Global Power Tools Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product (Drills, Saws, Wrenches, Grinders, Sanders), Mode of Operation (Electric (Corded, and Cordless), and Pneumatic), End-User (Industrial, and Residential), and Region (North America, Europe, Asia Pacific, and Latin America Middle East, and Africa (LAMEA))

Market Overview:

Power tools are the equipment used to cut, wrench, saw drill, and polish materials. It is classified as stationary power tools and portable power tools. Stationary power tools are used for precision, strength, and smoothness such as table saw machines, drill presses, band saws, and others. Portable power tools are used for low weight, minimal heat generation, and longer time span of the machine such as wrenches, and drill machines.

According to Ken Research estimates, the Global Power Tools Market –grew from approximately US$ 30 Billion in 2017 to approximately US$ 35 billion in 2022 – is forecasted to grow further into approximately US$ 50 Billion opportunities by 2028, owing to the growing automotive industry, and rising adoption of power tools in households as an increasing trend towards do-it-yourself (DIY).

• In car production over 55 different types of power tools are used including torque wrenches, impact drivers, air wrenches, power drills, polishing machines, air compressors, spray guns, and others. According to the Indian Brand Equity Foundation (IBEF), a semi-government trust formulated by the department of commerce mentioned that India’s passenger car market was valued at US$ 32.70 billion in 2021, and it is expected to reach a value of US$ 54.84 billion by 2027. The increasing production of vehicles is likely to boost the demand for the power tools market.
• Steel, aluminum, zinc, and others are the key material used in manufacturing power tools. Apart from this, batteries, motors, and other electronic components are used in the production of power tools. During the COVID-19, the prices of materials have declined significantly but as the demand surged and supply reduced, the prices of these materials have soared to an all-time high, due to which the prices of power tools are also fluctuating and act as a restraint for the growth of the market.
• COVID-19 has decelerated the growth of the power tools market. This is because of the temporary shutdown of assembly lines, disruption of the supply chain, restriction on manufacturing and construction activities, and decline in the sale of automobiles. But as the market is recovering and restrictions are easing down, it is estimated that the power tools market will recover within the forecasted period.

Scope of the Report:

The Power Tools market is segmented by Product, Mode of Operation, and End-User. In addition, the report also covers market size and forecasts for the four regions in the power tools market. The revenue used to size and forecast the market for each segment is US$ billion.

Key Trends by Market Segment:

By Product: The Drills segment held the largest market share of the global power tools market in 2021. Automotive production, assembly lines, and automobile repair shops are driving the demand for drill power tools.

• Drill is a machine used for drilling holes in solid materials like metal, wood, and others. Drill machines are used in multiple industries such as construction, automobile, transportation, and electronic equipment.
• In January 2022, Bosch Power Tools, the global leader in power tools and power tool accessories, launched a new hammer drill/driver under the PROFACTOR system. The hammer drill/driver includes Bosch Power Tools BITURBO Brushless technology to help energize the next generation of high-powered cordless tools.

By Mode of Operation: The electric segment accounted for the largest market share in 2021, owing to the rising demand from the automotive and construction industry.

• Corded electric power tool runs on electricity and is less expensive to buy. The cordless power tool is an electric or electronic device that operates through a battery or battery pack and usually costs higher than corded tools.
• As per the European Power Tool Association (EPTA), which represents power tool manufacturers, stated that cordless power tools (CPT) account for approximately 50% of the power tool market. CPT is lightweight, low voltage, and requires no electric cables while in production.

By End-User: The industrial segment held the largest market share in 2021, owing to the rising demand from construction, manufacturing, automobile production, and assembly lines.

• Multiple power tools are used in the manufacturing industry such as impact wrenches, electric screwdrivers, handheld portable grinders, sockets, pliers, and others.
• According to IBEF, In December 2021, Hyundai announced plans to invest US$ 530.25 million in R&D in India, with the goal of launching six electric vehicles by 2028. Surging investment in the automobile industry, is likely to fuel the power tool market.

By Geography: Asia Pacific accounted for the largest market share within the global power tools market in 2021, owing to the emerging automotive industry, and houses most of the power tools companies.

