USD 25.87 billion
Power Tools Market Size, Share, Growth Analysis, By Tool Type(Drilling and Fastening Tools (Drills, Impact Drivers, Impact Wrenches, Screwdrivers And Nut Runners)), By Mode of Operation(Electric (Corded Tools and Cordless Tools), Pneumatic, and Hydraulic), By Material(Bricks/Blocks, Concretes, Glasses, Woods/Metals), By Application(Industrial/Professional (Construction, Automotive, Aerospace, Energy), By Distribution Channel(Online, and Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2077 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
92
|Figures:
76
Power Tools Market Insights
Global Power Tools Market size was valued at USD 40.72 billion in 2022 and is poised to grow from USD 43.09 billion in 2023 to USD 67.64 billion by 2031, growing at a CAGR of 5.8% during the forecast period (2024-2031).
The power tools market is being led by different factors and had double digit growth figures in both developed as well as developing countries markets. As discrete part of driving force, the surge can be attributed to evident upsurge in the demand for public infrastructure schemes in countries that are referred to as emerging economies and some of them which are Brazil, Russia, India, China, South Africa, and Arab nations (GCC). The big countries such as China and India are putting a lot of money into infrastructure development since they have large populations that are growing at a rapid rate, and, as a result, the demand for construction or any related tools powering these activities are also increasing. Such wave of construction and infrastructural activities inevitably has the capacity to induce accumulated demand for all power tools such as those in building, manufacturing and maintenance sectors.
On the other hand, there are several challenges for the market segments due to behavioural changes in consumers during the pandemic, which have been encountered as well. For instance, the use of power-tools like drills, saws and hammers for home renovation and DIY projects were significant, because people now had more time to stay indoors and do projects. For the immediate future, the market is set to experience an uptick that is primarily indebted to the increasing interest of purchasers in electric cars. The contingent of EVs can be precarious without the provision of new plants and factories dedicated to build battery banks. It is expected that the industry will pay for 200 new giga-factories by 2030, so the number of power tools that the market will have to purchase will dramatically increase.
US Power Tools Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Residential
Growth Rate
4% CAGR
Global Power Tools Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Power Tools Market Segmental Analysis
Power tools market is segmented by Tool Type, Mode of Operation, Materials, Application, Distribution Channel, and Region. Based on Tool Type, the market can be segmented into Drilling and Fastening Tools (Drills, Impact Drivers, Impact Wrenches, Screwdrivers and Nut Runners), Demolition Tools (Rotary Hammers/Hammer Drills/Demolition Hammers), Sawing and Cutting Tools (Jigsaws, Reciprocating Saws, Circular Saws, Band Saws, Shears & Nibblers), Material Removal Tools (Sanders/Polishers/Buffers, Air Scalers, Grinders [Angle Grinders, and Die And Straight Grinders]), Routing Tools (Routers/Planers/Joiners). Based on Mode of Operation, the market is segmented into Electric, Pneumatic, and Hydraulic. Based on Material, the market is segmented into Bricks/Blocks, Concretes, Glasses, Woods/Metals, and Others. Based on Application, the market is segmented into Industrial/Professional (Construction, Automotive, Aerospace, Energy, Shipbuilding, Others), and Residential/DIY. Based on Distribution Channel, the market is segmented into Offline, and Online. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Mode of Operation
The electric mode of operation segment commanded the largest revenue share of 62.30% in 2023. The demands for electric power tools increasing light of courtesy, competency, safety, endurance, technological progression, and cost-effectiveness. Advances in battery technology, particularly the development of lithium-ion batteries, have enhanced the performance and portability of cordless electric tools. DIY and home renovators are becoming increasingly occupied with these electric appliances and from this the construction and manufacturing industries are also being encouraged to develop more power tools. There are broad range of applications, from drilling and cutting to sanding and grinding, further solidifies the dominance of electric power tools in the market.
In 2023, the pneumatic mode of operation captured about 23.17% of the total global market revenue. The market demand for such strong and robust power tools is climbing constantly because of high power and torque, durability, cost-effectiveness, safety, and versatility. They are also more lightweight and economic compared to their electric versions and also reduces user fatigue during prolonged use.
Analysis by Application
The Industrial/Professional application is the largest segment in the global power tools market, comprising 45.48% of the overall market. Increasing the investments in the construction works and the infrastructure develop activities all over the world is starting. This industry ranks power tools as an important part of the daily procedure, which performs the tasks from drilling, cutting, grinding and fastening. The increasing need for dwellings, commercial and industrial construction work, and the inclination of projects executed to be done promptly and efficiently with the required tools, has grown the need for power tools in the construction and infrastructural universe.
