USD 25.87 billion
Report ID: SQMIG20D2077 | Region: Global | Published Date: June, 2022 | Pages: 157 | Tables: 92 | Figures: 76
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.
Global Market Size
USD 25.87 billion
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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.
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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.
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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 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
Power Tools Market Recent Developments
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.
|Market size value in 2021||USD 25.87 billion|
|Market size value in 2030||USD 26.61 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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