Global Power Tools Market Overview
Power Tools Market Size was valued at USD 44.6 billion in 2021. The Power Tools Market is projected to grow from USD 47.23 Billion in 2022 to USD 73.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period (2022 - 2030). Increasing industrialization across the globe and rise in DIY activities and household applications of power tools are driving the market growth.Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Power Tools Market Trends
Increasing Industrialization Across the Globe
Power tools are a vital instrument of industrialization as they help in the mass production of goods in a much-reduced time and better quality. The global industrial output has been witnessing an increase in major economies like the US, China, Japan, Germany, India, South Korea, the United Kingdom, Italy, and France. The growth in turn results in an increase in demand for raw materials, tools, and labor. The wide application of power tools ranging from construction, manufacturing, aerospace, electronics, oil & gas, and power generation sectors which are in tandem experiencing growth in different parts of the world boosts the need for innovation and technological upgradation of power tools. As professionals are looking for power tools solutions that can aid them in reducing the time to complete the job, increased safety features, and ease of use. The key players are innovating and launching new products to meet the increasing industrial needs, for instance, Ingersoll Rand Inc., launched new cordless wrenches namely W9691 & W9491 that offer maximum durability and ultimate flexibility with 3-speed and torque settings.
In addition, the increasing infrastructure development across various developed countries and emerging economies require high-precision and high-accuracy power tools than hand tools. According to the Global Construction 2030 – A global forecast for the construction industry to 2030, the construction output will register a volume of USD 15.5 trillion worldwide in 2030. Some of the important power tools that are used in construction projects include oscillating multi-tool, impact drivers, air wrench, reciprocating saw, power drill, angle grinder, line laser level, etc. Thus, the increasing industrialization across the globe is expected to boost the growth of the market.
Power Tools Market Segment Insights
Global Power Tools Machine Type Insights
The Power Tools Market segmentation is bifurcated into Drilling Tools, Cutting/Sawing Tools, Fastening Tools, Breaker Tools, Others. The Drilling tools segment held the majority share in 2021 contributing to significant percentage respect to the Power Tools Market revenue. Drilling machines are also known for their specification of end-cutting tools. These drilling tools are intended to generate holes in various types of workpieces. Drilling is the material eliminating or cutting procedures that intend to make the hole in circular cross-segment in solid objects. These tools are designed and manufactured according to the work specification which varies widely. The primary utilization of these drilling tools depends upon the requirements of the workpieces. The variety of drilling tools that are commonly used in the industries and market are hammers drills, standard electric drills, twist drills, shaft drills, straight flute drills, and others.
Moreover, the key players operating in the power tool market are constantly launching new developed drilling tools. For Instance, in April 2021, the Bosch company has launched its first ever Biturbo drill drivers. This cordless tool specializes for its high-performance motor that is made available in the electric and battery operations. Further, these extensive category of drilling tools is used in the industries which has gained popularity. Thus, the segment accounted for a market share of 32.1% in 2021 and is predicted to register a CAGR of 5.9 % during the projected period.
Global Power Tools Mode of Operation Insights
The Power Tools Market segmentation, based on Mode of Operation, includes Electric, Hydraulic, Pneumatic, Others. The electric segment accounted for the larger market share in 2021. Electric tools are machines that are powered by electric motors and operated with electricity. These types of machines work on a mechanism wherein the electrical energy is converted into mechanical energy. Electric power tools include tools such as drills, saws, electric motors, and grinders. It also involves battery-operated power tools that have been highly required by residential consumers.
Moreover, the electric tools are driven by the force of electricity wherein they are particularly designed for specialized tasks. The tools based on electricity are gaining momentum for decades, owing to their specifications that reduces human efforts. Additionally, using these electricity-based power tools helps in precise work, better handling, and more efficacy. Hence, the segment accounted for market share of 50.6% in 2021 and is expected to register a CAGR of 6.2 % during the review period.
Global Power Tools Mobility Insights
The Power Tools Market data has been bifurcated by Mobility into stationary and portable. The portable segment accounted for the largest market share of 73% in 2021. Power tools are theoretically defined as power-driven hand tools or mechanical devices. Power tools are the category of tools that are driven by electricity and can be used according to the required places. It means that these portable power tools are moveable from one place to another, hence they can be carried out as mobile tools. The segments include a variety of portable tools such as sanders, grinders, and jigsaws that are designed for multiple applications. Rising demand from manufacturing and assembling companies has raised acceptance in the market. For instance, the key player operating in the market like Robert Bosch GmbH are constantly focusing on developing technically designed tools for global consumers in the power tools market. Hence, the segment accounted for the market share of 73.0% in 2021 and is expected to register a CAGR of 6.2 % during the review period.
