The global power tools market size is expected to reach USD 38.78 Billion in 2028 and register a revenue CAGR of 4.2% over the forecast period, according to the latest report by Reports and Data. Increasing demand for power tools in the construction industry and rising usage of cordless power tools are some key factors expected to drive market revenue growth over the forecast period. In addition, expansion of construction industry in developing countries is expected to contribute to revenue growth of the market in the near future.
Hammer drills, impacting wrenches, sawing blades, nailers, and staplers are some types of cordless power tools. Increasing need for more adaptable, flexible, and compact tools is expected to drive demand for cordless tools. Traditional Nickel-cadmium (Ni-Cd) and Nickel-metal Hydride (Ni-MH) battery packs are being replaced in power tools by lithium-ion batteries. Emergence of high-density battery packs in cordless power tools, owing to advacements in battery technology provides more operational time after every recharge. Hence, these are becoming more popular worldwide.
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Lithium-ion batteries are preferable for power tools as these offer a higher energy density and longer working time. As these batteries are compact and light, these do not even self-discharge. As a result, lithium-ion batteries have become the most popular cordless power tool batteries. Similarly, as demand for cordless tools is growing, tool manufacturers are focusing on developing innovative cordless power tools and launching new products in the market. However, concerns regarding power tool safety, regulation compliances, and high cost of power tool maintenance are expected to restrain market growth to a certain extent over the forecast period.
Some companies in the market include: Techtronic Industries Company Limited, Robert Bosch GmbH, Stanley Black Decker, Inc., Makita Corporation, Atlas Copco, Apex Tool Group, Hitachi Koki Co., Ltd., Snap-on Incorporated, Ingersoll-Rand PLC, and Emerson Electric Co.
Some Key Highlights From the Report:
- Drilling fastening tools segment is expected to account for largest revenue share during the forecast period. 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 use and less costly than other power equipment. less costlier
- Electric segment is expected to register robust revenue growth rate over the forecast period. Growth of the segment is being driven by advancements in battery technology and increasing usage of cordless tools in both residential and industrial applications.
- Industrial segment is expected to account for highest revenue share in the global market over the forecast period. Revenue growth of the segment is expected to be propelled by increasing technological innovation and adoption of advanced technology by automotive, construction, aerospace, and energy industries.
- North America is expected to account for largest revenue share over the forecast period. Increased infrastructure development and rapid industrialization are driving demand for power tools in this region . Additionally, shortage of low-cost labor would stimulate the adoption of Do It Yourself (DIY) tasks, which would further boost market growth in this region.
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Market Dynamics:
The manufacturing industry is set to witness rapid revenue growth over the forecast period owing to rapid urbanization and industrialization across the globe. Rapid growth in population and favorable government policies have accelerated revenue growth of the industry. Recent advancement and emerging technologies in the manufacturing and construction industry has contributed significantly to growth of the market. Key factors such as rapid consumer shift towards eco-friendly and sustainable construction activities, superior waterproofing, and rising number of renovations and building operations across the globe have brought massive changes in the manufacturing and construction industry over the recent past. The market is expected to register robust revenue growth over the forecast period owing to increasing investment and development of stronger building and infrastructure owing to exponential growth in global populace.
The paradigm shift to green construction and improved energy-efficiency of the buildings have played a pivotal role in the progress of the industry. The report discusses in detail the key factors positively impacting the growth of the Power Tools market. The market research report is an exhaustive analysis of the Power Tools market and provides crucial data to help make informed decisions. The report also discusses the import/export ratio, production and consumption patterns, supply and demand, supply chain analysis, and revenue growth in key regions of the market. It analyzes key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
For the purpose of this report, Reports and Data has segmented the global power tools market on the basis of type, operation mode, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Demolition Tools
- Rotary Hammers
- Hammer Drills
- Demolition Hammers
- Drilling Fastening Tools
- Impact Drivers
- Drills
- Impact Wrenches
- Screwdrivers Nutrunners
- Sawing Cutting Tools
- Reciprocating Saws
- Jigsaws
- Circular Saws
- Sheers Nibblers
- Band Saws
- Routing Tools
- Routers
- Joiners
- Planers
- Material Removal Tools
- Grinders
- Die Straight Grinder
- Angle Grinders
- Sanders
- Buffers
- Polishers
- Others
Operation Mode Outlook (Revenue, USD Billion; 2018-2028)
- Pneumatic
- Electric
- Cordless
- Corded
- Hydraulic
- Power-actuated
Application Outlook (Revenue, USD Billion; 2018-2028)
- Residential
- Industrial
- Automotive
- Construction
- Energy
- Aerospace
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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