Power Tools Market Analysis, By Product, Mode of Operation and Application - Global Forecast 2031

Global Power Tools Market is projected to witness notable growth owing to the technological innovations, the widespread adoption of wireless devices that offer easy mobility and no external power source driving the growth of the market. Growth in power tools in automotive and manufacturing industries is expected to drive demand over the next seven years. These tools help reduce time on unnecessary tasks and improve overall efficiency. Advances in technology and the adoption of intelligent processes lead to the development of smart tools. Major manufacturers have focused their efforts on smart electronics. The market value stood at USD 25.59 Billion in 2022 and is expected to grow from USD 26.61 Billion in 2023 to reach USD 35.13 Billion by the end of 2031.

Do-It-Yourself Sub-segment to Hold Leading Position in Application Segment

The do-it-yourself (DIY) category is expected to have a significant impact on the market due to the growth and trends among DIY enthusiasts. This is mainly due to higher spending and rising households in developing countries. Additionally, there are a wide variety of creative DIY enthusiasts focused on installing essential power tools. This is due to the high demand for electrical equipment in industries such as aerospace, automotive, power and electricity, and construction.

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Asia-Pacific is Dominating with Major Revenue Generation from India

Asia-Pacific is recognized as the most powerful and growing region in the global market. India will grow rapidly in the market share, outperforming the rest of the emerging markets globally. Governments in many countries are providing attractive support to set up R&D centers in their regions to boost equipment manufacturing and subsequent sales in the region. Furthermore, the growth of vehicle fleets and heavy industry manufacturing sector is estimated to accelerate in the regional market.

The Global Power Tools Market is semi-consolidated, occupied by major manufacturers such as Stanley Black & Decker, Inc. (U.S.), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (China), makita (Japan), Hilti Corporation (Liechtenstein), Atlas Copco AB (Sweden), Ingersoll Rand (U.S.), Snap-on Incorporated (U.S.), Apex Tool Group (U.S.), Koki Holding Co., Ltd. (Japan), Honeywell International Inc. (U.S.), 3M (U.S.), Emerson Electric Co. (U.S.), Festool GmbH (Germany), KYOCERA Corporation (Japan), Husqvarna Group (Sweden) catering to market needs.

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Multi-use And Innovation to Lay the Foundation for Future Growth

Companies such as Atlas Copco AB, Robert Bosch Tool Corporation, and Tektronic Industries Co. are all involved in the process. Ltd. are developing energy-efficient power tools with new technologies. Industry leaders are also focusing on multi-purpose machines that can be used precisely while performing multiple tasks. On the other hand, consumers rely on high-torque, lightweight, compact, and high-performance wireless powertrains, so there is a growing consumer demand for error-free products. Consequently, future innovations are expected to increase the demand for power tools.