USD 25.87 billion
Global Power Tools Market Size, Share, Growth Analysis, By Product(Drills, Saws), By By Mode of Operation(Electric, Pneumatic), By Application(Residential, Industrial) - Industry Forecast 2023-2030
Report ID:
SQMIG20D2077 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
92 |
Figures:
76
Global Power Tools Market Insights
Power Tools Market size was valued at USD 25.87 billion in 2021 and is poised to grow from USD 26.61 billion in 2022 to USD 35.13 billion by 2030, growing at a CAGR of 4% in the forecast period (2023-2030).
A power tool is a device or machine which is powered by an additional mechanism or source. The most common source of power for these tools is an electric motor base, but some are fueled by gasoline. They are used in a wide range of applications, including production and assembly lines, maintenance and repair, packaging, and do-it-yourself projects. Some of the major factors driving the growth of power tools market across various industries are ease of use, higher efficiency of operation, reduced time and labor, and easy portability.
Growth in the consumption of power tool in the automotive and construction industries is expected to drive their demand over the next seven years. These tools help in reducing the time consumed on redundant tasks as well as improve overall efficiency. Similarly, power tools are increasingly being used by vehicle manufacturers and automotive repair and maintenance service providers. Wherein, the global power tools market is witnessing high demand for drills, sanders, wrenches, and other tools.
US Power Tools Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2023-2030
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 (%)
Global Power Tools Market Size By Application , 2021-2028 ($ Bn)
Global Power Tools Market Size By Application , 2021-2028 (%)
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Global Power Tools Market Segmental Analysis
Global power tools market is segmented based on product, mode of operation, application, and region. Based on product type, it is categorized into drills, saws, wrenches, grinders, sanders, and others. By mode of operation, the market is segmented into electric, pneumatic, and others. Based on application, it is bifurcated into residential and industrial. By region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Power Tools Market Analysis by Product Type
Drills segment dominated the global power tools market in 2021 by contributing over 30% to the market revenue and the segment is projected to continue dominating throughout the forecast period. Drills are simple to use, less expensive than other power tools and are widely used in industrial and household applications. Moreover, they have become of the key part of any basic repair and maintenance tools.
By product category, the power tools market is segmented into saws, wrenches, grinders, sanders, and other items. During the forecasted period, the wrenches segment is expected to grow at a fastest CAGR. Wherein, the power wrenches to hold major share on account of higher adoption of the product to save time and manual effort when fastening. Wrenches are commonly used in manufacturing plants to improve work efficiency.
Power Tools Market Analysis by Mode of Operation
In 2021, the electric mode of operation accounted for more than 60% of global power tools market due to their ease of mobility and efficiency of operation. In the last few years, the battery technology has experienced numerous advancements. As a result, the introduction of powerful battery packs has driven the adoption the electric power tools. The electric model is further divided into two types namely corded and cordless. The cordless electric mode dominated the power tools market in 2021 and is expected to continue to do so during the forecast period. Many power tool manufacturers are changing their product portfolios and expanding their cordless power tool offerings for customers. Furthermore, the cordless tools are user-friendly and simple to use for industrial and household applications.
Power Tools Market Analysis by Application
By Application, the industrial application segment accounted for more than 60% of total revenue. Power tools are majorly used automotive, construction, aerospace, and logistics sectors. Increased technological innovation and adoption of advanced technologies are some of the key factors making industrial segment dominant over residential segment. Wherein, the automotive and construction industries are the key contributor to the global power tools market. Although the industrial segment is dominating the market, the residential application segment is expected to grow at the fastest CAGR of more than 6% from 2022 to 2028 thanks to the growing trend of DIY culture.
Global Power Tools Market By Application , 2021(%), 2021 (%)
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Global Power Tools Market Regional Insights
North America is holding a significant share of the global power tools market, accounting for more than 25% of revenue share in 2021 because of heavy spending on infrastructural and industrial development. In 2021, Asia Pacific dominated the global power tools market by contributing over 32% to the market revenue. This is attributed due to the thriving automotive and construction sectors in countries such as India and China. As a result, the Asia Pacific region is expected to enjoy the fastest growth in the years to come. This is further supported by growing disposable income.
