Power Tools Market Statistics- 2027
The Global Power Tools Market Size was valued at $32,664.0 million in 2019, and is projected to reach $48,677.0 million by 2027, registering a CAGR of 4.8% from 2020 to 2027. Power tools have transformed different industries such as automotive, construction, and other by saving the effort and time necessary for simple tasks, such as screw driving to complicated tasks including breaking and sawing.
The Power Tools Market represents a multitude of handheld and stationary tools which are operated with electricity, batteries, or compressed air to execute various operations in construction, manufacturing, woodworking, automotive, and other purposes. They include drills, saws, grinders, sanders, pneumatic tools, and other tools meant to improve the efficiency and increase the accuracy and the overall productiveness in different applications.
The market for power tools is growing due to the continued industrialization in different economies all across the globe. Construction, manufacturing, and maintenance end-use segments are the fastest-growing segments of the power tools market that are encouraged by the continuing growth of industrial sectors and infrastructure projects around the world. Its growth rate is boosted by the rapid urbanization, especially in developing nations, and the subsequent necessary investments in infrastructure. Different policies and regulations beneficial to the industry from the respective governments of the countries.
Moreover the growing desire of consumers to engage in simple home improvement tasks creates more demand for the right kind of power tools among the home owners and DIY enthusiasts. With the trend towards exclusively customized products, creativity, DIY, and self-expression, the target audience is looking for versatile and convenient power tools for everyday household and garden work.
However, high price of power tools is currently a big deterrent for the market. They feature additional characteristics and efficiency and provide higher productivity but at price that would be unaffordable for the majority of price sensitive consumers.
However, it is noted that owing to high demand for power tools in the market, there are several difficulties faced by the market players. Consequently, these competitors apply various strategies including the innovation of their products, acquisition, and collaboration among others to maneuver in this competitive business environment. Furthermore, having reliable distribution channels and collaboration with retail chains, wholesale companies, and online storefronts helps to gain access to more customers. Provision of convenient access and ease of delivery of products ensures that market participants can fully leverage the potential that can be tapped and reach the target clientele more efficiently.
The Global Power Tools Market is expected to grow at a substantial rate owing to a surge in popularity of DIY techniques, investments in infrastructural developments, and a rise in disposable income of people. During the past few years, India spent nearly one-ninth share of its GDP on infrastructural development activities, which is anticipated to escalatein the upcoming years. This growth in infrastructural improvement activities is anticipated to fuel the adoption of power tools in India. In addition, the continual progressions in the power tools by key players aid in enhancing their demand. For instance, in November 2019, Dremel, a brand of Bosch, developed its cordless Dremel Lite multi-tool. The new tool is cordless and has a compact design. It has a weight of 270 grams and can operate at speeds of 8,000 to 25,000 revolutions per minute.
Moreover, the ease of use delivered by power tools has made them prevalent even for non-professional users principally in household operations. The easy of availability and portability of electric power tools stimulate their implementation even in ordinary everyday applications including drilling, sawing, and cutting, which in turn boosts the global power tools market growth. Further, the market has witnessed increased adoption owing to factors such as rise in application of power tools in a multitude of industries such as automobile, construction, energy, aerospace, and others. The demand for power tools is largely driven by the rise in adoption of electric power tools, and development of energy efficient power tools. However, high purchase costs of electric power tools is anticipated to impede the growth of the market. On the other hand, rise in labor costs in the developing countries such as Brazil, China, and India is expected to boost the growth of the material handling equipment market, which in turn is compelling manufacturers to use power tools to ensure high productivity.
The Global Power Tools Market is segmented on the basis of mode of operation, tool type, application, and region. By mode of operation, it is divided into electric (corded and cordless electric power tools), pneumatic, and others. The electric power tools segment dominates the market throughout the study period. On the basis of tool type, the global market is categorized into drills, wrenches, material removal tool, saws, and others. The drills segment is expected to dominate the market during the forecast period.
