Global Power Tools Market Insights Forecasts to 2032
- The Global Power Tools Market Size was valued at USD 37.3 Billion in 2022.
- The Market is Growing at a CAGR of 6.51% from 2022 to 2032
- The Worldwide Power Tools Market is expected to reach USD 65.79 Billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Power Tools Market Size is expected to reach USD 65.79 billion by 2032, at a CAGR of 6.51% during the forecast period 2022 to 2032.
A power tool is a device that can be operated by an energy source and mechanisms other than the exclusively laborious processes employed by hand-held tools. Electric motors are used in the majority of power tools. Compressed air and internal combustion engines are also widely employed power tools mostly in developing countries. Power tools are widely used in sectors such as construction, aerospace, automotive, shipbuilding, and energy. Homeowners likewise utilize them for a variety of domestic uses. Power tools have been employed in industry, building, gardening, domestic duties such as cleaning and cooking, and outside the residence for driving as fastening, drilling, shaping, cutting, polishing, grinding, routing, polishing, painting, heating, and other jobs. Portable power tools offer significant mobility benefits. Stationary power tools, on the other hand, frequently have perks in terms of agility and accuracy.
Power tool producers create, manufacture, and distribute a wide range of high-quality power tools in the global marketplace. Manufacturers offer their products in two categories: professional and consumer. Professional items include pneumatic and fastening tools consisting of wrenches and drivers, drills, cutting tools, guns, nails, masonry, concrete anchors, and more. Gardening products that fall under the consumer product category include hedge cutters, string cutters, lawnmowers, and edgers. Key players in the power tools market include Stanley Black & Decker, Robert Bosch, Techtronic Industries, Makita Corporation, Panasonic Electric Works, and Atlas Copco. These companies are focused on research and development, product innovation, and strategic partnerships to maintain their market position and drive growth in the industry.
Bosch Power Tools, for example, intends to more than double sales by 2030. Despite a hard economic environment, Bosch Power Tools boosted its sales by 3% in 2022 to 5.9 billion euros. In 2022, the company will have invested over 300 million euros in the future expansion of its value chain and product line. Furthermore, the corporation intends to invest a nine-figure sum in 2023. North America, which accounts for more than 40% of the global power tool industry, is one of its key regions.
Global Power Tools Market Report Coverage
|Market Size in 2022:||USD 37.3 Bn|
|Forecast Period:||2022 – 2032|
|Forecast Period 2022 – 2032 CAGR:||6.51%|
|022 – 2032 Value Projection:||USD 65.79 Bn|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product Type, By Modes of Operation, By Application, By Region.|
|Companies Covered:||Dynabrade Power Tools, Ingersoll-Rand, Andreas Stihl AG & CO. KG, YAMABIKO Corporation, Stanley Black & Decker, KEN Holding Co., Ltd., Panasonic Electric Works Europe AG, Robert Bosch GmbH, Apex Tool Group, Makita Corporation, Techtronic Industries Co., Hilti Corporation, Atlas Copco, Koki Holdings Co., Ltd., Emerson Electric, Co.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The power tools market is being driven by increased construction activity in developing nations, increasing demand for power tools in automobile manufacturing, and global acceptance of electric-powered power tools. The considerations such as expanding demographic across both developed and emerging countries, fast-growing urbanization, and an increase in the number of construction activities in both residential and commercial projects are driving the demand for improved infrastructure development.
Residential users are increasingly turning to power tools to fix damaged furniture and rebuild and redecorate existing dwellings. These pieces of equipment are fast, effective, and simple for cutting, drilling, and fastening. Because of the growing desire for flexible, portable, and small instruments, electric cordless power tools are becoming increasingly popular among home users. Alongside technical advancements, the growing acceptance of cordless tools that allow simple mobility without a power source is propelling the power tools market forward. As a result, rising demands from domestic applications, as well as the introduction of Industry 4.0 in the coming years, are projected to drive expansion in the power tools market over the forecast period.
However, raw material price fluctuations are a significant factor influencing power tools market growth. These tools are typically made from components such as steel, metal, and aluminum. As a result, recurring price fluctuations in raw materials are mainly restraining power tools market expansion.
By Application Insights
The industrial segment accounted the largest revenue share of more than 71.8% over the forecast period.
On the basis of application, the global power tools market is segmented into industrial and residential. Among these, industrial segment is dominating the market with the largest revenue share of 71.8% over the forecast period. Industrial applications include the use of tools in industries such as automotive, construction, aerospace, and logistics. Rising technical developments and the deployment of modern technologies in a variety of applications across various sectors are the primary force propelling the industrial power tools market ahead of the residential sector. The market for power tools is anticipated to expand globally due to factors such as the increased adoption of automated processes, the desire for efficiency and productivity, the demand for accuracy, technical improvements, and safeguarding concerns. The need for the power tools market is anticipated to rise as sectors including manufacturing, aerospace, and automotive continue to expand, fueling the expansion of the industrial market as a whole.
By Product Type Insights
The saws segment is witnessing significant CAGR growth over the forecast period.
