The potential growth difference for the power tools market size between 2021 and 2026 is $10.33 billion.
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The "Power Tools Market by Technology (Electric, Pneumatic, And Others) and Geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2022-2026" report has been added to Technavio's offering.
The increase in global construction and infrastructure development activities is driving the growth of the market.
The construction industry is a major user of power tools.
They are used to carry out operations such as drilling, cutting, and grinding. The growth in construction activities will have a positive impact on the growth of the global power tools market.
The rising demand for public infrastructure in emerging markets such as Russia, Brazil, China, India, and South Africa is also driving the market growth.
By technology, the electric segment will be the largest contributor to market growth during the forecast period.
The popularity of electric power tools has increased owing to their advantages in terms of form, size, and convenience.
Moreover, the demand for cordless, battery-driven power tools is driving the growth of the electric power tools market during the forecast period. In addition, electric power tools are considered environment-friendly and energy-efficient.
By geography, APAC will dominate the market with 43% of the market's growth during the forecast period.
This growth is attributed to factors such as slow growth in the automotive industry, an increase in the rise in residential construction activities, and high demand from the aerospace industry.
Moreover, this region will grow at a faster rate than other regions. Japan and China are the key countries for the power tools market in APAC. ■
The International Air Transport Association (IATA) called on both the Danish and Icelandic Air Navigation Service Providers (ANSP) to revoke the planned increases in air traffic charges set to come into effect on 1 January 2023.