According to the Astute Analytica study on the global Power tools Market, the size of the market will increase from USD 30,894.8 Million in 2020 to USD 43,278.3 Million by the year 2027, registering a remarkable compound annual growth rate (CAGR) of 5.2% from 2022 to 2027.
The segmentation section of the report focuses on every segment, along with highlighting the ones having a strong impact on the global power tools market. The segmentation served as the foundation for finding businesses and examining their financial standings, product portfolios, and future growth potential. The second step entailed evaluating the core competencies and market shares of top firms in order to predict the degree of competition. A bottom-up method was used to assess the market’s overall size.
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Growth Influencers:
Growing application of power tools in the construction industry
The rising adoption of power tools in the construction industry is also likely to drive the demand for power tools over the forecast period. This is because power tools help in reducing the time associated with redundant tasks. It also helps in providing increased efficiency. Furthermore, the increasing use of sanders, wrenches, drills and other such tools in the construction sectors is also anticipated to boost the market growth. Also, the rapid expansion of the construction industry globally is estimated to fuel the market growth.
Rising adoption of cordless power tools globally
Cordless power tools contain a wide range of battery-powered tools, such as circular saws, hammer drills, and impact wrenches. These also include staplers as well as nailers. Furthermore, the growing demand for more flexible, compact, and mobile tools is also expected to drive the market growth. Moreover, advancements related to battery technology are also expected to increase the adoption of cordless power tools with high-density and long-lasting batteries. In addition, the attraction of consumers towards cordless tools is also motivating market players to focus on cordless power tools, which is expected to boost the market growth.
Segments Overview:
The global power tools market is segmented into tool type, mode of operation, and application.
By Tool Type
• Drilling and Fastening Tools
o Drills
o Screwdrivers and Nut-Runners
o Wrenches
o Drivers
• Demolition Tools
o Demolition Hammer
o Hammer Drill
o Breaker
o Rotary Hammer
o Others
• Sawing and Cutting Tools
o Circular Saws
o Jigsaws
o Multi-Cutter Saws
o Chop Saws
o Band Saws
o Reciprocating Saws
o Shears and Nibblers
• Material Removal Tools
o Grinders
– Die and Straight Grinder
– Angle Grinder
– Rotary Files
– Bench Grinder
– Pencil Grinders
o Sanders
o Polishers/ Buffers
• Routing Tools
o Routers/Planer
o Joiners
• Air-Powered Tools
o Air Hoses
o Air Hammers
o Air Scalers
o Others
• Others
The drilling and fastening tools segment is anticipated to hold the largest market share of more than 28%. Within the drilling and fastening tools segment, the drills segment is expected to grow at a rate of 4.8%. Within, the demolition tools segment, the breaker segment is expected to grow at a CAGR of 5%. The air-powered tools segment is estimated to grow at the fastest rate of 6.1% during the forecast period.
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By Application,
• Industrial
o Construction
o Automotive
o Aerospace
o Energy
o Shipbuilding
o Metal & Fabrication
o Other Industries
• Residential
The industrial segment is expected to hold the largest market share owing to the rising demand for power tools in various industries. These industries include construction, automotive, and energy among others. The energy segment is expected to grow at a CAGR of 5.9%. The residential segment is anticipated to grow at the fastest rate during the projected period.
By Mode of Operation,
• Electric
o Corded
o Cordless
• Pneumatic
• Hydraulic
The electric segment is expected to hold the largest market share owing to technological advancements related to the segment. The pneumatic segment is expected to grow at the fastest rate of 6.5% during the forecast period.
Regional Overview
On a regional basis, the global power tools market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North American region accounted for the largest market share of approximately 31% in the global market owing to the increasing industrial development and infrastructure development activities in the U.S. and Canada.
The Asia Pacific region is anticipated to witness the fastest growth rate of 6.8% during the forecast period. This is due to the fast flourishing automotive industry in the region. Countries witnessing the highest growth include India and China.
Competitive Landscape
Key players operating in the global power tools market include 3M, ANDREAS STIHL AG & Co. KG, APEX Tool Group, LLC, Atlas Copco AB, C. & E. FEIN GmbH, Delta Power Equipment Corporation, Emerson Electric Co., Enerpac Tool Group, Ferm International B.V., Festool GmbH, Hilti Corporation, Husqvarna AB, Ingersoll-Rand, Interskol, KOKI Holdings Co. Ltd., Kyocera Corporation, Makita Corporation, Panasonic Corporation, Robert Bosch GmbH, Snap-On, Stanley, Black & Decker, Inc., Techtronic Industries (TTI), Positec Tool Group, UryuSeisaku, Ltd., CS Unitec, and Fortive Corporation, among others.
Major 5 players in the market hold about 75% of the market share. These players are involved in mergers & acquisitions, product launches, and collaboration, among others. For instance, in June 2021, Atlas Copco acquired the UK-based compressed air distributor and service provider named Airflow Compressors & Pneumatics Ltd (Airflow). This acquisition enhanced the company’s presence in England.
The global power tools market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global power tools market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
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The global power tools market report answers questions such as:
- What is the market size and forecast of the Global Power tools Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Power tools Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Power tools Market?
- What is the competitive strategic window for opportunities in the Global Power tools Market?
- What are the technology trends and regulatory frameworks in the Global Power tools Market?
- What is the market share of the leading players in the Global Power tools Market?
- What modes and strategic moves are considered favorable for entering the Global Power tools Market?
About Astute Analytica:
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
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