On the other hand, the Residential/DIY segment is fastest-growing in the power tool market, driven by several key factors. The rise of the accessible do-it-yourself guides, blogs, and TV shows, the process of home improvement has become more independent. This is made even more apparent by the availability in the market of low-cost power tools that are manufactured for home use and which are very easy to operate. Furthermore, the pandemic boosted home improvement and repairs since people spent more time indoors and searched for meaningful activities to occupy their time. Thus, the Residential/DIY segment remains steadfast in its growth, proving the growing independence and inventive aspiration of people in house refurbishment.
Global Power Tools Market By Application , 2021(%)
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Power Tools Market Regional Insights
The Asia-Pacific region leads in the power tools industry. China being a super big power in Asia-Pacific has this feature of its strong manufacturing industry with power tools being their top leading product. Many of the world's well-known multinationals have factories in China to benefit from the country's abundant labor force and supply of raw materials which are coupled with low production costs. Over the last few years, the rate of Chinese power tool exports has experienced positive increments, with a corresponding CAGR of 6-7%. The advent of such growth is stimulated primarily by the global market which tends to demand high quality tools. In the global market, the pivotal position of China is demonstrated not only by its status as a leading exporter to major countries like the US and Europe but also by the fact that it itself is a big significant importer from the UK, US and other European nations.
In the market, North America currently is the fastest growing region. This is due to a well-established market in this area due to the huge DIY culture, high disposable income, and accelerated rate of technology innervations. This is heavily fuelled by the demand for new constructions as well as the renovation sector, which is a major and strong market within the region. Also, risk-taking is relatively higher among North American consumers, especially for new and improved products like cordless and smart tools that increase convenience. Moreover, the availability of leading market players and broad distribution channels also helps in market growth. Also, the growth of home improvement activities that has been boosted by the effects of COVID-19 has also helped boost demand for power tools in this region.
Global Power Tools Market By Geography, 2021 - 2028
- Largest
- Fastest
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Power Tools Market Dynamics
Power Tools Market Driver
Increasing the Preference of Cordless Power Tools
- While the world is becoming technologized at the rate of technology advances, a lot of power tools are adopted globally. This is mostly due to the fact that cordless tools have more mobile properties than the tools with the cords. Hence, the cords bring forth portability, lightness weight and reduce the various types of equipment to haul. For instance, Panasonic, an electrical product manufacturer, came up with their new Cordless Impact Driver with a very short body length of only 98 mm that could deliver high power impact tightening even in confined areas. Unwired power tools are at par with advancement since they are easier to handle and have less weight, which significant influence on their usage.
Technological Advancements are Driving the Market Growth
- The rapid technological advancements in tool design and features, emergence of brushless engines, advances in battery system, and inclusion of intelligent features is boosting the capacity, effectiveness and comfort of use of these tools. These improvements not only enhance the efficiency and durability of the power tools but also meet the rising need of higher quality and intelligent tools preferred by both the professionals and the amateur handlers. This continuous innovation cycle brings more and more customers into the market and increases the demand for power tools by often enhancing their effectiveness and usefulness.
Restraints
Volatility in Raw Material Prices
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The tool industry is preferring challenges more than ever before. Markets will be impacted by the changes in raw material prices which were made to be incorporated in power generators. It is predicted that developed nations, including the United States, the United Kingdom, Japan, China and India, will be among the nation’s leading in generation of demand for power tools. Even more, raw material prices and market growth also respond in shuttling to each other. Often waste-makers are constructed using steel, metals and aluminium. Generally, countries don’t produce these materials and fluctuations in exchange rates and economic volatility are constant factors causing variation in prices. Thus, the main factors in the market barriers include, rising prices of raw materials that limit the ability to sustain market growth.
Stringent Environmental Regulations
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Environmental regulations are a major constraint in the power tool market because they limit the proliferation of pollutive items. Despite having greater flexibility in design and size, manufacturers face stringent rules and regulations on the disposal and recycling of batteries and electronic components, which may hinder operations and raise costs. These regulations helping in preventing the harm to the environment which involves a lot of capital outlay for adopting environmentally friendly practices and products. As for the result, compliance is not always easy, especially for small businesses, thus may negatively impact market and innovations.
