Global Power Tools Market

Power Tools Market Size, Share, Growth Analysis, By Tool Type (Drilling and Fastening Tools, Demolition Tools), By Mode of Operation (Electric, Pneumatic), Material, By Application (Industrial/Professional, Residential/DIY), Distribution Channel, and Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2077 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 92 | Figures: 76

Power Tools Market Insights

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.

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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 global power tools market boasts a highly competitive landscape with a diverse spectrum of established global players competing alongside emerging manufacturers who are out to get a piece of the market and develop new technologies. Market rounds out the key players who boast vast linkups of products, well-established distribution channels and strife for innovation. This is one way that these companies are continually investing in improvements of their products to satisfy a changing set of consumer expectations. For instance, they are prone to emphasize battery technology, ergonomic designs and connectivity. Not only the international markets grow in popularity, but also a number of local players are beginning to arise, especially in Asia-Pacific from China where manufacturers are growing in both national and international level, for example, offering competitive prices or reducing production costs through economies of scale. Therefore, such a dynamic environment really helps companies improve their technologies and a marketplace. 'Stanley Black & Decker Inc. (United States) ', 'Robert Bosch GmbH (Germany) ', 'Techtronic Industries Co. Ltd. (Hong Kong) ', 'Makita Corporation (Japan) ', 'Hilti Corporation (Liechtenstein) ', 'Atlas Copco AB (Sweden) ', 'Snap-on Incorporated (United States) ', 'Emerson Electric Co. (United States) ', 'Chervon (China) Trading Co. Ltd. (China) ', 'TTI (Techtronic Industries) Power Tools (China) ', 'Danaher Corporation (United States) ', 'Ingersoll-Rand plc (Ireland) ', 'FEIN Power Tools Inc. (Germany) ', 'Panasonic Corporation (Japan) ', 'Flex Ltd. (Singapore) ', 'KYOCERA Corporation (Japan) ', 'Koki Holdings Co. Ltd. ', 'Yamabiko Corporation ', 'Ken Holding Co., Ltd ', 'Dynabrade Inc'

The Asia-Pacific region leads in the power tools industry. China being a super big power in Asia-Pacific has this feature of its strong manufacturing industry with power tools being their top leading product. Many of the world's well-known multinationals have factories in China to benefit from the country's abundant labor force and supply of raw materials which are coupled with low production costs. Over the last few years, the rate of Chinese power tool exports has experienced positive increments, with a corresponding CAGR of 6-7%. The advent of such growth is stimulated primarily by the global market which tends to demand high quality tools. In the global power tools market, the pivotal position of China is demonstrated not only by its status as a leading exporter to major countries like the US and Europe but also by the fact that it itself is a big significant importer from the UK, US and other European nations.

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Global Power Tools Market

Report ID: SQMIG20D2077

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