The global power tools market size was valued at around USD 26.90 billion in 2022 and is anticipated to reach USD 38.29 billion by 2031, expanding at a CAGR of 4% during the forecast period, 2023 – 2031. The high demand for power tool, in construction industry and in advanced infrastructural developments is boosting the global power tool market.
Power tools refer to tools that are driven by auxiliary power sources and mechanisms other than physical labor. These are hand-held tools, which generally usually work on electricity. Some power tools work on compressed air and batteries as well. Power tools such as drills, circular saws, hammer-drills, jigsaws, routers, sanders, and others are employed in various industries such as construction, energy, automotive, and others.
Power tools are used to complete several jobs such as cutting, shaping, drilling, grinding, polishing, and others. Power tools often prove to be essential in completing any challenging project. These tools perform better in difficult tasks than stationary tools. Certain power tools are designed to perform specific functions with certain materials.
Several power tools have a wide range of adjustable settings that enables people to use them in various tasks. Speed, efficiency, precision, convenience, and accuracy are some of the advantages of power tools.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for power tools from the construction industry, due to advanced infrastructure development, is driving the market.
- Growing government support and rising income levels are accelerating the growth of the power tool market.
- Rising automotive manufacturing is estimated to boost the market during the forecast period.
- Increasing adoption of cordless power tools for mobility is projected to fuel the market in the coming years.
- Fluctuating prices of raw materials hampers the growth of the market.
- Technological advancements, which aid in the safe use of power tools, are anticipated to provide lucrative opportunities for the market players during the forecast period.
Scope of Power Tools Report
The report on power tools market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Power Tools Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Mode of Operation (Electric Corded, Cordless, and Pneumatic), Types (Drills, Saws, Wrenches, Grinders, Sanders, and Others), and Applications (Construction, Automotive, Aerospace, Energy, Electronics, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Stanley Black & Decker, Inc.; Robert Bosch GmbH; Techtronic Industries Co. Ltd.; Makita Corporation; Hilti Corporation; Atlas Copco AB; Ingersoll Rand; Snap-on Incorporated; Apex Tool Group; Koki Holding Co., Ltd.; and Others
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Global Power Tool Market Segment Insights
Cordless segment drives the market
Based on the mode of operation, the market can be segmented into electric corded, cordless and pneumatic. The cordless segment is expected to boost the market during the forecast period, owing to increasing innovations in battery technology and growing acceptance of cordless power tools among industrial and individual users.
Manufacturers are focusing on manufacturing cordless power tools powered by lithium-ion batteries. Demand for power tools powered by rechargeable lithium-ion batteries is expected to increase during the forecast period.
Drills segment holds a large share of the global power tools market
On the basis of types, the market can be segmented into drills, saws, wrenches, grinders, sanders, and others. The drills segment held a large market share in 2021, and this trend is expected to remain the same during the forecast period.
The growth of this segment is attributed to the increased adoption of these tools in the automotive assembly and wind turbine installation sectors. While electric drills are used by professionals and DIY enthusiasts, most pneumatic drills are used in industrial environments such as automobiles and aerospace plants.
Automotive segment to expand significantly
Based on applications, the market can be segmented into construction, automotive, aerospace, energy, electronics, and others. The automotive segment is expected to grow significantly during the forecast period, due to the increasing adoption of power tools in the automotive industry. Increasing technological innovation and adoption of advanced technologies are crucial factors that boost the segment.
Asia Pacific dominates the global market
In terms of regions, the global power tools market can be split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is expected to register high CAGR during the forecast period, due to growing popularity and rising demand for power tools. Growing remodeling and renovation of residential projects across the globe is estimated to fuel the segment in the coming years.
Segments
Mode of Operation
- Electric Corded
- Cordless
- Pneumatic
Types
- Drills
- Saws
- Wrenches
- Grinders
- Sanders
- Others
Applications
- Construction
- Automotive
- Aerospace
- Energy
- Electronics
- Others
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- Stanley Black & Decker, Inc.
- Robert Bosch GmbH
- Techtronic Industries Co. Ltd.
- Makita Corporation
- Hilti Corporation
- Atlas Copco AB
- Ingersoll Rand
- Snap-on Incorporated
- Apex Tool Group
- Koki Holdings Co., Ltd.
- Others
Competitive Landscape
Key players in the global power tools market include Stanley Black & Decker, Inc.; Robert Bosch GmbH; Techtronic Industries Co. Ltd.; Makita Corporation; Hilti Corporation; Atlas Copco AB; Ingersoll Rand; Snap-on Incorporated; Apex Tool Group; Koki Holding Co., Ltd.; and others. These key players engage in mergers, acquisitions, collaborations, agreements, product launches, and partnerships to strengthen their geographical presence.