The global power tools market is expected to grow at a compound annual growth rate of 4.6% between 2017 and 2023, to reach $35.58 billion by 2023, according to a report from Infiniti Research Limited.
Key factors driving growth include urbanization, a growing construction industry, increased sales of commercial vehicles, and a rising demand for cordless tools. Hindering market is the cost associated with maintaining power tools, the report says.
North America is expected to hold the largest market share during the period, driven by the growing construction industry and rising automotive sales in this region.
The increasing popularity of the DIY trend among consumers is driving growth of the power tools market for residential/DIY applications while remodeling and renovation projects are growing at a faster rate than new construction projects.
The full report can be viewed and downloaded here.