Figure 2: Power Tools Market by Mobility, 2021 & 2030Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Global Power Tools Application Insights
The Power Tools Market segmentation, based on Application, includes Residential, Commercial, and Industrial. The industrial segment accounted for the largest market share of 40.94% in 2021. The industrial segment is accounted for the largest market for power tool utilization. The ever-growing industrial development around the globe as well supported the growth of these power tool products. Constant and wide utilization of the variety of tools in industries like automotive, petrochemicals, construction, and oil & gas has further gained momentum over decades. Moreover, the rising infrastructure in developed countries has been a key factor in the tremendous growth of these power tools. For instance, the companies like Atlas Copco, Techtronic’s companies, and Enerpac Tool Group are keenly focused on providing the power tools that are widely considered by industrial manufacturers. Hence, the segment accounted for the market share of 40.9% in 2021 and is expected to register a CAGR of 5.4 % during the review period.
Global Power Tools Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. The North America accounted for the largest market share of 36.32% in 2021. North America is one of the strong developing countries which has been identified for its innovation, and industrialization. North American countries like the US, Canada, Mexico, and Costa Rica witnessed strong emerging industries with high growth rates. These countries have prospered with automation industries, construction & material, oil & gas, and textiles. Resulting in the regular utilization of power tools in these industries has enlarged their capacities.
The increased industrialization in developed countries like Germany, France, UK, Italy, and Russia has continuously supported the development of various manufacturing segments. Growing economies in European countries like Germany, the UK, and Eastern Europe countries have been the key regions that are constantly growing. The growing population and their rising demand have created the scope for development. Resulting in an increased number of manufacturing facilities across the region has helped to boost the sales of these power tools.
Figure 3: POWER TOOLS MARKET SHARE BY REGION 2021 & 2030 (%)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Considering the huge base of manufacturing companies in China, Japan, and India vigorously account for the market growth. Additionally, the region which consists of major developing countries holds the larger market for various industries. In the case of the power tools market, the Asia Pacific region has reported a predominantly growing region. The enlarged population in the region coupled with the two largest populated countries has emerged as the industrial hub. The growing number of industries in the countries like China, Japan, Korea, and India has been flourishing with the endless demand for the various tools used in these industries.
Global Power Tools Key Market Companies & Competitive Insights
Major market companies are spending a lot of money on R&D to increase their Machine Type lines, which will help the Power Tools Market grow even more. Market participants are also expanding their global footprint through a variety of strategic activities such as new Machine Type releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies. Global Power Tools’s competitors must offer cost-effective things in order to flourish and thrive in an increasingly competitive and rising market climate. One of the primary business strategies adopted by manufacturers in the Global Power Tools industry to benefit clients and expand the Power Tools Market sector is to manufacture locally to reduce operating costs.
Key Companies in the Power Tools Market include.
Global Power Tools Industry Developments
October 2022: BLACK+DECKER, a Stanley Black & Decker brand subsidiary, had launched the retail introduction of the first phase of the reviva power tool range. Both online and physical retailers supply the Reviva drill driver, detail sander, jigsaw, and screwdriver.
September 2021: Bosch Power Tools launched new 12V and 18V cordless orbit sanders. The 12V and 18V Cordless Orbit Sanders offers users the additional accuracy, precision, and customization woodworking and wood cutting solutions. This has helped the company to increase their product portfolio.
Power Tools Market Segmentation
Power Tools Market Machine Type Outlook
- Drilling Tools
- Cutting/Sawing Tools
- Fastening Tools
- Breaker Tools
Power Tools Market Mode of Operation Outlook
Power Tools Market Mobility Outlook
Power Tools Market Application Outlook
Global Power Tools Regional Outlook
- Rest of Europe
- Australia & New Zealand
- Rest of Asia-Pacific
Rest of the World
- South America
- Middle East
Market Size 2021
USD 44.6 billion
Market Size 2022
USD 47.2 billion
Market Size 2030
USD 73.8 billion
Compound Annual Growth Rate (CAGR)
2018 & 2020
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Machine Type, Mode of Operation, Mobility, Application, End-Use and Region
North America, Europe, Asia Pacific, Rest of the World
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled
• Ingersoll Rand, Inc. (US)
• Kyocera Corporation (Japan),
• Robert Bosch Power Tools GmbH (Germany)
• Stanley Black & Decker, Inc. (US)
• Makita Corporation (Japan)
• Apex Tool Group (US)
• Snap-on Incorporated (US)
• Emerson Electric Co. (RIDGID TOOLS) (US)
• Hilti Corporation (Liechtenstein)
• Atlas Copco AB (Sweden)
Key Market Opportunities
Key Market Dynamics
INCREASING INDUSTRIALIZATION ACROSS THE GLOBE
RISE IN DIY ACTIVITIES AND HOUSEHOLD APPLICATIONS OF POWER TOOLS
Frequently Asked Questions (FAQ) :
The Power Tools Market crossed a valuation of USD 47.2 billion in 2021.
The U.S Power Tools Market is valued at USD 13,126.9 million in 2021.
A 5.9% CAGR is the growth rate of the Power Tools Market.
North America region held the largest market share in the Power Tools Market.
The companies such as Ingersoll Rand, Inc. (US), Kyocera Corporation (Japan), Robert Bosch Power Tools GmbH (Germany), Stanley Black & Decker, Inc. (US), Makita Corporation (Japan) are the key companies in the Power Tools Market.
Drilling tools Films is the major type that led the Power Tools Market.
Electric had the largest market share in the Power Tools Market.
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