Global Power Tools Market – Industry Trends and Forecast to 2030

Global Power Tools Market, By Type (Sawing and Cutting, Drilling and Fastening, Demolition, Routing, Portable Nibblers, Air-Powered, Material Removal, Electric Cords and Plugs, Accessories, Others), Mode of Operation (Electric, Liquid Fuel, Hydraulic, Pneumatic, Powder-Actuated), Application (Concrete and Construction, Woodworking, Metalworking, Welding, Others), Material (Concrete, Wood/Metal, Brick/Block, Glass, Others), End User (Industrial/Professional, Residential), Sales Channel (Indirect Sales, Direct Sales) – Industry Trends and Forecast to 2030.

Power Tools Market Analysis and Size

Nowadays, power tools are gaining huge popularity in household applications due to the ease of mobility and easy operability. The increasing trend of Do-It-Yourself activities has augmented household users' demand for power tools. The “drilling and fastening” is expected to be the fastest-growing type segment during the forecast period. Drilling and fastening products are easy to use, inexpensive compared to other power tools, and frequently used in household and industrial applications.

Data Bridge Market Research analyses that the power tools market is expected to reach USD 56.48 billion by 2030, which is USD 36.25 billion in 2022, registering a CAGR of 5.70% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Power Tools Market Scope and Segmentation

Market Definition

Power tools are those semiconductor tools which are used for wide range of industrial applications when actuated by additional power source. Circular saws, sanders, grinders, routers, jigsaws, drills, hammer-drills and numerous others are examples of power tools.  A power tool is actuated by an additional mechanism and power source other than the solely manual labour used with hand tools. The most common types of power tools are internal combustion engines, electric motor and compressed air.

Power Tools Market Dynamics

Drivers

• Increasing demand of power tools in the automotive and manufacturing industries

With the increase in demand for power tools in the manufacturing and automotive industries, the power tools market is anticipated to develop exponentially. Furthermore, the power tools find their massive usages in assembly lines and automotive production, thereby supporting the jobs with faster results. It also aids a lot in minimalizing the overall time period that it takes to complete the whole task within the specified time frame.

• Growing usage of power tools in various applications and functionalities

The power tools are extensively used in several functionalities and applications such as repair and maintenance, DIY, assembly and production lines and many other packaging jobs. These power tools delver better efficiency and handling in terms of many operations and also aid to minimize the time, thus meeting the many requirements of the labour. Furthermore, it helps a lot in terms of both gaining productivity and profitability. These are some of the major factors that are expected to propel the market growth during the forecast period.

Opportunities

• Surging focus on producing smart and connected power tools

The enhancement of the smart connected systems and growth in internet of things (IoT) technologies in the operations of the gathering lines led to the innovation of various connected and smart tools. Hence the major manufacturers in power tools are fully concentrating on producing connected and smart power tools, which is expected to create large number of growth opportunities for the market in upcoming period in upcoming. For instance, Milwaukee Tool Corporation which is Brand of Techtronic Industries has released the ONE-KEY, the digital platform for tools and equipment. This cloud-based platform will allow an individual to modify the torque and speed for numerous applications at hand.

Restraints/ Challenges

• High costs associated with power tools

There are certain problems that are restraining the growth of power tools market. Some of the major factors which are restraining the growth of power tools such as high costs of maintenance of the moving parts. Furthermore, fluctuations in the prices of raw materials which are needed to build the power materials are also hampering the overall market growth during the forecast period of 2023 to 2030.

This power tools market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the power tools market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In 2021, Stanley Black & Decker, Inc. entered in partnership with Eastman to im[prove sustainability in  power tools market. BLACK+DECKER, a Stanley Black & Decker brand, would be launching a new product line, specifically reviva, which would be offering the  first sustainability-led power tools brand that use Eastman's Tritan Renew copolyester.
• In 2021, DEWALT, a Stanley Black & Decker brand, announced the intoduction of DEWALT POWERSTACK 20V MAX Compact Battery. This next-generation technological breakthrough results in a new period of performance for DEWALT cordless power tools.
• In 2021, Robert Bosch Power Tools GmbH announced the growth of its comprehensive product line of wood cutting and woodworking solutions with the launch of its 18V and 12V cordless sanders. This cordless sanders are designed for convenience and optimal balance.
• In 2021, Robert Bosch Power Tools GmbH announced the newest entries to its line of random orbit sanders comprising GEX33-6N 6 In., GEX33-5N, 5 In., and GEX34-6N 6 In. These sanders are designed for professionals.

Global Power Tools Market Scope

The power tools market is segmented on the basis type, mode of operation, application, material, end user and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Sawing and Cutting
• Jigsaw
• Reciprocating Saws
• Circular Saws
• Band Saws
• Shears and Nibblers
• Drilling and Fastening
• Drills
• Impact Drivers
• Impact Wrenches
• Screwdrivers and Nutrunners
• Demolition
• Demolition Hammers
• Routing
• Routers/Planers/Joiners
• Portable Nibblers
• Air-Powered
• Material Removal
• Sanders/Polishers/Buffers
• Air Scalers
• Grinders
• Angle Grinders
• Die and Straight Grinders
• Electric Cords and Plugs
• Accessories
• Others

 Mode of Operation

• Electric
• Corded
• Cordless
• Liquid Fuel Hydraulic
• Pneumatic
• Powder-Actuated

Application

• Concrete and Construction
• Woodworking
• Metalworking
• Welding
• Others

 Material

• Concrete
• Wood/Metal
• Brick/Block
• Glass
• Others

 End User

• Industrial/Professional
• Residential

 Sales Channel

• Indirect Sales
• Direct Sales

Power Tools Market Regional Analysis/Insights

The power tools market is analyzed and market size insights and trends are provided by country, type, mode of operation, application, material, end user and sales channel as referenced above.

The countries covered in the power tools market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the power tools market in terms of revenue and market share due to the constant demand for highly efficient and cost-effective power tools by wide range of industry verticals. Furthermore, growing government initiatives toward improving infrastructural development and industrial manufacturing facilities in this region.

North America will continue to project the highest growth rate during the forecast period of 2023-2030 due to the presence of major market players such as Emerson Electric Co., Stanley Black and Decker, and Apex Tool Group in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Power Tools Market Share Analysis

The power tools market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to power tools market.

Some of the major players operating in the power tools market are:

• Stanley Black & Decker, Inc. (U.S.)
• Robert Bosch GmbH (Germany)
• Techtronic Industries Co. Ltd. (China)
• Makita Corporation (Japan)
• Hilti Corporation (Liechtenstein)
• Atlas Copco AB (Sweden)
• Ingersoll Rand (U.S.)
• Snap-on Incorporated (U.S.)
• Apex Tool Group (U.S.)
• Koki Holding Co., Ltd. (Japan)
• Honeywell International Inc. (U.S.)
• 3M (U.S.)
• Emerson Electric Co. (U.S.)
• Festool GmbH (Germany)
• KYOCERA Corporation (Japan)
• Makita Corporation (Japan)
• Husqvarna AB (Sweden)