Report Overview
Product Overview
Power Tools Market size was USD 31.59 billion in 2021 and projected to grow from USD 35.5 billion in 2023 to USD 60.7 billion by 2032, exhibiting a CAGR of 6.1% during the forecast period.
Power Tools are precisely the portable power tools or power-driven hand tools. These names and tools are different from the still power tools like the jointer or miter saw. While these power tools are usually driven by power, the class also comprises small pneumatic tools powered by compressed air like air impact hammers and wrenches. The commonly used power tools are the circular saw (electric) and the electric drill.
Market Highlights
Power Tools Market is expected to project a CAGR of 6.1% during the forecast period, 2022-2032
Power Tools Market is expected to reach USD 60.7 billion, growing at a CAGR of 6.1% during the forecast period owing to the growing demand for power tools in the manufacturing and automotive industries and expanding use of these tools in multiple functionalities and applications. Moreover, expansion and growth of end use verticals are expected to boost the Power Tools Market over the forecast period.
Power Tools Market Segmentation
Drilling Tool segment is expected to dominate in the forecast period
Power Tools Market is classified based on the Product Type into Drilling Tool, Fastening Tool, Heat Gun, Angle Grinder, Chain Saw, Orbital Sander, Jigsaw, Impact Wrench, and Circular Saw. The Drilling Tool segment held a major market share in 2022 and is projected to lead over the estimated period as well. Drills are frequently used in domestic and industrial applications since they can be easily used, are less expensive than other power tools, and can be easily operated. Drills are also often used for routine maintenance and repairs, which promotes the segment growth.
DIY segment is expected to dominate in the forecast period
Power Tools Market is classified based on the Application into Manufacturing, MRO Services, DIY, and Construction. The DIY (Do-It-Yourself) category anticipated to hold a prominent share of the market due to the rising trend of DIY and growth of enthusiasts. This is mostly caused by expanding household sizes and higher spending power in both developed and emerging nations.
Market Dynamics
Growth Drivers
Speedy Expansion of the Construction Sector and Growing Demand of Power Tools from SMEs are Expected to Boost the Market Growth
One of the key factors supporting the growth of the global Power Tools Market is the construction industry's speedy expansion. Power tools used by construction workers in a variety of applications are manufactured by the key players. In addition, SMEs are taking full advantage of the flexibility and capabilities offered by these instruments. Leading manufacturers from all around the world also provide cutting-edge products through research and collaboration.
Growing Industrialization Worldwide is Expected to Boost the Market Growth
Power tools with great precision and accuracy are preferred over hand tools due to the growing infrastructure development in both developed and emerging nations. The commonly used power tools in construction projects include oscillating multi-tools, impact drivers, air wrenches, reciprocating saws, power drills, angle grinders, line laser levels, and others. Hence, the growing industrialization on the global scale is anticipated to boost the market growth.
Restraint
Price Fluctuations and Market Volatility to Restrain the Market Growth
The ongoing price variation of raw materials is a key aspect influencing the growth of the global market. Common industry materials including steel, aluminium, and semiconductor chips have suffered significantly on the global market due to the pricing factor. Thus, regular raw material price fluctuations and market volatility are the main factors impeding market growth.
Recent Developments
- Bosch Power Tools, a famous power tools supplier for construction, metalworking, and woodworking industries, launched the GWS 800 Professional to its wide portfolio of angle grinders in the beginning of 2023, January.
- Hilti stated in January 2023 that more than 30 battery-operated cordless instruments would be added that year. These items will be included in the lineup of Nuron battery-powered tools available in North America, which are employed for commercial building in the region.
Power Tools Market
Key Players Covered:
- Robert Bosch GmbH
- 3M
- Emerson Electric Co.
- Stanley Black & Decker Inc.
- KYOCERA Corporation
- Techtronic Industries Co. Ltd.
- Atlas Copco AB
- Hilti Corporation
- Ingersoll Rand
- Husqvarna AB
- Makita Corporation
- Snap-on Incorporated
- Apex Tool Group
- Koki Holding Co. Ltd.
- Festool GmbH
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Power Tools Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific registered maximum market share in 2022. The region is anticipated to witness the higher CAGR throughout the forecast period due to the developing automotive industries in nations like China and India. The growth is primarily influenced by rising disposable income and expanding building and infrastructure development activities. North America is also expected to hold a sizable market share in the coming years. The region's intensifying infrastructure and industrial development is propelling the demand for the Power Tools Market.
Impact of Covid-19 on Power Tools Market
The Power Tools Market has been severely hit by the COVID-19 outbreak. Due to supply chain interruptions, a lack of labor, and economic ambiguity during the pandemic's early stages, the market slowed considerably. However, the market experienced a recovery as businesses started up again and construction activity increased. Due to customer demand for contactless payment methods, the epidemic also raced the development of e-commerce platforms for the purchase of power tools.
Power Tools Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Power Tools Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 6.1% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Product Type |
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Technology |
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Sales Channel |
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Application |
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By Region |
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Frequently Asked Questions (FAQ):
Power Tools Market size was estimated at USD 31.59 billion in 2021 and is expected to reach USD 60.7 billion in 2032.
Power Tools are precisely the portable power tools or power-driven hand tools. These names and tools are different from the still power tools like the jointer or miter saw. While these power tools are usually driven by power, the class also comprises small pneumatic tools powered by compressed air like air impact hammers and wrenches.
Drilling Tool and DIY segments accounted for the largest Power Tools Market share.
Key players: Robert Bosch GmbH, 3M, Emerson Electric Co., Stanley Black & Decker Inc., KYOCERA Corporation, Techtronic Industries Co. Ltd., Atlas Copco AB, Hilti Corporation, Ingersoll Rand, Husqvarna AB, Makita Corporation, Snap-on Incorporated, Apex Tool Group, Koki Holding Co. Ltd., Festool GmbH, and Other Prominent Players are the key players in the Power Tools Market.
Growing production of automobile, speedy industrialization in Asia Pacific, and mature manufacturing sector in the U.S. are driving the Power Tools Market.
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