Europe power tools market is expected to grow at a healthy CAGR and is likely to led by Germany and the UK due to strong presence of manufacturing and production plants in these countries.
Global Power Tools Market By Geography, 2021 - 2028, 2023-2030
- Largest
- Fastest
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Global Power Tools Market Dynamics
Power Tools Market Driver
Increased Adoption of Automation in Manufacturing Process
- To manage electric power tools during operations, the major electric power tool manufacturers are using automation technologies. The automation has enabled the companies to track, connect, and configure their tools on multiple job sites, achieving higher productivity with the same electric power tool. During the forecast period, such automation technologies are likely to aid in the development of the global electric power tools market.
Power Tools Market Restraint
Fluctuating Prices and Supply of Raw Material
- Steel, zinc, copper, brass, aluminum, and nickel are some of the key metals used in the production of power tools. Apart from this, batteries, motors, and electronic components are used in their production. Asa result, power tool manufacturers are heavily reliant on the consistent supply raw materials for smooth functioning. On top of that, fluctuating prices of raw material, components, or finished goods severally affecting the manufacturing processes and often leading to delays, inefficiencies, or the inability to cater the power tools market needs.
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Global Power Tools Market Competitive Landscape
Global power tools market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue.
Power Tools Market Top Players Company Profiles
- Stanley Black & Decker Inc.
- Robert Bosch GmbH
- Techtronic Industries Co. Ltd.
- Makita Corporation
- Hilti Corporation
- Atlas Copco AB
- Snap-on Incorporated
- Hitachi Koki Co. Ltd.
- Emerson Electric Co.
- Metabo AG
- Chervon (China) Trading Co. Ltd.
- Koki Holdings Co. Ltd.
- Apex Tool Group LLC
- Danaher Corporation
- Ingersoll-Rand plc
- FEIN Power Tools Inc.
- Panasonic Corporation
- Flex Ltd.
- KYOCERA Corporation
- Stanley Engineered Fastening Inc.
Power Tools Market Recent Developments
- May 2022: Makita Corporation, one of the key players in global power tools market and cordless technology, announced the addition of 19 new items to its 40V | 80V max XGT® System. Residential building, metalworking, and woodworking, as well as dust extraction, outdoor power equipment, and other crafts and applications, are among the 19 XGT® releases.
- January 2022: VTOMAN announced the debut of its practical and easy-to-use tool kit on the crowd funding portal Indiegogo. Every tool in the VTOMAN toolbox is powered by the same power source, eliminating the need for multiple power sources.
- November 2021: Bosch, global leader in power tools market, announced launch of world’s-first innovative system—The X-Lock to fix and change angle grinder accessories with just one click in the Indian market.
Global Power Tools Key Market Trends
- Power tools market is witnessing increased trend of Do-It-Yourself (DIY) projects. Today, large number of companies are creating products with enhanced safety features to meet the customer needs who are not qualified, professionals. For instance, Bosh Power Tools includes Bosch Prevention features such as rotary hammer drill rotation control clutches and angle grinder restart protection. These features contribute to the reduction of product-related hazards and the acceptance of power tools in domestic applications.
- With the introduction of IoT and the use of smart connected systems in assembly line operations, every piece of equipment in the plant is becoming connected. Technological advancements and the adoption of smart manufacturing practices result in the development of smart and connected tools. Leading tool manufacturers are concentrating their efforts on the development of smart and connected power tools.
- DIY solutions have subsequently gained in popularity and become one of the key factors to drive growth of the power tools market as customers demand to perform minor repairs, development, and renovation on their own rather than hiring professionals. Moreover, growing number of residential remodeling and renovation projects around the world is expected to fuel the market revenue in the coming years.
Global 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 the robust secondary desk research.
According to our market analysis, the growing popularity of cordless tools that allow easy mobility and no requirement of an external power source is propelling the power tools market growth. However, the market is experienced a little setback in the overall growth due to the disruption in the automotive and other industries resulted due to COVID-19 pandemic. Nevertheless, rising demand from household applications and industry revival in the near future are expected to fuel the power tools market growth over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 25.87 billion |
| Market size value in 2030 | USD 35.13 billion |
| Growth Rate | 4% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| 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 Global 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 Global 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 Global 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 Global 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 Global Power Tools Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Power Tools Market Report Snapshots
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