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Power Tools Market Competitive Landscape
The global power tools market boasts a highly competitive landscape with a diverse spectrum of established global players competing alongside emerging manufacturers who are out to get a piece of the market and develop new technologies. Market rounds out the key players who boast vast linkups of products, well-established distribution channels and strife for innovation. This is one way that these companies are continually investing in improvements of their products to satisfy a changing set of consumer expectations. For instance, they are prone to emphasize battery technology, ergonomic designs and connectivity. Not only the international markets grow in popularity, but also a number of local players are beginning to arise, especially in Asia-Pacific from China where manufacturers are growing in both national and international level, for example, offering competitive prices or reducing production costs through economies of scale. Therefore, such a dynamic environment really helps companies improve their technologies and a marketplace.
Power Tools Market Top Players Company Profiles
- Stanley Black & Decker Inc. (United States)
- Robert Bosch GmbH (Germany)
- Techtronic Industries Co. Ltd. (Hong Kong)
- Makita Corporation (Japan)
- Hilti Corporation (Liechtenstein)
- Atlas Copco AB (Sweden)
- Snap-on Incorporated (United States)
- Emerson Electric Co. (United States)
- Chervon (China) Trading Co. Ltd. (China)
- TTI (Techtronic Industries) Power Tools (China)
- Danaher Corporation (United States)
- Ingersoll-Rand plc (Ireland)
- FEIN Power Tools Inc. (Germany)
- Panasonic Corporation (Japan)
- Flex Ltd. (Singapore)
- KYOCERA Corporation (Japan)
- Koki Holdings Co. Ltd.
- Yamabiko Corporation
- Ken Holding Co., Ltd
- Dynabrade Inc
Power Tools Market Recent Developments
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In February 2024, Robert Bosch launched its new AdvancedDrill and AdvancedImpact 18V-80 QuickSnap Series, allowing the user to plug in inset screw and drills even in narrow spaces. Unlike the ones with cords, these tools are but the part of Bosch's 18V 'System Power for all', which covers over 70 DIY tools and appliances. Ultimately 18V lithium-ion battery and charger cut the hassle of cable management, save space, and reduce the carbon footprint.
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In February of 2024, Makita U.S.A., Inc. launched the 5" Paddle Switch Angle Grinder with AC/DC Switch (9558HP). This new product is an alternative for workers in metal fabrication shops, as well as in the electrical, mechanical, and plumbing professions.
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In October 2023, Milwaukee, one of Techtronic Industries Co. Ltd. subsidiaries, introduced the M18 FUEL 4-½" / 5” Dual-Trigger Braking Grinder featuring the dual-trigger activation, a fixed side handle, and AUTOSTOP kickback control for increased control and safety of the user on the site. 4-speed control available such as (3,500 – 8,500 RPM) is its feature and this allows users to have a precise control. Humanize sentence: LOOK AT THE SCREEN KEY and it helps to wirelessly synchronize the tool with a device so that user will be able to locate the device and track the security.
Power Tools Key Market Trends
- Power Tool Industry Shifts Towards Green Energy and Multi-Use Cordless Solutions:
Atlas Copco AB and Robert Bosch Tool corporation companies that represent the leadership offering a range of different power tools with green energy-saving technologies. The shift to multi-use solutions is a high priority for the key industry players. They are versatile and can do multiple tasks and not to mention, the accuracy levels are high. Consumers are interested in buying cordless tools which are small in size, light in weight and portable so that users can torque the heavy devices easily. Through direct response to market trends, Disruptive companies are able to take over the leading position because of consumer`s demand on high-quality, error-free products.
Power Tools Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global power tools market analysis, the market is on a steady growth path accompanied by the rise of industrialization, urbanization, and do-it-yourself (DIY) activities. Technology plays a vital role in the growth of this sector. Emergence of cordless devices with long battery life and efficiency of the devices is very likely to be the key factors. Also, eco-friendliness and energy saving are two key factors which make the devices very popular among consumers. Although fashionable and renowned brands such as Stanley Black & Decker, Bosch and Makita Corporation are tops in the production of the most exclusive products which meet users’ needs to a great extent, there is room for youthful brands which target a younger market of the customers who need simple and less expensive tools. Consequently, the emerging markets in Asia-Pacific spearheaded by China and India, are becoming a force to be reckoned with as a result of infrastructural improvements and accelerated building activity. The market’s transition to more tolerant, multifunctional, solar energy and other green energy tools indicates the move towards a higher level of efficiency and convenience across a wide range of industry and household applications which is a very positive sign.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 40.72 billion |
| Market size value in 2031 | USD 67.64 billion |
| Growth Rate | 5.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Power Tools Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Power Tools Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Power Tools Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Tools Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Tools Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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