Power Tools Market is Poised to Gain Traction Due to Advances in Battery Technology
The power tools market has been witnessing significant growth over the past few years. Power tools include machines that are powered by electricity, gasoline-powered engines or compressed air and are used for mechanized constructions. These tools offer efficiency, control and convenience over conventional hand tools. Power tools find wide application in drilling, sawing, sanding, planing, routing, mortising and more across industries such as construction, shipbuilding and more. Key advantages include better control, efficiency, repeatability and reliability. Rapid infrastructure development and growth in residential & commercial construction have augmented the demand for power tools.
The Global Power Tools Market is estimated to be valued at US$ 34554.27 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the power tools market are LocumTenens.com, Adecco Group, TeamHealth, Trustaff, Aya Healthcare, Maxim Healthcare Group, CGM Management, Inc., AMN Healthcare, Cross Country Healthcare, Inc., and Envision Healthcare Corporation. The key players are focusing on new product innovations including cordless power tools and tools with advanced ergonomic designs. For instance, Bosch recently launched a new 18V system compact drill and impact driver with optimized ergonomics.
The Power Tools Market Demand offers several growth opportunities with rising demand from end use industries. The market is witnessing rising uptake of power tools with advanced connectivity and remote monitoring capabilities. For example, Makita has launched new POWERTOOLS Connect app that allows users to track tool performance via Bluetooth.
Technological advancements in battery technology is a key driver of growth in the power tools market. Lithium-ion batteries are gaining traction due to higher energy density, no memory effect and longer lifespan. Battery technologies such as lithium-titanate offer faster charging and excellent thermal stability. Such advances are enabling development of more powerful cordless tools with longer run times.
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