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The power and hand tools market size has grown steadily in recent years, with expectations to increase from $11.53 billion in 2023 to $11.99 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4%. This growth can be attributed to the rising popularity of do-it-yourself (DIY) projects and home improvement activities, expansion in the construction sector driving demand for power and hand tools, increased accessibility due to online sales channels, and urbanization leading to more residential and commercial construction activities. Additionally, the development of environmentally friendly tools has contributed to this trend. Looking ahead, the market is projected to reach $14.12 billion by 2028, growing at a CAGR of 4.2%. This anticipated growth is driven by increasing demand for eco-friendly and sustainable tools, the incorporation of automation and artificial intelligence to enhance functionality and user experience, ongoing urbanization and infrastructure development, the rise of e-commerce and omnichannel retailing, and a demand for customizable and personalized tools. Major trends expected in the forecast period include the development of smart and connected tools, advanced battery technologies, integration of automation and robotics, AI and machine learning, and modular, multi-functional tools.

The rising construction industry is expected to propel the growth of the power and hand tools market. The construction industry involves building and infrastructure development, driven by urbanization, population growth, and technological advancements. Power and hand tools enhance efficiency and precision in construction tasks. For instance, in February 2023, ConstructConnect reported that U.S. construction spending increased by 16.7% in 2022, reaching $912 billion. Therefore, the expanding construction industry is fueling the growth of the power and hand tools market.

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What Are The Key Trends That Influence Power And Hand Tools Market Share Analysis?

Major companies operating in the power and hand tools market are developing battery-powered tools with a longer runtime, with the inclusion of smart integrated sensors for real-time monitoring and ergonomic designs. Battery-powered tools with longer runtime are tools that operate on rechargeable batteries and can sustain continuous use for extended periods without frequent recharging. For instance, in January 2022, Bosch Power Tools GmbH, a Germany-based electrical and electronic manufacturing company, launched a new 18V REVOLVE 4000 green-beam rotary laser. The latest product has enhanced features such as an extended leveling range, higher visibility up to four times brighter than traditional red beams, and additional ADS settings, allowing for a superior user experience during heavy-duty tasks.

Which Market Players Are Driving Growth In The Power And Hand Tools Market?

Major companies operating in the power and hand tools market are The Bosch Limited, Danaher Corporation, Stanley Black & Decker Inc., Atlas Copco AB, Emerson Electric Co., Techtronic Industries Co. Ltd., Milwaukee Electric Tool Corporation, Makita Corporation, Ingersoll-Rand Plc, Snap-On Incorporated, MISUMI Group Inc., Chervon Holdings Limited, Apex Tool Group LLC, Fluke Corporation, Enerpac Tool Group, Chicago Pneumatic Tool, The Ames Companies In., Alberta Investment Management Corporation (AIMCo), Daniels Manufacturing Corporation, Alltrade Tools LLC, AnCor Inc., Taparia Tools

How Is The Global Power And Hand Tools Market Segmented?

1) By Type: Secateurs; Hammers; Spanners; Other Types
2) By Technology: Engine Driver; Hydraulic And Powder-Actuated; Pneumatic; Electric
3) By Application: Electronics; Construction; Aerospace; Automobiles; Other Applications

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The Power And Hand Tools Global Market Report 2024 provides an overview of the power and hand toolsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The power and hand tools market forecast analyzes power and hand tools market size, power and hand tools market share, leading competitor and their market positions.

The Table Of Content For The Power And Hand Tools Market Include

1. Power And Hand Tools Market Executive Summary
2. Power And Hand Tools Market Segments
3. Power And Hand Tools Market Size And Template Market Growth Rate
4.  Key Power And Hand Tools Market Trends
5. Major Power And Hand Tools Market Drivers
……
25. Key Mergers And Acquisitions In The Power And Hand Tools Market
26. Top Power And Hand Tools Companies
27. Power And Hand Tools Market Opportunities And Strategies
28. Power And Hand Tools Market, Conclusions And Recommendations
29. Appendix

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