Fort Collins, Colorado, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Power Tools Market size was valued at USD 31.7 Billion in 2022 and is expected to reach a market size of USD 65.8 Billion by 2032 at a CAGR of 8.4%.
Power tools, such as power drills, impact wrenches, saws, hammers, screwdrivers, and grinders, are widely used in construction activities for heavy-duty tasks like drywall installations, electrical fittings, boring holes, and driving screws. They simplify heavy-load tasks, increase operational efficiency, and find extensive use in both industrial and residential environments.
Governments worldwide are investing in infrastructure development, leading to an increase in demand for power tools used in construction. The U.S. government's infrastructure plan is a prime example, with upgrades planned for airports, roads, transit, and buildings. These initiatives will lead to investments in non-residential construction and drive demand for power tools. Additionally, DIY projects are growing in popularity, with individuals of all ages engaging in home improvement activities, including maintenance, repairs, and remodeling. This trend is favorable for the power tools market's growth.
The DIY trend is driving power tool vendors to introduce affordable and easy-to-use tools with long-lasting batteries for household use. These tools are used for various home improvement activities and can be used for roofing, remodeling, and landscaping. Due to this trend, the demand for power tools will continue growing over the next few years. Additionally, professional contractors undertaking home improvement and remodeling projects have also contributed to the growth of the power tools market.
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Segmentation Overview:
The global power tools market has been segmented into product, mode of operation, application, and region. Drills are the leading product segment in the power tools market and are expected to maintain their dominance in the forecast period. The electric segment holds the largest revenue share and is anticipated to have the highest growth rate due to increasing demand for electrical appliances.
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Power Tools Market Report Highlights:
- The global power tools market growth is anticipated at a CAGR of 8.4% by 2032.
- Power tool manufacturers are turning to e-commerce platforms to boost their online presence and offset the impact of the pandemic. The stay-at-home guidelines have increased the demand for DIY activities, leading to home improvement and remodeling.
- Asia Pacific is the largest market for power tools, with China being the leading contributor.
- Some prominent players in the power tools market report include Apex Tool Group, Atlas Copco AB, Emerson Electric, Co., Hilti Corporation, Ingersoll-Rand PLC, Koki Holdings Co., Ltd., Makita Corporation, Robert Bosch, Stanley Black & Decker, and Techtronic Industries among others.
Industry Trends and Insights:
- Ingersoll Rand has completed the acquisitions of Oxywise s.r.o. and Fraserwoods Fabrication and Machining Ltd. for a combined all-cash purchase price of approximately $26 million.
- Hilti Group has reported an 11.3% growth in local currencies over the first eight months of the year.
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Power Tools Market Segmentation:
By Product: Drills, Saws, Wrenches, Grinders, Sanders, Others
By Mode of Operation: Electric, Pneumatic, Others
By Application: Industrial, Residential
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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