Power Tools Market Size, Share, Growth Analysis, By Tool Type (Drilling and Fastening Tools, Demolition Tools), By Mode of Operation (Electric, Pneumatic), Material, By Application (Industrial/Professional, Residential/DIY), Distribution Channel, and Region - Industry Forecast 2024-2031

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 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. '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'

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 power tools 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.