Power Tools Market Research Report - Global Forecast till 2027

Power Tools Market Research Report: Information By Type (Engine-driven Power Tools, Electric Power Tools, Pneumatic Power Tools, Hydraulic Power Tools and others), By Application (Industrial, Professional and Household) - Forecast till 2030

ID: MRFR/IA - E/2429-CR | October 2020 | Region: Global | 95 Pages         

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Power Tools Market

Power Tools Market Size is expected to cross USD $37 billion by 2027 at a CAGR of 5% during the forecast period 2022-2027

Segmentation
By Tools Type Screwdrivers and nut runners Drills Tools Impact drivers Impact wrenches Demolition tools Rotary hammer Sawing cutting tools Band saw Circulatory saw Reciprocator saw Sheer and nibblers Removal tools Grinders Routing tools Planers Routers
By Mode of Operation Cordless Corded Pneumatic Hydraulic Power actuated
By Application Automotive Shipbuilding Energy Aerospace Residential House projects/DIY
Key Players
Companies Profiled   Robert borsch Gmbh   ANDREAS STIHL AG &co   Stanley    Black & Decker. Inc   CHEVRON   Hilti Corporation   Enerpac tool group   Atlas Copco ltd   Hitachi Koki ltd   Makita Corporation   Emerson electric and co.
Drivers
Market Driving Forces   Increasing Demand From Industrial Sector   Increasing Demand From Professional Segment   Increasing Usage Of Power Tools For DIY & Household Activities    Broader Scope In Developing Nations
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Power Tools Market Overview


Power Tools Market share is projected to be worth USD 37 Billion, registering a CAGR of 5% during the forecast period 2022-2030 by Increasing Usage Of Power Tools For DIY & Household Activities


Covid analysis 


The outbreak of covid 19 has caused several disruptions in the global Power Tools markets. The dynamics of the market is changing rapidly. The global markets are suffering due to the economic crisis. Also, the global Power Tools market is facing plenty of challenges. The automotive industry is witnessing heavy losses in the pandemic. 


The automotive sector is the key end-users of the power tools market. The declining demand rate in the automotive market is severely affecting the market. From North America to the Asia Pacific regions are witnessing a subsequent decline in demand. The slowing down of vehicle production is slowing down the production of the market. However, these adverse effects are temporary. The global Market Trends will change positively post covid 19. 


Power Tools Market Dynamics 



  • Crucial market drivers¬†


Globally, the popularity of cordless power tools is massive. The cordless power tools are convenient, portable, durable and easy to use. These power tools are battery-powered and long-lasting. The operations of these cordless power tolls are undisrupted. There is plenty of variety of cordless power tools. A few of the popular cordless tools are a circular saw, hammer drills, staplers and nailers. The use of nickel batteries is ineffective for the market. The launch of lithium-ion batteries in power tools is increasing the power and durability of the technology. 


The high demand for cordless power tools from various verticals is the crucial market driver. Additionally, the operations of the power tools in the industrial sector are massive. The high demand from the industrial sector is another curial drive for the market. The industry-based pier tools are highly durable, bulky and long-lasting. The power tools are used in plenty of other professional verticals. The use of the tool in the automotive sector is driving more demand for the market. Lastly, the use of power tools for DIY projects is increasing rapidly. The power tools are safe and efficient technology for house projects. Also, it is another important demand driver for the market. All these are the crucial drivers of  the power tools market that increases the Market Size.



  • Market growth opportunities¬†


The power tools market includes other variations such as the electric fastening tools. The electric fastening tools are crucial equipment in the wind turbines installation process. Further, these tools are used in plenty of other high-end operations. The electric fasteners are used for maintenance, inspecting and repairing process. These tools offer accuracy and also require torque for stable joints. The rising requirements for electric fastening tools will ultimately increase growth prospects for the market.


Secondly, the expansion of the construction market will provide lucrative growth opportunities door the power tools market. The infrastructural developments and construction of bus idling will rise in the upcoming years. The use of cordless power tools will increase in this process. The cordless power tools are ways for workers to carry and use in construction work. Further, the adoption of power tools is substantial in the manufacturing sector. It will enhance the overall growth potential for the market. 



  • The market restraints¬†


The power tools include precision instruments and assembly tools. It is expensive to maintain all parts of the power tool. The high maintenance cost of the product is a crucial restraint in this market. The batterers, power connection and motors of the power tools fail over time. Replacing the power tools parts and regular maintenance is a huge expenditure for any firm. The consumer in the developed region does not want to spend more prices for maintenance. This restraint can cause less demand and affect Power Tools Market Revenue. The high cost of the power tools restricts the growth rate of the market.  



  • The market challenges¬†


The power tools are used in shipbuilding, automotive, aerospace and other industries. Also, Regulatory compliance issues are a significant challenge in this market. The global markets demand power tools with high safety compliance features. Further, the governmental rules regarding the use of power tools are stringent. The power tools manufacturers must meet the safety standards of the market. To meet the safety standards, the product needs to comply with other safety features. It is essential to comply with operation level, electric magnetic interference and much more. The deployment of all these safety features can increase the overall price f the product. These market challenges can act as a demand restricting factor in the forecast period. 



