Power Tools Market Trends, Growth, Industry & Revenue [2031]

Segments - Power Tools Market by Mode of Operation (Electric Corded, Cordless, and Pneumatic), Types (Drills, Saws, Wrenches, Grinders, Sanders, and Others), Applications (Construction, Automotive, Aerospace, Energy, Electronics, and Others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Rucha Phatak

Report Description

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	Details
Report Title	Power Tools Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	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)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	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

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.

Power Tools Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Power Tools Market Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Power Tools Market Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Power Tools Market Market - Supply Chain
  4.5. Global Power Tools Market Market Forecast
     4.5.1. Power Tools Market Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Power Tools Market Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Power Tools Market Market Absolute $ Opportunity
5. Global Power Tools Market Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Power Tools Market Market Size and Volume Forecast by Types
     5.3.1. Drills
     5.3.2. Saws
     5.3.3. Wrenches
     5.3.4. Grinders
     5.3.5. Sanders
     5.3.6. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Power Tools Market Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Power Tools Market Market Size and Volume Forecast by Applications
     6.3.1. Construction
     6.3.2. Automotive
     6.3.3. Aerospace
     6.3.4. Energy
     6.3.5. Electronics
     6.3.6. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Power Tools Market Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Power Tools Market Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Power Tools Market Demand Share Forecast, 2019-2026
8. North America Power Tools Market Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Power Tools Market Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Power Tools Market Market Size and Volume Forecast by Types
     8.4.1. Drills
     8.4.2. Saws
     8.4.3. Wrenches
     8.4.4. Grinders
     8.4.5. Sanders
     8.4.6. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Power Tools Market Market Size and Volume Forecast by Applications
     8.7.1. Construction
     8.7.2. Automotive
     8.7.3. Aerospace
     8.7.4. Energy
     8.7.5. Electronics
     8.7.6. Others
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Power Tools Market Demand Share Forecast, 2019-2026
9. Latin America Power Tools Market Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Power Tools Market Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Power Tools Market Market Size and Volume Forecast by Types
     9.4.1. Drills
     9.4.2. Saws
     9.4.3. Wrenches
     9.4.4. Grinders
     9.4.5. Sanders
     9.4.6. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Power Tools Market Market Size and Volume Forecast by Applications
     9.7.1. Construction
     9.7.2. Automotive
     9.7.3. Aerospace
     9.7.4. Energy
     9.7.5. Electronics
     9.7.6. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Power Tools Market Demand Share Forecast, 2019-2026
10. Europe Power Tools Market Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Power Tools Market Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Power Tools Market Market Size and Volume Forecast by Types
     10.4.1. Drills
     10.4.2. Saws
     10.4.3. Wrenches
     10.4.4. Grinders
     10.4.5. Sanders
     10.4.6. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Power Tools Market Market Size and Volume Forecast by Applications
     10.7.1. Construction
     10.7.2. Automotive
     10.7.3. Aerospace
     10.7.4. Energy
     10.7.5. Electronics
     10.7.6. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Power Tools Market Demand Share Forecast, 2019-2026
11. Asia Pacific Power Tools Market Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Power Tools Market Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Power Tools Market Market Size and Volume Forecast by Types
     11.4.1. Drills
     11.4.2. Saws
     11.4.3. Wrenches
     11.4.4. Grinders
     11.4.5. Sanders
     11.4.6. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Power Tools Market Market Size and Volume Forecast by Applications
     11.7.1. Construction
     11.7.2. Automotive
     11.7.3. Aerospace
     11.7.4. Energy
     11.7.5. Electronics
     11.7.6. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Power Tools Market Demand Share Forecast, 2019-2026
12. Middle East & Africa Power Tools Market Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Power Tools Market Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Power Tools Market Market Size and Volume Forecast by Types
     12.4.1. Drills
     12.4.2. Saws
     12.4.3. Wrenches
     12.4.4. Grinders
     12.4.5. Sanders
     12.4.6. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Power Tools Market Market Size and Volume Forecast by Applications
     12.7.1. Construction
     12.7.2. Automotive
     12.7.3. Aerospace
     12.7.4. Energy
     12.7.5. Electronics
     12.7.6. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Power Tools Market Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Power Tools Market Market: Market Share Analysis
  13.2. Power Tools Market Distributors and Customers
  13.3. Power Tools Market Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Stanley Black & Decker, Inc.
     13.4.2. Robert Bosch GmbH
     13.4.3. Techtronic Industries Co. Ltd.
     13.4.4. Makita Corporation
     13.4.5. Hilti Corporation
     13.4.6. Atlas Copco AB
     13.4.7. Ingersoll Rand