As manufacturers develop intelligent solutions for corded and non-corded power tools, the scope for application is projected to expand across a wide range of industries. According to FMI, the demand for power tools is being positively fueled by significant expansion in end-use industries like aerospace, automotive, furniture, and others. Power tool uses have been booming to eliminate difficult manual work throughout industries, thanks to characteristics such as electric motors.
According to the survey, the Power Tools Market grew at a rate of 3.7 percent between 2016 and 2020, compared to a CAGR of 5.1 percent between 2021 and 2031. Increasing online sales of rechargeable power tools, home power tools, handheld power tools, and other equipment will continue to be a major growth driver during the projection period.
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