  • Cumulative growth analysis¬†


The Power Tools Market Outlook looks positive in the forecast period. Few segments receive massive demand in the market. The drilling and fastening tools market segment is rising rapidly. The use of these tools is tremendous in house projects and residents. Further, there are plenty of crucial market drivers that drive demand for other market segments. The demand for cordless power tools is another crucial driver that boosts the overall market. However, few factors require development. The maintenance cost of the power tool is a major limitation in the market. Further, the need to meet safety regulation is another market challenge. The key players of the market are fixing these issues. However, the overall power tools growth trend looks promising. 



  • Value chain analysis¬†


Asia Pacific region is the fastest-growing power tools market. The growth opportunities and demand in this region is enormous. The countries such as India and china witness escalating demand rate in recent years. Covid 19 has causes supply chain disruptions in this region. However, the production work and power tools supply tasks are resumed. The market is exacted to grow exceptionally during the forecast period. Further, the Asia Pacific region is expected to witness the highest revenue rate in the forecast period. 


Power Tools Market Segments 


By tools type 



  • Screwdrivers and nut runners

  • Drills¬†

  • Tools¬†

  • Impact drivers¬†

  • Impact wrenches¬†

  • Demolition tools¬†

  • Rotary hammer

  • Sawing cutting tools¬†

  • Band saw¬†

  • Circulatory saw¬†

  • Reciprocator saw¬†

  • Sheer and nibblers¬†

  • Removal tools¬†

  • Grinders¬†

  • Routing tools¬†

  • Planers¬†

  • Routers¬†


By mode of operation 



  • Cordless¬†

  • Corded¬†

  • Pneumatic¬†

  • Hydraulic¬†

  • Power actuated¬†


By application 



  • Automotive¬†

  • Shipbuilding¬†

  • Energy¬†

  • Aerospace¬†

  • Residential¬†

  • House projects/DIY


Power Tools Market Competitive Landscape 


The competition among the regional players of the power tools global market is phenomenal. The launch of new power tools and costs cutting measures are part of the market development plans.


The key players of the power tools market are 



  • Robert borsch Gmbh¬†

  • ANDREAS STIHL AG¬†&co¬†

  • Stanley, Black & Decker. Inc

  • CHEVRON¬†

  • Hilti Corporation¬†

  • Enerpac tool group¬†

  • Atlas Copco ltd¬†

  • HiKoki ltd¬†

  • Makita Corporation¬†

  • Emerson electric and co.¬†


The power tools come with high durability and resistance to cut through any material. The common applications of the power tools are for drill purposes, wrench, saw and polish objects. The operations of the power tools are highly essential in the automotive, aerospace, oil, petrochemical and gas industry. The power tools are handy and they come with higher efficiency features. They are easy and convenient to use for any sophisticated purpose.


It provides satisfactory results for different sectors. The use of portable power tools is massive in several regions. It is sparking the overall demand for the Power Tools Industry. The high-end features and efficiency of the tools attract many users in several verticals. Due to the rapid adoption rate, the Power Tools Market Growth will be tremendous for the forecast period. The global Market Value will reach 36,060 million in the forecast year. The growth trends of the market will grow steadily. Also, the market will witness high technological developments that will result in further growth. 


Recent developments 



  • The Makita Corporation launched the first-ever cordless nailer for hard and softwood surfaces¬†

  • Atlas Copco is introducing a complete range of power tools for construction insert.¬†


Power Tools Market Regional Analysis 


The power tools market is diversified into Asia Pacific, Europe, the middles east and North America. Further, the Asia Pacific holds the largest Market Share. This region will outgrow other regional players in the forecast period. The demand for power tools is tremendous due to industrialization, construction and development factors. The Chinese market is witnessing high revenue. It is one of the most successful markets in the world.


Further, India is witnessing a wide range of growth opportunities. The Middle East market is the next largest market. The demand for power tools will reach a peak amount in the forecast period. The requirement for power tools in the oil and gas sector is massive. It is continuous fuelling the demand in this region. Europe and North America receive significant demand for power tools. The power tools are suitable for complex tasks in the power industries. Furthermore, these two regions are increasing their portfolios in the forecast period. 


Power Tools Market Report overview 



  • Market overview highlights¬†

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis

  • Market segmentation overview

  • The regional analysis

  • Competitive landscape analysis

  • Recent Developments



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027: USD 37 Billion
  • 2030 : Significant value
  •   CAGR   5% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Value (USD Million)
      Segments Covered   Format Type, Application, Process
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Robert Bosch Tool Corporation, Hitachi Koki Co. Ltd, Husqvarna, Stanley Black & Decker Inc., Makita Corporation, Techtronic Industries Co. Ltd, Snap on, Festool (TTS), Hilti Corporation, Otto Baier GmbH
      Key Market Opportunities   Broader Scope In Developing Nations
      Key Market Drivers

  • Increasing Demand From Industrial Sector
  • Increasing Demand From Professional Segment
  • Increasing Usage Of Power Tools For DIY & Household Activities


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    Frequently Asked Questions (FAQ) :

    Power Tools Market size is projected to be worth USD 37 Billion, registering a CAGR of 5% during the forecast period (2022 - 2030)

    The key players of the global power tools market are Robert Bosch Tool, Hitachi Koki, Stanley Black & Decker, Makita Corporation, Hilti Corporation, Husqvarna, Techtronic Industries, Snap on, Festool And Otto Baier.

    According to the research report published by MRFR (Market Research Future), this market will be highly successful and expand enormously during the forecast period of 2022-2030.

    The Global Power Tools Market is poised to grow over USD 37 Billion by 2027.