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Global Power Tool Market likely to reach US$ 64.5 billion by 2033, registering a 6% CAGR | Future Market Insights, Inc.
The Power Tool Market, encompassing Drilling Tools, Fastening Tools, Heat Guns, and other product categories, is set for remarkable growth between 2023 and 2033. With cutting-edge power tools revolutionizing workspaces and enhancing efficiency, particularly in the expanding construction industry, this market will reach an impressive valuation of US$ 64.5 billion by 2033.
NEWARK, Del., Oct. 10, 2023 /PRNewswire/ — The power tool market will be valued at US$ 36.04 billion in 2023. The market is expected to be worth US$ 64.5 billion by 2033. The market is estimated to grow at a CAGR of 6% from 2023 to 2033. Persistent advancement in power tool innovations, including brushless motors, batteries made with lithium-ion, and sophisticated amenities like connected IoT devices, improves efficiency, resilience, and customer service. These developments boost customer demand as buyers seek superior, effective, and user-friendly technologies.
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Power Tool Market Trends:
Power tools are in high demand in production, building, and installation activities owing to global industry development and the continuous development of infrastructure. Expanding urbanization, especially in emerging nations, boosts the demand for power tools in various activities. Do-it-yourself (DIY) operations, spurred by internet instructions and home renovation shows, are increasing the popularity of power tools among householders and enthusiasts.
Growing sustainability awareness led to developing ecologically sound power tools with lower emissions and energy-saving features. Companies are spending money on environmentally friendly practices such as adopting recyclable components and energy-efficient technologies.
Power tool availability via websites and online retailers improves market access. Online commerce provides a diverse choice of items, competitive pricing, and convenience, which drives customer purchases and revenue growth. In Europe, Germany has a sizable power tool sector. The country’s development outlook appears positive, especially because demand is expected to expand as the building sector improves. Power tool sales are likely to be supported by the favorable outlook for Germany’s construction sector.
Key Takeaways from the Market Study
- By product type, drilling power tool sales are expected to rise at a 6% CAGR through 2033.
- Sales of power tools via offline channels to incline at a CAGR of 5.9% from 2023 to 2033.
- The United States market is expected to increase at a 6.2% CAGR.
- The market for power tools in the United Kingdom is poised to total US$ 8 billion by 2033.
- China to be a key contributor to market expansion, registering a 6.1% CAGR.
“The advancement of technology is projected to be a crucial driver, with breakthroughs in integrating IoT devices, tool effectiveness, and connection. Sustainable practices are resulting in an increase in the uptake of energy-efficient, environmentally conscious power tools,“ Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
The global market is fragmented, with many small and medium-sized suppliers controlling most of the industry. Several corporations are investing considerably in comprehensive research and development operations to produce environmentally friendly products. Product diversification and consolidation are important tactics for key players.
- Makita UK expanded its outdoor power Tool market with its latest ‘XGT 40VMax equipment’ in July 2021. Brushless UR002G 40VMax Cutter and 40VMax Hedge Trimmer are included.
- Makita Corporation developed an upgraded nailer called the 18 Gauge 2″ Brad Nailer (AF506) in June 2021. It is a battery-powered power tool with improved ergonomics. It is suitable for both hard and soft hardwood surfaces.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global Power Tool market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights by product type (drilling tool, fastening tool, heat gun, angle grinder, chain saw, orbital sander, jigsaw, impact wrench and circular saw), technology (electric and pneumatic), application (manufacturing and MRO services) and sales channel (online and offline), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
Report Scope:
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Attribute |
Details |
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Estimated Market Size in 2023 |
US$ 36.04 billion |
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Projected Market Valuation in 2033 |
US$ 64.5 billion |
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Value-based CAGR 2023 to 2033 |
6 % |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
Value in US$ billion |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Countries Profiled |
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Key Companies Profiled |
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About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and one million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
To get access to the Comprehensive Research Methodology, Request here!
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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- In 2023, the global articulated robot market achieved a valuation of US$ 9.2 billion. The market is anticipated to grow at a CAGR of 8.3% and reach US$ 20.4 billion by 2033.
- The global solar trackers market size was valued at US$ 3.2 billion in 2022. The market is estimated to surge at a CAGR of 7.5% by 2033, reaching a value of about US$ 7.2 billion in 2033.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading market intelligence and consulting service provider, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, U.S., and India. FMI’s latest market research reports , and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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EQT AB Group |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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