What’s happening near future in the power tools Industry 2022?

Fast recovering after market impacting by COVID-19
COVID-19 has seriously impacted the global economy and all the business. Various countries have imposed lockdowns, has resulted into the disruptions in the supply chain across all over the world. Fortunately, the decline trend is changing, the production is recovering. Especially in automotive and manufacturing end-use industry.

Technology

Cordless power tools will reach positive CAGR next 8 years

Technology Improvement in batteries, and the replacement with lithium-ion batteries, help the market for cordless power tools to grow at a higher rate.
The increasing population in countries such India, is raising the demand for corded electric power tools at construction sites etc.

Industry

Energy project to hold largest CAGR during the forecast period

The utilization of wind energy is expected to rise, due to the turbines will become larger ever. The wind projects will boost in many countries, such as the ones in South America, Chile. For example impact wrenches which can provide high torque, can help the operation reach another level.

Region

Asia Pacific is expected to be fastest-growing market by 2026

Rising urbanization, increasing automotive sales, growing manufacturing are the key factors fueling the growth. Moreover, South Asia is obviously bigger demand for power tools. Attributed to these factors, APAC is likely to be the fastest-growing market by 2030.