Global Power Tools Market: By Mode of Operation (Electric, Pneumatic, Others), By Application (Industrial, Residential), and Geography, and Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview:

The global power tools market size is estimated to increase from USD 39.5 billion in 2024 to USD 45.5 billion by 2029, rising at a CAGR of 2.9% in the forecast period. Power tools are mainly employed in tasks including cutting, wrenching, sawing, drilling, and polishing materials. They find applicationsindifferent industries including automotive, aerospace, construction, petrochemical, oil, and gas, among others, where they update complex functions. These tools are designed to be opportune and user-friendly, offering comfort throughoutthe operation and allowing users to accomplish desired outcomes effectively. The global market for power tools is projected to witness substantial growth in the forecast period, largely propelled by the growingimplementation of cordless power equipment.

Market Size for Global Power Tools Market on the Basis of Revenues in USD Bn , 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of the Global Power Tools Market:

• The extension of the construction sector in emerging countries, the global uptake of battery-powered power tools, and the growingrequirement for power tools in the automotive industry collectively shape the global power tools market dynamics.
• The advent of smart and connected power tools and the rising requirement for fastening tools in the wind energy sectorintroduce significant opportunities within the power tools market.
• The advancement of smart and connected power tools and the growing demand for fastening tools in the wind energy industry are key factors introducing new opportunities within the global power tools market.

Which Industry Trends have been Fueling the Growth?

Expansion of the Manufacturing Sector and Construction Industry Pushes Market Growth: The rapid growth of the construction industry is a key driver of the global power tools market. Key participants are introducingcorded and cordless power tools, allowing construction workers to utilize them for different applications. Small and mid-sized manufacturing enterprises also benefit from the competencies and flexibility of these tools. Furthermore, leading manufacturers across the globe are offering improved products through collaborations and research initiatives.

Innovations in Battery Technology Drives Global Market Growth: Emerging technologies including lithium-ion batteries, solid-state batteries, and graphene batteries are improving power tools by proposing higher energy density and quicker charging times. Long-lasting and high-power batteries are important for power tools to provide immediate power. Modernizations in battery technology allow the introduction of more powerful, effective, and sustainable cordless tools, enablingproducers to propose a wider range of cordless tools such as saws, drills, and impact drivers. Key Participants are developing improved batteries to improve the energy capacity and performance of power tools. For instance, in November 2023, Robert Bosch GmbH (Germany) announced the ProCore 18V+ cordless power tool battery, featuring tabless 21700 Li-ion cells. This new battery offers more energy than their prevailing 21700-based batteries. Such innovations in battery technology are projected to propel the growth of the power tools market in the forecast period.

What is the Current Structure for Global Power Tools Market?

By Mode of Operation, Electric Segment Dominates the Market Growth

The electric segment, which includes both cordless and corded tools, will remain foremost in the forecast period and is estimated to observe significant growth owing to its performance capabilities. The global market has innovative work insights in construction, automotive, industrial, and other sectors, advancing operational effectiveness and saving time for end-users.The requirement for pneumatic tools is estimated to decline as electric tools increasingly replace them. Conversely, other tools, including hydraulic power tools for heavy-load functions, are projected to exhibit moderate market growth over the forecast period.

By Application, Industrial Application Segment Registers the Global Market Growth

The industrial application segment registeredthe highest total revenue, with power tools being mainly utilized in the automotive, construction, aerospace, and logistics sectors. Technological innovation and the implementation of improved technologies are foremost factors that make the industrial segment leading over the residential segment. The automotive and construction industries are key contributors to the global power tools market.Despite the industrial segment’s domination, the residential application segment is projected to increase at the fastest CAGRof more than 6% from 2022 to 2028, propelled by the growing trend of DIY culture.

By Region, Asia Pacific Registers the Largest Market Share in the Global Market

Asia Pacific has been recognized as the dominant and speedilyrising region in the global power tools market. The increasing requirement for these tools is directly propelled by industrialization, infrastructure development, and urbanization. Additionally, the growth of Chinese market players, who propose competitive pricing, underwrites to market expansion. India is also estimated to witness significant growth owing to Industry 4.0 innovations and increased production across the manufacturing sector.

Competitive Analysis

Key market participants maintain a strong existence in Asia Pacific, North America, and Europe. To expand their businesses and consumer bases across other regions, these market players focus on attaining small and mid-sized firms with a robust local market existence.For example, in February 2021, Dewaltannounced an expansionof its product lineup to comprise outdoor power tools, preparing for the lawn and home maintenance season and spring landscaping. Some of the major players operating in the market includes 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) and others.

Market Segmentation

Global Power Tools Market, by Mode of Operation

• Electric
• Pneumatic
• Others

Global Power Tools Market, by Application

• Industrial
• Residential

Global Power Tools Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa
  • Rest of Middle East & Africa

Market Players Included

• 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.