Chicago, May 25, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™, the “Power Tools Market by Tool Type (Drilling & Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools, Others), Mode of Operation, Application and Region - Global Forecast to 2026", The global power tools market size is estimated to be USD 34.3 billion in 2021 and projected to reach USD 45.2 billion by 2026, at a CAGR of 5.7%. The rising adoption of battery-powered power tools and increasing demand for power tools in automotive industry are driving the demand for the power tools market. Moreover, the development of construction industry in the emerging economies as well as increasing adoption of electric fastening tools in the industrial environment also plays a key role in driving the growth of the power tools market.
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Electric tools were the most extensively consumed power tools in the market in 2020
The electric segment holds the largest share of the power tools market in 2020 and is expected to hold significant CAGR during the forecast period. The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding. The growth of this segment is fuelled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Currently, manufacturers are focusing on the production of cordless electric power tools powered by lithium-ion batteries. As a result, the demand for cordless power tools with lithium-ion batteries is expected to increase during the forecast period.
Drilling and fastening tools to hold the largest share of power tools market in 2020
The market for the drilling and fastening power tools held the largest share in 2020 and is estimated to remain the same during the forecast period. The growth of the segment is attributed to the rising adoption of these tools in the automotive assembly and wind turbine installation operations. Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants.
Power tools were extensively used in industrial/professional application
The industrial/professional application holds the largest share in 2020. The demand for power tools is rising extensively in prominent industries such as automotive and construction. The construction industry accounts for most of the demand for power tools as these tools are used in most construction projects. The resumption of construction activities across the world posts the outbreak of the COVID-19 pandemic has led to a surge in demand for power tools. Additionally, the growing industrial expansion as well as rising repair and maintenance operations are also responsible for the growth of the market.
Browse in-depth TOC on “Power Tool Market”
214 - Tables
62- Figures
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Key Market Players
The power tools market is dominated by a few globally established players such as
- Stanley Black & Decker, Inc. (US)
- Robert Bosch GmbH (Germany)
- Techtronic Industries Co. Ltd. (Hong Kong)
- Makita Corporation (Japan), and Hilti Corporation (Liechtenstein) and more….
Asia Pacific is expected to be the leading region in the power tools market during the forecast period
APAC is expected to hold the largest growth rate of the global market during the forecast period. One of the major factors driving the growth of the market in the region is the rising road construction and infrastructure activities, especially in emerging economies such as India, Singapore, China, and Japan. Besides, the increasing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC is expected to fuel the growth of the market during the forecast period.
Based on mode of operation, the electric segment holds the largest share of the power tools market in 2020 and is expected to hold significant CAGR during the forecast period. The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding. The growth of this segment is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users. Currently, manufacturers are focusing on the production of cordless electric power tools powered by lithium-ion batteries. As a result, the demand for cordless power tools with lithium-ion batteries is expected to increase during the forecast period.
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