According to a new report published by Allied Market Research, titled, "electric power tools market by product type, and end user industry: global opportunity analysis and industry forecast, 2021–2030," The global electric power tools market is expected to generate revenue worth $24.1 billion in 2020 and is projected to reach $49.2 billion by 2030, registering a CAGR of 6.8% during the forecast period. In 2020, North America dominated the global market in terms of revenue, accounting for around 35.0% share, followed by Europe. The key factors that drive the growth of the global electric power tools market include increased adoption of electric power tools in the construction industry, integration of brushless motors in electrically powered tools, and growth in popularity of cordless power tools. However, high initial costs of the electric power tools as compared to pneumatic power tools is expected to hamper the market growth to a certain extent.
global electric power tools industry is expected to witness a significant growth from factors such as increase in adoption of electric power tools in the construction industry, integration of brushless motors in electric power tools, and growth in popularity of cordless power tools. However, high initial cost of the electric power tools is anticipated to restrain growth of the market. Moreover, the technological innovation in the electric power tools, are anticipated to provide lucrative opportunities for growth of the electric power tools market
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The intelligence report by Allied Market Research is the solid outcome of deep study and arduous assessment of numerous dynamics modeling the growth of the Electric Power Tools market. Allied Market Research fosters a highly efficient team of experts, strategists, analysts, and industry specialists who provide proper frameworks and approaches to make efficient decisions. Their systematic analysis and insights help executives steer through their critical priorities with utmost confidence.
The meticulous scrutiny of the countless forces influencing the dynamics of the market, guides business ventures in understanding various consumer schemes & proposals. The clients then happen to utilize perspectives to perk up customer experience in the fast-paced business milieu.
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Analysis of the Covid-19 scenario-
Outbreak of the Covid-19 pandemic has had a preposterous impact on the lives of people. Most of the business verticals across the world were highly affected. The Electric Power Tools market report doles out a compact overview of the Covid-19 impact on the industry. Moreover, it takes in a micro- and macro-economic impact assessment. The report further cites the market extent and share as one of the major impacts of the pandemic. At the same time, it offers a detailed overview of the influence of COVID-19 on the Electric Power Tools market supply chain.
Last but not the least; the market report focuses on the key approaches incorporated by the industry players throughout the global health crisis. In a nutshell, the Electric Power Tools market report offers an overview of pre- as well as post-Covid-19 impact exploration.
Key Findings Of The Study
- Depending on product type, cordless segment was the largest revenue generator in 2020.
- By end user industry, the construction segment generated the highest revenue in 2020.
- Region wise, North America is anticipated to dominate the global electric power tools market share throughout the study period.
- The report provides an extensive analysis of the global electric power tools market trends and emerging opportunities of the market.
- The global electric power tools market forecast analysis from 2021 to 2030 is included in the report.
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The major queries answered in the report are given below:
- Who are the frontrunners active in the global Electric Power Tools market?
- What is the dominant scenario of the market?
- What are the existing drifts & leanings that would possibly determine the global Electric Power Tools market study in the next few years?
- What are the driving factors, limitations, and opportunities in the industry?
- What are the probable forecasts for the future that would help in coming up with further strategic steps to propel the growth of the market?
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