• According to the International Trade Association (ITA), a USA agency that promotes trade and investment.  China continues to be the world’s largest vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025.
• The International Organization of Motor Vehicle Manufacturers (OICA), stated that Asia region vehicle production increased by 4,67,73,2785 in 2021 from 4,42,76,549 in 2020. Owing to the rising vehicle numbers, it is likely to boost the growth of the power tools market.

Competitive Landscape:

The global power tools market is highly competitive with ~300 players which include globally diversified players, and regional players as well as a majority number of country-niche players having their niche in power tools manufacturing and dispensing to multiple end-user industries.

Country Niche players held the largest market share by type. While large global players control about 10% of the market share by type. Some of the major players in the market include Robert Bosch GmbH, Makita Corporation, Hilti Corporation, Techtronic Industries Co. Ltd., 3M, Ingersoll Rand, Stanley Black & Decker, Inc, Snap-On Incorporated, Atlas Copco, KYOCERA Industrial Tools Corporation, and others.

Recent Developments Related to Major Players

• In January 2022, Hilti launched Nuron a new cordless platform that radically simplifies work on construction sites, enhances tool park management, and drives performance to much higher levels. Nuron is based on a single battery system that covers all relevant applications from lightweight to heavy weight.
• In October 2021, Stanley Black and Decker partnered with specialty materials provider Eastman to advance sustainability in the power tools industry. Black+Decker, a Stanley Black & Decker Brand, will be releasing a new product line, reviva, offering the brand’s first sustainability-led power tools that utilize Eastman’s Tritan Renew copolyester.

Conclusion

The global power tools market witnessed significant growth during the period 2017-2021, the rising automotive industry, the construction industry, and increasing adoption of power tools in households as DIY. The growth rate is expected to remain significant during the forecast period.

Though the market is highly competitive with ~300 participants, the majority of country niche players dominate the market share by type, and global players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of 2 working weeks 

Key Topics Covered in the Report

• Snapshot of Global Power Tools Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Power Tools Market
• Historic Growth of the Overall Global Power Tools Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Power Tools Industry
• Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
• COVID-19 Impact on the Overall Global Power Tools Market
• Future Market Forecast and Growth Rates of the Total Global Power Tools Market and by Segments
• Market Size of Mode of Operation / End-User Segments with Historical CAGR and Future Forecasts
• Analysis of the Global Power Tools Market
• Major Production/Supply and Consumption/Demand Hubs in Each Major Region
• Major Continent-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Continent

Notable Emerging Companies Mentioned in the Report

• Bulk MRO Industrial Supply Pvt. Ltd
• Dartek Power Tools Co.
• ToolSense
• Green Air Link Corporation
• Phoenix Handels- und Development GmbH

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Power Tools Manufacturing Companies
• Power Tools Distributors and Traders
• Power Tools Material Supplier Companies
• Potential Investors in Power Tools Companies
• Component Suppliers for Power Tools Manufacturers
• Electric Tools Manufacturers
• Indian Machine Tool Manufacturers Association
• European Power Tool Association
• Consulting Companies in Electric Tools Market
• Government And Research Organizations focusing on Industrial Automation
• Investment Banks Targeting Electric Tools Manufacturers

Time Period Captured in the Report

• Historical Period: 2017-2021
• Forecast Period: 2022-2028F

Frequently Asked Questions

• What is the Study Period of this Market Report?

The Global Power Tools Market is covered from 2017– 2028 in this report, which includes a forecast for the period 2022-2028.

• What is the Future Growth Rate of the Global Power Tools Market?

The Global Power Tools Market is expected to witness a CAGR of ~6% over the next 6 years.

• What are the Key Factors Driving the Global Power Tools Market?

The growing automotive and construction industry, and increasing adoption of power tools in households are also propelling the growth in the Power Tools market.

• Which is the Largest Product Segment within the Global Power Tools Market?

The Drill Power Tools product segment held the largest share of the Global Power Tools Market in 2021.

• Who are the Key Players in the Global Power Tools Market?

Robert Bosch GmbH, Makita Corporation, Hilti Corporation, Techtronic Industries Co. Ltd., 3M, Ingersoll Rand, Stanley Black & Decker, Inc, Snap-On Incorporated, Atlas Copco, KYOCERA Industrial Tools Corporation.