Rockville , Jan. 26, 2024 (GLOBE NEWSWIRE) -- The fastening power tool market is expected to grow at a 6.4% CAGR between 2024 and 2034, according to Fact.MR. By 2034, the global market for these products is expected to reach US$ 3,502.1 million. According to Fact MR, a provider of market research and competitive intelligence, the global fastening power tool market is rapidly growing and is expected to continue its growth trajectory in the coming years.
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The fastening power tool market is expected to see significant growth in emerging markets due to increasing industrialization and infrastructure development in these regions. Government initiatives promoting infrastructure development and industrial growth can positively impact the fastening power tool market. The replacement of outdated or worn out power tools in various industries is expected to augment the demand for newer, more advanced fastening tools. Large scale infrastructure projects, such as roads, bridges, and airports, are expected to propel the sales of fastening power tools, especially in regions with significant infrastructure development initiatives.
Integration of Industry 4.0 principles, such as automation, data exchange, and connectivity in manufacturing processes, can lead to the adoption of advanced fastening power tools with smart capabilities. Fastening power tools with capabilities suited for these materials may experience higher demand, as industries increasingly use lightweight and durable composite materials. The integration of collaborative robots in manufacturing processes is expected to create opportunities for fastening power tools designed to work alongside human operators, enhancing efficiency and productivity.
| Report Attribute | Details |
| Value Projection (2034) | US$ 6,512.5 Million |
| Growth Rate (2024-2034) | 6.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
- In 2024, the global fastening power tool market is estimated to have a global market size of US$ 3,502.1 million.
- The rebar tier is expected to dominate the market, with a market share of 31.2% in 2024.
- The retailers category is expected to hold a market share of 39.9% in 2034.
- The United States is predicted to acquire a 67.1% of the global market share in 2024.
- North America is expected to account for a CAGR of 6.6% by 2034.
“Advances in 3D printing technology are expected to influence the design and manufacturing of fastening power tools, allowing for more intricate and customized tool components,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- C. and E. Fein GmbH
- DEWALT
- Hilti Corporation
- Hitachi Koki Co.
- Makita Corporation
- MAX Co. Ltd.
- Sumake Industrial Co.
- Techtronic Industries Co. Ltd.
- Wacker Neuson SE
- Xindalu Electronic Technology Co. Ltd.
Competitive Landscape
The fastening power tools market is shaped by pricing, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to market dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.
Recent Development
- In 2022, Hilti Group, a pioneering force in tools, technology, software, and services for the commercial construction industry, announced the launch of a groundbreaking innovation, Nuron, an advanced 22V cordless battery platform with built in connectivity.
- Based in Schaan, Liechtenstein, and Plano, Texas, Hilti's Nuron revolutionizes the daily work experience of construction professionals by incorporating state-of-the-art technologies. The platform not only addresses health and safety challenges but also enhances efficiency, empowering users to work safer, smarter, and more efficiently.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global fastening power tool market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on fastening power tool market analysis by product type (rebar tier, corrugated fasteners, nailer machine, screw system, hog ring tool, stapler), by mode of sales (retailers, distributors, online), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
Explore More Related Studies Published by Fact.MR Research:
Cordless Power Tools Market: The market is expected to reach a valuation of US$ 39.2 Billion in 2033.
Power Tool Batteries Market: Worldwide sales of power tool batteries are set to reach US$ 6.5 billion by 2033.
Tool Rental Market: The tool rental market is expected to grow from US$ 54.7 billion in 2023 to US$ 82.5 billion in 2033.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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