By application, the global market is bifurcated into industrial (construction, automotive, aerospace, and others) and do-it-yourself (DIY). The DIY segment is expected to exhibit highest growth rate during the forecast period. Region wise, the market has been analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific is anticipated to hold the largest market share throughout the study period. LAMEA is the fastest growing regional market for power tools owing to risein disposable income of people in economies such as Argentina, Nigeria, and Columbia. A rise inurbanization and a growth in e-retailing boosts the market for power tools.
Competition Analysis
The major participants profiled in the power tools market report include Atlas Copco AB, Emerson Electric Co., Hilti Corporation, Ingersoll-Rand plc, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch GmbH, Snap-on Incorporated, Stanley Black & Decker Inc., and Techtronic Industries Co. Ltd.The major players operating in the global power tools market have adopted key strategies such as product launch and business expansion to strengthen their market outreach and sustain the stiff competition in the market. For instance,in January 2019, DEWALT a brand of Stanley Black & Decker, launched, FLEXVOLT 60V MAX* 2-Inch Brushless SDS MAX Combination Hammer (DCH773). The product features, SHOCKS Active Vibration Control technology, and E-Clutch system, which enhances the protection features of the product.
Key Benefits For Stakeholders
The report provides an extensive analysis of the current and emerging power tools market trends and dynamics.
In-depth market analysis is conducted by constructing market estimations for the key market segments between 2019 and 2027.
Extensive analysis of the power tools market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The global power tools market forecast from 2020 to 2027 is included in the report.
The key market players within power tools market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the power tools industry.
Power Tools Market Report Highlights
| Aspects | Details |
 By MODE OF OPERATION |
|
 By TOOL TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | TECHTRONIC INDUSTRIES COMPANY LIMITED, Ingersoll-Rand plc, Hilti Corporation, Atlas Copco AB, KOKI HOLDINGS CO., LTD., MAKITA CORPORATION, Emerson Electric Co., ROBERT BOSCH GMBH, Snap-on Incorporated, STANLEY BLACK & DECKER, INC. |
Analyst Review
The increase in demand for automation and dearth of skilled laborhas transformed the adoption of power tools technology in the recent years. Pneumatic tools are power tools that work on compressed air technology. The air is filled in the tool through cylinder, which creates pressure for its working. Pneumatic tools are lightweight, faster, and more durable as compared to electric tools. They are more effective than electric tools since air compressors generate considerable power by compressing and condensing air which, on discharge and trying to achieve its original volume, produces bursts of energy. This additional energy imparts the outstanding power to pneumatic tools and thereby making them far better than electric power tools.Electric power tools functionby using an outersource of electricity either a charging point or battery. Furthermore, the institution of brushless DC motors (BLDC) in the battery-operated power tools has facilitated the end users to reach superior tool performances at substantially less energy consumption. This in turnhas transformed the productivity scenario of power tools, thereby is predictable to enhance the progress of the power tools industry.
Key market players aim to explore new technologies and applications to meet the increase in customer demands. Product launches and acquisitions are anticipated to assist them to magnify their product portfolios and enter into diverse regions. Developing economies deliver lucrative opportunities to market players for development and expansion.Further, the enhanced product abilities of power tools have improved their consumption in the construction industry. The variedtypes of power tools prove them advantageous for numerous operations. To cite an instance, earlier, the power tools had restricted usage for breaking,cutting, and drilling applications. Conversely, the recently developed saws, polishers, power screwdrivers,rotary hammers, mixers, shears,and others have amplified their use for almost every construction activity. Therefore, the advancement in the construction industry is expected to compel the development of the power tools market.
The global power tools market size was $32,664.0 million in 2019, and is projected to reach $48,677.0 million by 2027, registering a CAGR of 4.8% from 2020 to 2027.
The forecast period considered for the power tools market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
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The base year considered in the power tools market is 2019.
The report for global power tools market doesn’t provides Value Chain Analysis, but if there is a requirement for the same, it could be added as an additional customization.
The top ten market players are selected based on two key attributes - competitive strength and market positioning.
On the basis of mode of operation, electric power tools segment is expected to be the most influencing segment growing in the power tools market report.
Based on the application, in 2019, the industrial segment generated the highest revenue, accounting for over 50% of the market revenue.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The market value of power tools market is $34,983.0 million in 2020.
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