On the basis of product type, the global power tools market is segmented into drills, saws, wrenches, grinders, sanders, routers, and others. Among these, saws are witnessing significant CAGR growth over the forecast period. The building and construction industry is a big user of saws, and the industry's rise has fuelled saw demand. Saws are used in the construction industry to cut and shape objects such as building materials, metal, and timber. Furthermore, during the projected period, the drills category is expected to increase at the fastest CAGR. Drills are simple to operate, less expensive than other power tools, and are widely utilized in industrial and residential applications. Drills are also widely utilized as fundamental repair and maintenance equipment, contributing to segment growth.
By Modes of Operation Insights
The electric segment is dominating the market with the largest revenue share over the forecast period.
On the basis of modes of operation, the global power tools market is segmented into the electric, pneumatic, and others. Among these, the electric segment is dominating the market with the largest revenue share of 64.9% over the forecast period. Power saws, electric planes, electric milling cutters, electric mortising machines, electric wrenches, power grinders, electric drills, and portable parquet finishers are the most commonly used electric power tools. Electric power tools are becoming more popular because of their ease of use, productivity, security, resilience, innovations in technology, and affordability. The introduction of powerful battery packs has resulted in an increase in the power of electric power tools market. The electric operating model is further subdivided into corded and cordless. The cordless powered mode accounted for a sizable proportion in 2022 and is likely to continue to lead the power tool market during the forecast period.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 34.7% market share over the forecast period. The region's expanding infrastructure and industrial growth are fuelling the market demand. The power tools market in the United States led the region, accounting for the largest market share. The power tool market in the United States has been continuously expanding over the last few years, fueled by trends such as the expansion of the construction industry, the acceptance of DIY projects, and the growing prevalence of power tools in the industrial and manufacturing industries. Furthermore, the presence of large firms such as Stanley Black & Decker, Emerson Electric Co., and Apex Tool Group contributes to the region's market growth. Furthermore, the scarcity of cheap labor encourages the adoption of do-it-yourself jobs, which contributes to regional growth.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. Rising road construction and infrastructure operations, particularly in emerging nations such as China, India, Indonesia, the Philippines, and Vietnam, are one of the primary drivers driving the region's power tools market expansion. Growing consumer spending and expanding building and infrastructure development endeavors are important drivers of the power tools market growth in the region.
The Europe market is expected to register a substantial CAGR growth rate during the forecast period. Germany and the United Kingdom are projected to lead regional industry growth. The establishment of factories and manufacturing facilities in numerous European Union countries is one of the elements expected to boost the power tools market growth in Europe. Furthermore, The MEA region's market demand is predicted to expand further as growth in infrastructure, industrialization, exploration for oil and gas, DIY culture, technical improvements, and including other factors.
List of Key Market Players
- Dynabrade Power Tools
- Andreas Stihl AG & CO. KG
- YAMABIKO Corporation
- Stanley Black & Decker
- KEN Holding Co., Ltd.
- Panasonic Electric Works Europe AG
- Robert Bosch GmbH
- Apex Tool Group
- Makita Corporation
- Techtronic Industries Co.
- Hilti Corporation
- Atlas Copco
- Koki Holdings Co., Ltd.
- Emerson Electric, Co.
Key Market Developments
- On July 2022, The STIHL Group is extending its international manufacturing network and will invest around EUR 125 million in a new cordless and electrical device production site in Oradea, Romania, over the next four years. In this approach, the family firm not only boosts manufacturing capacity, but also improves supply chain flexibility and resilience.
- On November 2022, The GSS 12V-13 Professional and GSS 18V-13 Professional are two cordless orbital sanders introduced by Bosch. Professionals can use these tools to operate on edges and corners with comfort and convenience. The smaller and more compact GSS 12V-13 Professional is the first orbital sander in the Professional 12V System, and it is best used for vertical or overhead work.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Power Tools Market based on the below-mentioned segments:
Power Tools Market, Application Analysis
Power Tools Market, Modes of Operation Analysis
Power Tools Market, Product Type Analysis
Power Tools Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa.
Frequently Asked Questions (FAQ)
1. What is the market size of the Power Tools market?The Global Power Tools Market is expected to grow from USD 37.3 billion in 2022 to USD 65.79 billion by 2032, at a CAGR of 6.51% during the forecast period 2022-2032.
2. Which are the key companies in the market?Dynabrade Power Tools, Ingersoll-Rand, YAMABIKO Corporation, Stanley Black & Decker, KEN Holding, Panasonic Electric Works Europe AG, Robert Bosch GmbH, Apex Tool Group, Makita Corporation, Techtronic Industries Co., Hilti Corporation, Atlas Copco, Koki Holdings, Emerson Electric
3. Which segment dominated the Power Tools market share?The industrial segment in application type dominated the Power Tools market in 2022 and accounted for a revenue share of over 71.8%.
4. What are the elements driving the growth of the Power Tools market?Rising demand from the automotive and construction industries, an increasing DIY trend in residential applications, and more automation in industries are key factors driving market expansion.
5. Which region is dominating the Power Tools market?North America is dominating the Power Tools market with more than 34.7% market share.
6. Which segment holds the largest market share of the Power Tools market?The electric segment based on modes of operation type holds the maximum market share of the Power Tools market.
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