The size & share of the Global Power Tools Market is expected to reach 42.5 billion USD by 2026, which is a significant increase from 30.2 billion USD in 2021 during the forecast period.
Power Tools are operated by a power source (commonly by electric source) rather than manual labor. There are several kinds of power tools, e.g. electric hammer drills, screwdrivers, and fast screw guns. These tools are used for construction and several jobs, such as manufacturing assembling, packing, and servicing. These tools come in various sizes and shapes, which makes them handy and easy to operate. Every trustworthy manufacturer shall ensure that their power tools are labeled under the OSHA rules and regulations.
Recent Developments of the Power Tools market:
Techtronic Industries (TTI) has a diversified portfolio of products on the market for power tools. The company continues to grow by being at the forefront of technology with a wireless product range. Its technological development capabilities in lithium-ion battery technology, heavy-performance brushless motors, and system electronics have contributed to a 17 percent increase in revenue in the Power Accessories, Power Equipment & Hand Tools business unit in 2018.
Stanley Black & Decker is a leading industry giant in the power tools market. The firm concentrates on the production of battery-powered cordless tools. In line with its plan, the company developed, manufactured and launched several cordless power tools in 2018. The company is committed to delivering creative and sophisticated power tools. The organization embraces brand improvements and acquisitions as primary approaches to promote sustainable revenue growth.
Market Growth Drivers
The rise in the demand for the technology that was automation enabled, that is easy to use, and lack of skill with the high cost of labor are among the prime drivers of the growth of the global power tools market.
The ease of achieving work efficiency while using these power tools through the advanced sensors that analyze and perform the task with a minimum error are the significant factors for the rise in the adoption of the power tools across the globe. The growth of the revenue of the global power tools market in the forecast period is attributed to the advancements in the pneumatic and power-technologies that getting used in these tools.
The increase in the adoption of the DIY products which are done by non-commercial people is impacting a massive growth in the power tool business.
The volatility in the raw material prices, which are used in the manufacturing of the power tools is one prime factor that is hampering the global power tool market. The raw material that is used in these power tools manufacturing process is exported from various regions across the globe. The prices of these raw materials depending on the government's regulations on exports and import rules from multiple governments that are complicated to bond globally. Mainly, the prime raw material steel's price is one of the unpredictable terms that is increasing the expense of these power tool manufacturing, leading to a concerning challenge in the power tool market.
Although these power tools are advanced, there is a lot of scope for the development in the automation of them. Enabling automation can give a soothing factor to the consumer, which leads to increased sales. Therefore, companies that are developing the automation technology in these power tools are going to give an excellent opportunity to get into the consumer world of the power tool market.
Also, the price of these power tools over conventional ones is of the factor which is hindering the global power tools market. Thus, the market is seeking power tools that are inexpensive and easy to maintain. These are some factors that can give the opportunity for the new players or the existing players who are dreaming of expanding.
Market Size Available
2019 – 2025
2020 - 2025
By Type, Source, End-use, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Stanley Black & Decker Inc., Robert Bosch GmbH, Atlas Copco AB, Actuant Corporation, Techtronic Industries Co. Limited, Danaher Corporation, Makita Corporation, Hitachi Koki Co. Ltd., Emerson Electric Co & Hilti Corporation.
Segmentation & Sub-segmentation of the Global Power Tools Market with evaluated size & forecast until 2025.
Power Tools Market - By Tool Type
Among the type of tools, the Material Removal segment holds the majority of the market share in 2019, with 38%. The reason for such market share is due to the increased applications of material removal tools in various end-use industries. Material removal devices such as grinders are used in grinding, abrasive slicing, and sanding operations. They are mostly used in metal processing workshops, car factories, and industrial sites. Material removal devices, such as belt sanders, delta sanders, and orbital sanders, have been used in commercial and residential projects. Increased demand for material removal equipment in sectors such as construction, car manufacturing, and aviation is driving the growth of the power tools market.
Power Tools Market - By Power Source
Among the Power Source, the Electric Power Tools segment holds the majority of the market share in 2019, with 65%. The reason for such market share is attributed to the increasing demand for cordless electric devices due to their handiness and flexibility. Power tool makers are focusing on the production of cordless tools by launching various types of electrical power tools. The development of electrical power equipment is driven by advances in the engineering of lithium-ion batteries. The lithium-ion energy density is usually twice that of the regular nickel-cadmium.
Power Tools Market - By End - User
Among the End-User, the Global Power Tools market is segmented into Out of these, the Commercial segment holds the majority of the market share in 2019, with 66%. The reason for such market share is attributed to the increased technological innovations and requirements in these fields. These power tools help in immediate problem-solving. Also, Residential end-use is expected to be the fastest-growing segment, rising at a CAGR of 6.3%.
Power Tools Market - By Region
The Power Tools Market Report includes the Region study with their respective Countries.
North America Power Tools Market includes U.S, Canada
Europe Power Tools Market includes the UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe
Asia Pacific Power Tools Market includes India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC
Latin America Power Tools Market includes Brazil, Mexico, Argentina, Chile & Rest of LATAM
Middle East & Africa Power Tools Market includes KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA
Geographically, the Asia-Pacific power tools market is expected to garner a large share of the global business, which it is already maintaining. The increase in the industrialization & rising urbanization, growing manufacturing industries and the increase in automotive sales are attributing the growth of the power tools market in this region. Also, because of the presence of the developing nations in this region like India, China, that are developing their GDP is fueling the growth of power tools market in this area.
Moreover, advancements in the exports and imports in this region are helping the growing market share. The Asia-Pacific market is followed by the North America power tools market with the increasing density of usage of these tools. An increase in the usage of power tools is attributed to the high labor costs and the lack of skill in them.
Some of the promising players of the Power Tools Market include Stanley Black & Decker Inc., Robert Bosch GmbH, Atlas Copco AB, Actuant Corporation, Techtronic Industries Co. Limited, Danaher Corporation, Makita Corporation, Hitachi Koki Co. Ltd., Emerson Electric Co., and Hilti Corporation.
Key Questions Answered by the Report?
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1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Tool Type
5.1.2 Material Removal
5.1.3 Drilling & Fastening
5.1.6 Other Tools
5.1.7 Y-o-Y Growth Analysis
5.1.8 Market Attractiveness Analysis
5.1.9 Market Share Analysis
5.2 By End-Use
5.2.6 House Hold/Resifential Use
5.2.7 Industial Applications
5.2.9 Y-o-Y Growth Analysis
5.2.10 Market Attractiveness Analysis
5.2.11 Market Share Analysis
5.3 By Power Source
5.3.2 Pneumatic Power Tools
5.3.3 Electric Power Tools
5.3.4 Y-o-Y Growth Analysis
5.3.5 Market Attractiveness Analysis
5.3.6 Market Share Analysis
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Tool Type
22.214.171.124 By Power Source
126.96.36.199 By End-Use
6.1.4 Market Attractiveness Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Tool Type
220.127.116.11 By Power Source
18.104.22.168 By End-Use
6.1.5 Market Share Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Tool Type
188.8.131.52 By Power Source
184.108.40.206 By End-Use
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leader Analysis
8.1 Stanley Black & Decker Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Robert Bosch GmbH
8.3 Atlas Copco AB
8.4 Actuant Corporation
8.5 Techtronic Industries Co. Limited
8.6 Danaher Corporation
8.7 Makita Corporation
8.8 Hitachi Koki Co. Ltd.
8.9 Emerson Electric Co.
8.10 Hilti Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures