$60.3 billion.
The market is experiencing explosive growth, particularly among DIY users, for hand tools in the industrial and commercial lighting sector. The incorporation of cutting-edge technologies into these tools will open up lucrative new growth opportunities for portable tool market participants.
The adoption of PPE will also be fueled by rising awareness of the value of personal protective equipment (PPE) and strict regulations relating to health safety. The study predicts that the PPE segment will be the most profitable, followed by power tools.
The market for portable tools is anticipated to surpass US$ 121.6 billion by the end of 2032, supported by the aforementioned factors.
Key Takeaways:
· During the forecast period, the online sales channel will generate 1.2X more revenue than the distributor sales channel.
· By the end of 2032, it is predicted that the category of power tools will generate a total opportunity of US$24.3 billion.
· By the end of 2032, sales of portable tools in the industrial sector are anticipated to reach US$ 62.5 billion, representing a 4.8% CAGR from 2022 to 2032.
· The market for portable tools in Germany is predicted to be worth $8 billion by 2022 and $14.7 billion by the end of 2032.
· By 2032, Europe is predicted to hold a commanding share of the global market for portable tools, with over 31.6% of total sales.
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Competitive Environment:
According to Fact.MR, the global market for portable tools is incredibly fragmented and competitive. To improve their market positioning and broaden their global reach, top players are putting their attention on product development.
While this is going on, some of the other players are implementing inorganic growth strategies like expansion, mergers and acquisitions, and teamwork to gain a competitive advantage and boost output.
For example,
· Leading player Vtoman announced the release of an all-in-one cordless power tool and simple tool kit on the crowdfunding website Indiegogo in January 2022.
· The availability of Bosch Power Tools' PROFACTOR SDS-max 18V hitman Rotoary Hammers was announced in April 2021. Bosch Power Tools is a world leader in power tools and power tool accessories. In order to work best with CORE18V PROFACTOR batteries, this tool delivers 5.2 Ft.-Lb of impact energy.
Key Players in the Portable Tools Market Include:
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Global Portable Tools Market Segments
| Company Name | Contact Person | Contact Number | Email Id | Website | Address |
|---|---|---|---|---|---|
| Fact.MR | 6282511583 | neha.b@factmr.com | https://www.factmr.com |
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