Global Power Tools Market Forecast to 2030

The global power tools market size was USD 25.79 billion in 2021 and is expected to register a revenue CAGR of 4.5% during the forecast period, according to the latest analysis by Emergen Research. Rising construction and manufacturing industries, especially in emerging countries, and rising usage of cordless power tools are some of the key factors driving revenue growth in the market.

The market size, revenue growth, and CAGR from 2022 to 2032 are all addressed in the Power Tools Market Analysis. The research also gives significant insights into the top market players, including SWOT analysis, Porter's Five Forces analysis, and feasibility analysis, to give readers a competitive edge. The study focuses on the current epidemic's most recent trends, major challenges, opportunities, and limitations.

The growing utilization of various types of cordless power tools, such as hammer drills, sawing blades, impact wrenches, staplers, and nailers, is contributing to the rapid growth of the market. The rising need for more adaptable, flexible, and compact tools is increasingly driving demand for cordless power tools. Traditional nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) battery packs are replaced with lithium batteries in power tools. In addition, rapid advancements in battery technology have led to a surge in the utilization of high-density battery packs in cordless power tools, thereby enabling better operational time after every recharge. On April 13, 2022, Makita U.S.A., Inc., which is one of the leading manufacturers of high-quality professional tools and accessories, expanded its cordless woodworking solutions with the 18V LXT 1/3 Sheet Finishing Sanders (model XOB03). The sander is designed to provide the power and performance of a corded version but without the cord and powered by an efficient brushless motor, enabling a convenient wood finishing solution for the user.

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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Power Tools market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

Key Companies Profiled in the Report are:

Apex Tool Group, LLC., Emerson Electric Co., Ingersoll Rand, Atlas Copco, Robert Bosch GmbH, Stanley Black & Decker, Inc., Techtronic Industries Co. Ltd., Hilti Group, Makita Corporation, and Koki Holdings Co., Ltd

Research Report on the Power Tools Market Addresses the Following Key Questions:

• Who are the dominant players of the Power Tools market?
• Which regional market is anticipated to have a high growth rate over the projected period?
• What consumer trends and demands are expected to influence the operations of the market players in the Power Tools market?
• What are the key growth drivers and restraining factors of the Power Tools market?
• What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
• What is the overall impact of the COVID-19 pandemic on the Power Tools market and its key segments?

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Some Key Highlights From the Report

• The electric segment accounted for a significant revenue share in 2021 owing to ease of flexibility and effectiveness of operation of electric tools. Introduction of powerful batteries has led to an increasing demand for electric tools. Electric power tools are utilized in sectors such as automotive, construction, aerospace, and energy owing to various benefits such as better performance, speed, efficiency accuracy, and convenience. Rapid urbanization and industrialization are some of the factors increasing demand for electric power tools.
• The drills segment accounted for a significant revenue share in 2021. Electric drilling and fastening equipment is used by professionals and Do-It-Yourselfers (DIY). Drills are used in both residential and industrial applications since these are easy to operate and cost-effective than other power equipment. Surging demand for drills as primary maintenance and repair equipment is also another factor contributing to growth of the market.
• The industrial segment accounted for largest revenue share in 2021. Increasing technical innovation and implementation of advanced technology by these industries are expected to drive revenue growth of the segment. Rapid shift towards usage of power tools as well as various innovation, such as brushless motor technology, which provides less friction, longer motor-life, less voltage drops, and better performance are some of the major factors increasing demand for power tools in manufacturing and construction plants.
• The North America market is expected to register a significant growth rate over the forecast period. Growing industrial and infrastructural development in addition to lack of cost-effective labor leading to rapid adoption of DIY activities are some of the key factors significantly driving revenue growth of market in this region. Presence of primary companies with increasing development and innovation activities for improvement of existing tools is another major factor contributing to growth of the market.

Market Segmentations of the Power Tools Market

This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the period between 2022 and 2030. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Power Tools market on the basis of product, application, and region:

Segments Covered in this report are:

• Mode of Operation Outlook (Revenue, USD Billion; 2019-2030)
  • Electric
    1. Cordless
    2. Corded
  • Pneumatic
  • Others

• Product Outlook (Revenue, USD Billion; 2019-2030)
  • Wrenches
  • Grinders
  • Drills
  • Saws
  • Others

• Application Outlook (Revenue, USD Billion; 2019-2030)
  • Industrial
  • Residential

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Regional Landscape section of the Power Tools report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key reasons to buy the Global Power Tools Market report:

1. The latest report comprehensively studies the global Power Tools market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
2. The report offers an insightful analysis of the regional outlook of the market.
3. It offers a detailed account of the end-use applications of the products services offered by this industry.
4. The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.

In conclusion, the Power Tools Market report is an exhaustive database that will help readers formulate lucrative strategies. The Power Tools Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.

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