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

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.