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APAC Power Tools Market revenue to hit $38 Bn by 2027
Published Date: 2022-01-03
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APAC Power Tools Market size is expected to exceed UAD 38 billion by 2027, according to a latest forecast report by Graphical Research. Growing demand for electric power tools from the industrial and residential sectors will drive power tools industry in Asia Pacific.
Countries in Asia Pacific including China, India, and Japan witnessed considerable demand for power tools in 2020 from the construction and automotive industries. COVID-19-forced lockdowns across Asia Pacific disrupted supply chains in the region owing to limited permissible transportation. Several countries in Asia Pacific were under severe lockdowns and suffered an immense loss owing to the shutdown of manufacturing units. These factors, in turn, impacted the demand for power tools in 2020. The incredible growth in construction activities and infrastructure development in Asia Pacific region is expected to enhance the sales of power tools within the region.
The Asia Pacific power tools market from electric cordless is projected to grow at a CAGR of 7% during the forecast period. The considerable adoption of electric cordless power tools in the commercial and residential sectors owing to various features of corded power tools, such as high productivities, portability, and usability in remote locations, will drive the market growth of cordless electric power tools. In the last few years, large number of end-users from Asia Pacific shifted from electric corded to cordless tools for various industrial application; however, corded tools still hold a significant market share.
Browse detailed statistical insights from the report, “Asia Pacific Power Tools Market Forecast 2027 By Application (Construction, Automotive, Aerospace, Energy, Electronics, DIY), By Mode (Electric Corded, Electric Cordless, Pneumatic), By Tool Type (Drilling & Fastening, Sawing & Cutting Tools, Demolition, Material Removal, Wrenches), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The drilling & fastening application segment is estimated to witness over 6.5% CAGR through 2027. Drilling & fastening tools are used in maintenance, repairing, and inspecting processes in various manufacturing or installation applications in Asia Pacific.
The DIY application segment is poised to account for an 15% market share by 2027 attributed to the increasing adoption of power tools in DIY applications. The popularity of the Do-it-Yourself (DIY) technique during the COVID-19 pandemic along with the unavailability of workers for household have led to the increased usage of DIY activities for household repair & maintenance in the region.
The APAC power tools market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Mode
- Electric Corded
- Electric Cordless
Asia Pacific Market, By Tool Type
- Drilling & Fastening
- Sawing & Cutting Tools
- Material Removal
Asia Pacific Market, By Application
The above information has been provided for the following countries:
- Asia Pacific
- South Korea